HPC spent last week in Singapore with the people building onchain markets. Our team joined the Hyperliquid community event, TOKEN2049, DAS Asia, and HypurrCo Gathers. The best part of the week was meeting the builders in person. Every conversation in Singapore reinforced the same point: onchain perpetuals are traded all over the world, and our job is to make the case for bringing that market to America. Thank you to @HyperliquidX, @token2049, @blockworksDAS, @hypurr_co, and everyone who spent time with us last week. We are back in Washington, and back to work.

AI HPC PRICE TARGET UPDATES⚡️ $IREN: Northland initiates with Outperform and $99 price target $CIFR: Morgan Stanley raised price target to $54 and maintained Overweight $MARA: Morgan Stanley raised price target to $11 and maintained Underweight $SHAZ: Northland initiates with Outperform and $95 price target $BRUN: Northland initiates with Outperform and $36 price target

⚡ HPC now drives two thirds of TSMC’s revenue. Q2 sales hit a record $40.2B as HPC grew 20% QoQ to 66% of the mix, while smartphones fell 4%. AI may be led by $NVDA and hyperscalers, but the manufacturing toll road runs through $TSM.

Jeffries: summary of changes HPC price targets “We lower PTs across the group to reflect a rising cost of debt and now apply lower terminal value assumptions across our models.” • $CIFR: $12 from $25 • $CORZ: $16 from $40 • $HUT: $90 from $140 • $RIOT: $13 from $25 • $WULF: $15 from $25 • $GLXY: $29 from $43

AI infrastructure for HPC is scaling fast. ⚡ The new liquid-cooled Dell PowerEdge XE8812 with NVIDIA Vera Rubin NVL4 is built for large-scale AI and HPC, scaling up to 144 GPUs per rack. See what's next:

Piper Sandler picks $HUT as highest upside HPC/Bitcoin miner: HUT 8 likely offers highest upside from here. HUT's deals encompassing 949 MW Critical IT across its Beacon Point (704 MW with Nvidia) and River Bend (245 MW with Fluidstack/Anthropic/Google) campuses are proof points of the company's ability to execute. The contracted MWs come with expected annualized NOI of over $1.75B as HUT continues to secure the most favorable economics on its deals amongst its peers. With the company currently trading at an implied >9% cap rate on contracted power, we believe the company is undervalued. The quality & pace of HUT’s tenant wins strengthen our conviction that HUT is well positioned to secure future leasing commitments.

The people who build the HPC software you rely on will be in Montréal April 12-16. Speaking at #HPSFcon# 2027 is a great way to start conversations with them. Proposals are due January 17, 2027. Explore the topics and submit your talk: