Key Points San Francisco-based Valiant Capital Management increased its position in Core Scientific by 1.68 million shares in the third quarter. The move contributed to a net value change of $34.34 million. As of September 30, the fund reported holding 6.48 million shares valued at $116.31 million, making it the fund's largest position. These 10 stocks could mint the next wave of millionaires › San Francisco-based Valiant Capital Management increased its position in Core Scientific (NASDAQ:CORZ) ...

Core Investment Insights - Kintayl Capital LP has initiated a new position in Core Scientific, acquiring 570,054 shares valued at approximately $10.2 million, representing 6.3% of Kintayl's $162.2 million in reportable U.S. equity assets [2][9] - Core Scientific's shares are currently priced at $17.08, reflecting a 2% decline over the past year, underperforming the S&P 500, which has increased nearly 13% in the same period [2][3] Company Overview - Core Scientific is a leading provider of blockchain infrastructure and digital asset mining services, operating extensive facilities across North America [5] - The company utilizes proprietary software and hardware optimization to deliver high-performance mining and hosting solutions, focusing on institutional customers [5] Financial Performance - Core Scientific reported a total revenue of $334.2 million for the trailing twelve months (TTM), with a net income loss of $768.3 million [3] - Despite a 15% year-over-year revenue decline, gross profit improved modestly in the third quarter, indicating some resilience in its financial performance [6] Strategic Focus - The company is undergoing a strategic shift towards high-density colocation services, which have shown growth from $10.3 million to $15 million in the latest quarter [10] - Core Scientific's business model includes generating revenue from mining digital currencies, transaction fees, and offering hosting solutions to institutional clients [7] Market Position and Future Outlook - The new stake by Kintayl Capital suggests a view of Core Scientific as an infrastructure play rather than merely a crypto trade, indicating a fundamental transition in the company's operations [9] - The pending all-stock acquisition by CoreWeave introduces both potential and uncertainty regarding valuation and long-term direction [8]

Core Insights - Core Scientific is undergoing a significant transformation, with a major investor, VR Advisory Services, acquiring a substantial stake of 1.2 million shares valued at approximately $21.7 million [1][2][10] Company Overview - Core Scientific operates as a leading provider of blockchain infrastructure and digital asset mining services in North America, utilizing advanced data centers and proprietary technology to enhance mining efficiency [6][9] - The company's market capitalization stands at $4.9 billion, with a revenue of $334.2 million and a net income of -$768.3 million for the trailing twelve months [4] Financial Performance - In the third quarter, Core Scientific reported total revenue of $81.1 million, a decrease from $95.4 million year-over-year, while high-density colocation revenue increased to $15 million from $10.3 million [11] - The company experienced a net loss of $146.7 million, attributed to non-cash fair-value adjustments rather than operational issues, and maintains strong liquidity of $694.8 million, including $453.4 million in cash and $241.4 million in bitcoin [11] Strategic Shift - Core Scientific is pivoting towards high-density colocation and AI-related workloads, moving away from reliance on volatile bitcoin mining revenues [10][12] - The recent investment by VR Advisory Services indicates confidence in Core's strategic transition and its potential to stabilize revenue streams [10][12]

