Over the past few years, neoclouds have emerged as a new class of cloud providers mainly focused on renting high-end GPU infrastructure for AI workloads. Driven by surging demand for large language models, real-time inference, and research applications, they offer rapid deployment, competitive pricing, and greater flexibility than many traditional cloud services. Rooted in cryptocurrency infrastructure, neoclouds aren’t replacing hyperscalers; they’re complementing them, filling specialised niches in the r ...

Bezeq Group Business Strategy March 2026 1 Disclaimer This presentation was prepared by Bezeq - The Israel Telecommunication Corp., Ltd ("Bezeq") in relation to its strategy as published today by Bezeq ("strategy" and "presentation," respectively). The information contained in the presentation is not exhaustive and does not include all information about Bezeq and its activities or the risk factors involved in its activities, nor does it replace information contained in the periodic or immediate reports publ ...

Core Insights - The surge of artificial intelligence (AI) companies going public in Hong Kong is just beginning, with 12 companies raising a total of $4.9 billion from December 2025 to January 2026 [1][5] - Approximately 20 AI value chain companies have submitted listing applications to the Hong Kong Stock Exchange (HKEX), focusing on enterprise AI, marketing AI, and data solutions [1][2] - The HKEX has implemented measures to facilitate AI company listings, including the introduction of the Technology 100 Index, which allows eligible tech stocks to be quickly included [1][3] Group 1: Market Activity - 12 AI value chain companies listed on the HKEX from December 2025 to January 2026, raising a total of $4.9 billion [1][5] - Companies such as LuKe Technology and TianDiHeXing Technology are among the 20 AI firms that have applied for listing, focusing on various AI applications [1][2] - The recent IPOs have attracted significant interest from international investors, with cornerstone investors subscribing to approximately $1.3 billion of the $2.5 billion raised by four AI companies in January [5] Group 2: Industry Trends - The AI sector has become increasingly attractive to investors, with an estimated $211 billion in venture capital funding in 2025, marking an 85% increase from 2024 [4] - The HKEX's 18C chapter provides a pathway for unprofitable but high-growth potential AI companies to go public, enhancing predictability in the listing process [3] - The growing number of AI companies listing in Hong Kong allows international investors to directly invest in cutting-edge firms within the mainland AI value chain [4]

Company Overview - HaiMa Cloud is the largest GPUaaS provider for real-time cloud rendering services in China's cloud gaming sector, holding a market share of 17.9% as of 2024 [3] - The company offers services across various industries, including gaming, digital entertainment, digital tourism, and digital education, supported by self-developed integrated platform software and hardware [3][4] - As of December 31, 2024, HaiMa Cloud provides services to nine out of the top ten market participants in China's cloud gaming industry, establishing long-term partnerships with major players like China Mobile and leading game developers [4] Financial Performance - Revenue figures for HaiMa Cloud are as follows: approximately RMB 290 million in 2022, RMB 337 million in 2023, RMB 520 million in 2024, RMB 423 million for the ten months ending October 31, 2024, and RMB 584 million for the ten months ending October 31, 2025 [6][9] - The total loss and comprehensive expenses for the company were approximately RMB 246 million in 2022, RMB 218 million in 2023, RMB 186 million in 2024, RMB 135 million for the ten months ending October 31, 2024, and RMB 149 million for the ten months ending October 31, 2025 [7][9] Industry Overview - The global real-time cloud rendering service market is projected to grow from RMB 11 billion in 2020 to RMB 29.7 billion by 2024, with a compound annual growth rate (CAGR) of 28.1% from 2020 to 2024 [10] - China's real-time cloud rendering service market is expected to grow from RMB 2.4 billion in 2020 to RMB 8 billion by 2024, with a CAGR of 34.4% during the same period [11] - The gaming industry is experiencing steady growth, with the global market size increasing from RMB 1,245.6 billion in 2020 to RMB 1,336.7 billion in 2024, and projected to reach RMB 1,632 billion by 2029 [13]

Strategic Combination - Rumble and Northern Data are combining to build a "Freedom-First Ecosystem" rooted in freedom, privacy, independence, and resilience, aiming to compete with Big Tech[2] - The combination seeks to provide independent access to technology and financial tools, decentralizing these resources to enhance societal resilience[3] - The combined entity aims to create a full-stack cloud platform, from power to GPUaaS[22] Key Assets and Capabilities - Rumble has 47 million Monthly Active Users and a growing cloud business, securing a $775 million strategic investment with Tether[10] - Northern Data possesses over 22,000 GPUs and operates 9 data centers, providing a sovereign AI Cloud platform[13] - The combined entity will have over $1 billion in capital deployed[16] Strategic Rationale - The acquisition of Northern Data will provide Rumble with immediate scale in the enterprise market through GPUaaS and data center businesses[20] - The combination expands the international footprint of both companies, creating globally accessible computing infrastructure[23] - Tether has committed to an initial purchase of up to $150 million of GPU services over a 2-year period from the combined entity[25] Financial Terms and Ownership - The transaction is an all-stock deal where Northern Data shareholders will receive 2.0281 newly issued Rumble Class A shares[31] - Post-transaction, Rumble will own 69.6% and Northern Data will own 30.4% of the combined company[32] Market Positioning - The combined company aims to become a growing player in the high-growth AI and GPU market, with a market capitalization of $3.5 billion[30]

