Core Insights - The rapid advancement of artificial intelligence (AI) is hindered by constraints in power availability and physical space for data centers [3] - Companies that convert low-cost power into high-utilization compute resources for AI workloads present significant investment opportunities [4] Company Summaries - **Nebius Group (NBIS)**: - Leads as a comprehensive AI utility provider with a focus on pre-sold capacity, generating revenue before construction begins [5] - Operates data centers that are approximately 20% more power-efficient than standard cloud facilities, reducing operational costs significantly [6] - Offers integrated software tools like ClickHouse for data management, creating a sticky platform for developers [7] - **IREN**: - Secured a $10 billion deal with Microsoft to provide GPU cloud computing services, targeting 60,000 GPUs by 2026 with a potential $2.5 billion in cloud revenue [8] - **Cipher Mining (CIFR)**: - Signed a 15-year lease worth $5.5 billion with Amazon and a multi-billion dollar agreement with Alphabet for powered data center space [8]