Core Insights - WhiteFiber (WYFI) reported $20.18 million in revenue for the quarter ended September 2025, showing no year-over-year change, with an EPS of -$0.47 compared to $0 a year ago [1] - The revenue fell short of the Zacks Consensus Estimate of $21.18 million by -4.7%, and the EPS was significantly below the consensus estimate of -$0.12, resulting in an EPS surprise of -291.67% [1] Financial Performance - Revenue from colocation services was $1.69 million, slightly above the estimated $1.68 million by two analysts [4] - Revenue from cloud services was $18.03 million, which was below the average estimate of $20.64 million based on two analysts [4] - Gross profit from colocation services was $1.02 million, exceeding the average estimate of $0.91 million [4] - Gross profit from cloud services was $11.72 million, falling short of the average estimate of $12.84 million [4] Stock Performance - WhiteFiber's shares have declined by -38% over the past month, contrasting with the Zacks S&P 500 composite's increase of +4.6% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Core Viewpoint - Macquarie Asset Management is expected to provide $787.5 million in additional equity funding to accelerate the buildout of Applied Digital's AI Factory campuses in North Dakota, as part of a larger financing facility of up to $5.0 billion [1][2]. Funding Allocation - Of the $787.5 million, $450 million will be allocated to complete the build-out of Polaris Forge 2 in Harwood, North Dakota, which has leased 200 MW of critical IT capacity to a U.S.-Based Investment Grade Hyperscaler [3]. - The remaining $337.5 million will be directed to Polaris Forge 1 in Ellendale, North Dakota, contingent upon the closing of a $2.35 billion senior secured notes offering [4]. Strategic Importance - This funding is seen as a reinforcement of Applied Digital's AI infrastructure strategy and reflects confidence in the company's ability to deliver at scale [5]. - The company has achieved its first Ready-for-Service milestone for the first data hall at Polaris Forge 1, with both campuses remaining on schedule [5]. Partnership and Support - Macquarie Asset Management's ongoing support is viewed as crucial for Applied Digital's growth, positioning the company to become an industry leader in data center platforms [5]. - The partnership is expected to enhance the company's financing model and execution strategy, enabling further development of large-scale AI Factories [5]. Additional Financing - On November 10, 2025, the company entered into a loan agreement with First National Bank of Omaha for up to $65 million, secured by the company's assets [6].

Core Viewpoint - Sify Infinit Spaces Limited (SISL), a subsidiary of Sify Technologies Limited, has filed a draft red herring prospectus for its proposed Initial Public Offering (IPO) of equity shares in India [1][2]. Company Overview - SISL focuses on colocation services for Hyperscalers, Enterprises, and neo-Cloud prospects, operating 14 Data Centers across 6 cities as of June 2025 [4]. - The company has a diversified client base of over 500 clients, including prominent Hyperscaler and Enterprise clients, as of June 30, 2025 [5]. IPO Details - The proposed IPO consists of a fresh issue of equity shares totaling up to ₹25,000 million (₹2,500 crores) and an offer for sale of equity shares amounting to ₹12,000 million (₹1,200 crores) by existing shareholders [2]. - The Offer is contingent upon receiving necessary regulatory approvals and market conditions [2].

Core Viewpoint - Sify Infinit Spaces Limited (SISL), a subsidiary of Sify Technologies Limited, has received board approval for a potential initial public offering (IPO) of equity shares, which will be disclosed to the public through BSE Ltd [1]. Company Overview - Sify Infinit Spaces Limited specializes in colocation services for Hyperscalers, Enterprises, and neo-Cloud prospects, operating 14 Data Centers across 6 cities as of June 2025 [4]. - The company has a diversified client base of over 500 clients, including prominent Hyperscaler and Enterprise clients, as of June 30, 2025 [5]. IPO Details - The equity shares have a par value of INR 10 each, and the intention for the IPO has been formally communicated to BSE Ltd [1].

Core Insights - WhiteFiber, Inc. reported strong financial results for Q2 2025, with total revenue of $18.7 million, representing a 48% year-over-year increase [6][7] - The company is well-positioned to meet the growing demand for AI infrastructure, particularly in GPU cloud services and data center capacity [3][4] Financial Performance - Cloud services revenue reached $16.6 million, up 33% year-over-year, with a gross margin of 61% [6][8] - Colocation services generated $1.7 million in revenue, contributing a gross margin of 60% [6][8] - Total gross profit was $11.5 million, compared to $8.0 million in the prior-year period [6][7] - Adjusted EBITDA for the quarter was $3.3 million, down from $7.0 million in Q2 2024 [6][10] Corporate Developments - WhiteFiber completed its IPO on August 8, 2025, raising approximately $183 million at $17 per share [6][7] - The acquisition of the NC-1 data center in North Carolina is a significant milestone, with strong demand anticipated for its capacity [5][6] - The company has initiated pre-construction for the initial 24-megawatt phase at NC-1, expected to be completed in Q1 2026 [6][10] Market Position - WhiteFiber is one of the few pure-play providers of AI infrastructure, integrating GPU cloud services with data center capacity [4][5] - The demand for AI infrastructure is described as exceptionally strong, driven by enterprises and research institutions [3][4]