3Q25 Earnings Release Disclaimer This presentation has been prepared by KT Corp.(the "Company") in accordance with K-IFRS. This presentation contains forward-looking statements, which are subject to risks, uncertainties, and assumptions. This presentation is being presented solely for your information and is subject to change without notice. No presentation or warranty, expressed or implied, is made and no reliance should be placed on the accuracy, actuality, fairness, or completeness of the information pre ...

Core View - CoreWeave, Inc. (NASDAQ:CRWV) is highlighted as a top AI stock following an expanded agreement with OpenAI, with a price target of $180.00 set by Citizens JMP analyst Greg Miller [1][4]. Company Developments - CoreWeave has expanded its agreement with OpenAI, increasing the total contract value to approximately $22.5 billion, which includes a recent addition of up to $6.5 billion [2][4]. - The initial contract was valued at up to $11.9 billion, signed in March, followed by an expansion of up to $4 billion in May 2025 [4]. Market Outlook - Analysts anticipate new contracts as hyperscalers are increasingly outsourcing GPU cluster buildouts to GPU-as-a-Service (GPUaaS) providers, which assume financial and technical risks [2][4]. - The GPUaaS market is projected to grow from approximately $3-4 billion currently to around $300 billion, indicating a significant acceleration in demand and infrastructure outsourcing by hyperscalers [3][4].

Summary of Key Points from the Conference Call Industry Overview - **Data Center Market in Asia-Pacific**: The data center market in Thailand is emerging as a new destination for regional deployment, with a pipeline capacity of 2.6GW in Bangkok, which increased by over 1.7GW in 2024 [1][12]. Johor, Malaysia, has a pipeline market of 5.7GW but has seen a slowdown in incremental supply growth due to stricter local regulations [1]. Core Insights - **AI Demand Growth**: AI-related demand is expected to contribute approximately 25-30% of incremental data center demand in markets like Thailand, although current AI capacity in APAC (excluding China) is only about 1GW [2]. Customers remain cost-sensitive regarding AI workloads, leading to deployments in markets like Malaysia and Australia [2]. - **Edge Data Centers**: There is a strong demand for smaller edge data centers at metro edges, which are essential for AI inference due to low latency requirements. Telecom operators are well-positioned to capitalize on this trend [3]. - **GPU as a Service (GPUaaS)**: The GPUaaS market is projected to be significant, with estimates ranging from $35 billion to $70 billion globally by 2030. Companies like Singtel are well-positioned to benefit from this growth [4]. Pricing and Cost Analysis - **Data Center Pricing Variability**: Pricing for data centers varies significantly across the region, with Singapore being the most expensive at up to $300/KW/month, while Malaysia offers lower rates around $90-95/KW/month due to lower land costs [27][30]. - **Cost Structure**: In Japan, MEP (Mechanical, Electrical, and Plumbing) costs constitute 59% of total data center build costs, highlighting the importance of these components in overall expenditure [25]. Market Dynamics - **Regulatory Environment**: In Johor, the local government is becoming more selective in approving new data center projects, focusing on water and power usage efficiency [46]. There are currently 13 live projects with a total approved capacity of 1774MW, but only about 500MW is operational [46]. - **Investment Trends**: The Johor Special Economic Zone (SEZ) agreement between Malaysia and Singapore is expected to enhance cross-border connectivity and attract global investments, particularly in data centers [46]. Emerging Technologies - **Liquid Cooling Solutions**: Liquid cooling is becoming increasingly relevant for data centers hosting AI workloads, as traditional air-cooling systems fail to support higher rack densities required for AI [30][31]. Various liquid cooling methods are being explored, including direct-to-chip and immersion cooling [31]. - **AI Workloads and Infrastructure**: AI workloads require higher densities, with rack densities exceeding 100KW/rack, necessitating advanced cooling solutions [38]. The demand for AI infrastructure is expected to grow rapidly, with significant investments needed to meet this demand [24]. Conclusion - The data center industry in the Asia-Pacific region is experiencing rapid growth driven by AI demand, regulatory changes, and technological advancements. Companies like Singtel and Indosat are positioned to benefit from these trends, particularly in GPUaaS and liquid cooling technologies. The evolving landscape presents both opportunities and challenges, particularly in terms of regulatory compliance and infrastructure development.