Core Insights - Equinix Inc. (EQIX) reported second-quarter 2025 adjusted funds from operations (AFFO) per share of $9.91, exceeding the Zacks Consensus Estimate of $9.19, with total revenues of $2.26 billion also surpassing estimates by 0.03% [1][7] - Year-over-year, AFFO per share and total revenues increased by 7.5% and 4.5%, respectively [1] Revenue Breakdown - Colocation recurring revenues rose 5.7% year-over-year to $1.59 billion, exceeding the estimate of $1.57 billion [2] - Interconnection recurring revenues increased 8.8% year-over-year to $407 million, surpassing the estimate of $398.9 million [2] - Managed infrastructure recurring revenues grew by $1 million to $117 million, slightly below the estimate [3] - Total recurring revenues increased 5.9% year-over-year to $2.14 billion, just 0.5% above the estimate, driven by growth in various regions [4] - Non-recurring revenues fell 16.3% year-over-year to $113 million, below the estimate of $122.9 million, primarily due to a decline in Asia Pacific [4] Non-Financial Metrics - Worldwide-cabinet equivalent capacity increased by 4,200 to 376,000 quarter-over-quarter, exceeding the estimate of 375,788 [5] - Worldwide-cabinet billing rose by 1,200 to 292,500, which was lower than the estimate of 294,375 [5] - Worldwide-quarter-end utilization remained stable at 78%, closely matching the estimate of 78.01% [5] Financial Position - As of June 30, 2025, Equinix had $8.5 billion in available liquidity, which includes cash, cash equivalents, and undrawn revolver [6] - Total gross debt was approximately $18.1 billion, with a net leverage ratio of 3.5 and a weighted average maturity of 6.7 years [6] Guidance and Projections - For Q3 2025, Equinix projects revenues between $2.314 billion and $2.334 billion, indicating a 3% increase at the midpoint over the prior quarter [8] - The company raised its 2025 AFFO per share guidance to a range of $37.67 to $38.48, suggesting an 8-10% increase from the previous year [9] - Total revenue guidance for 2025 is now between $9.233 billion and $9.333 billion, reflecting a growth of 6-7% from 2024 [10] - Adjusted EBITDA is expected to be in the range of $4.517 billion to $4.597 billion, with an expected adjusted EBITDA margin improvement of 230 basis points over the previous year [10]

Core Viewpoint - Equinix, Inc. (EQIX) is expected to report second-quarter 2025 results on July 30, with anticipated revenue growth but a potential decline in adjusted funds from operations (AFFO) per share [1][9]. Financial Performance - In the previous quarter, Equinix reported an AFFO of $9.67 per share, exceeding the Zacks Consensus Estimate of $8.96 per share, driven by increased revenues from strong demand for digital infrastructure [2]. - Over the last four quarters, EQIX's AFFO per share surpassed consensus estimates three times, with an average beat of 3.6% [2]. Demand Drivers - The company is likely to benefit from robust demand for interconnected data center infrastructure, fueled by enterprises' and service providers' integration of artificial intelligence (AI) and digital transformation efforts [3]. - Strong demand for Equinix's interconnected ecosystem is supported by accelerated enterprise cloud adoption and increasing customer needs for interconnected data center space [4]. Revenue Projections - The Zacks Consensus Estimate for colocation revenues is $1.57 billion, reflecting a 4.6% increase from $1.50 billion in the prior-year period, while interconnection revenues are estimated at $398.9 million, indicating a 6.7% growth from $374 million [5]. - Equinix projects revenues between $2.244 billion and $2.264 billion for Q2 2025, with a consensus estimate of $2.26 billion, representing a 4.5% year-over-year increase [6]. Cost Considerations - High interest expenses are expected to impact the company's quarterly performance, with an estimated year-over-year increase of 12.6% for interest expenses [7]. - The Zacks Consensus Estimate for quarterly AFFO per share has been revised down by one cent to $9.19, indicating a 0.3% decrease from the prior-year quarter [7]. Earnings Prediction - Despite anticipated revenue growth, EQIX's AFFO per share may decline by 0.3% due to rising interest expenses [9]. - The current Earnings ESP for Equinix is -1.20%, and it holds a Zacks Rank of 4 (Sell), suggesting limited potential for an AFFO surprise this quarter [10].