$NBIS Vineland Phase 2 Data Center is now Approved Phase 1 of the data center is already under construction, and Phase 2 will add 600,000-square-feet to the project, that is hoping to ultimately take up 2.6 million square feet Board members who voted to approve the second phase said that the company behind the data center, Data One, has been responsive to resident complaints and they will continue to watch over the project Data One has previously told NBC10 that it supports city leaders and appreciates the patience of the Vineland community. The company also said the site is operating in compliance with local noise ordinance limits

$NBIS NEBIUS GETS THE VINELAND NEW JERSEY DATACENTER APPROVED. DA Davidson decreased their PT from $250 to $175 last week on fears the site would not get approved. Today, they raised it back to $250. “The approval of the Vineland data center “removes a significant risk” from Nebius, the analyst tells investors in a research note. The firm says that instead "becoming the poster child for data center delays," Nebius can go back to construction on the site.”

$NBIS on the Vineland, NJ site and the switch to $BE: "The amendment to the site layout plan was a result of the decision to switch the project's power source to Bloom. The switch to Bloom significantly enhances the project... It's an on-site power solution, delivering reliable power quietly and with ultra-low emissions." "These types of hearings are all part of the normal process... We're confident that the layout complies with all applicable local, state and federal laws and regulations, and we're optimistic that once the public has been heard, this will move quickly to approval." On the buildout: "Construction of the building itself finished earlier this summer, engineering fit-out is progressing well, and Bloom fuel cell deployment should be fast... The switch to Bloom has been a valuable and a good pivot for the project, with no significant impact expected on the project timeline."

$NBIS just secured approval to keep scaling Vineland after the planning board backed its expansion 9 to 1. The vote clears construction to continue and locks in 300 MW of capacity at the site.

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY. Here's a full recap: 1. Nebius $NBIS got approval for its Vineland, New Jersey data center expansion, clearing a major hurdle tied to its $17.4B Microsoft $MSFT cloud deal. The Vineland Planning Board approved Phase 2 of the project, adding roughly 600,000 square feet and potentially increasing total campus capacity from about 300MW to around 350MW. DA Davidson had cut its price target from $250 to $175 last week over approval concerns, but raised it back to $250 after the decision, saying the approval removes a significant risk and allows Nebius to move forward with construction instead of becoming a “poster child” for data center delays. 2. Today’s selloff was driven largely by macro pressure. The VIX had been sitting near a two-year low, leaving stocks vulnerable to any pickup in volatility, while Treasury yields moved higher with the 10-year above 4.7% and the 30-year near 5.3%. Global bond pressure also intensified as Japan’s 30-year yield rose above 4% to a record high, while geopolitical uncertainty increased after Trump said the U.S. was not holding talks with Iran. The move was especially sharp in tech, with many semiconductor names down 8%-10%, the QQQs falling nearly 2%, and the S&P 500 down about 0.7%, as the market gave back part of the strong gains from the first half of August. 3. Anthropic is reportedly preparing to give CEO Dario Amodei and other co-founders enhanced voting rights ahead of a potential IPO as soon as late September, according to The Information. The structure is designed to protect leadership from outside shareholder pressure, especially as the founders hold relatively small economic stakes, with Amodei reportedly owning around 2%. Anthropic also plans to keep its Long-Term Benefit Trust, which holds special shares that allow it to elect a majority of the company’s board. 4. OpenAI said revenue reached $6.7B at the end of Q2, up 18% QoQ from $5.8B in Q1, while Anthropic reportedly doubled revenue to $11.6B over the same period. OpenAI’s operating loss widened from $9.3B in Q1 to $12.3B in Q2, outpacing revenue growth as compute costs, free-user subsidies, and pricing pressure weighed on margins. The slowdown matters because OpenAI has signed massive infrastructure deals tied to the expectation that it can eventually generate hundreds of billions in annual revenue, with companies like $NVDA, $ORCL, $CRWV, and $MU all exposed to the pace of AI demand. OpenAI is now leaning on products like Codex and a broader ChatGPT “super app,” while Greg Brockman has taken a more active role across product and business to help reaccelerate growth. 5. July economic data came in mixed. Import prices fell 0.4% MoM versus +0.1% expected, while export prices dropped 1.3% MoM versus +0.2% expected. Housing starts came in at 1.239M versus 1.350M expected, down 12.4% MoM, while building permits beat at 1.443M versus 1.375M expected. ADP also said private employers added an average of 9,500 jobs per week over the four weeks ending August 1, the first increase after 7 straight weeks of declines, but still well below the 30,750/week pace seen in early June. 6. The top 10 most active options today by contracts traded were $NVDA with 1.9M contracts, $TSLA with 1.5M contracts, $AAPL with 1.0M contracts, $INTC with 868K contracts, $MU with 847K contracts, $META with 823K contracts, $SPCX with 747K contracts, $AMZN with 700K contracts, $AMD with 385K contracts, and $NFLX with 359K contracts. 7. UBS remains bullish on Micron $MU with a Buy rating and $1,625 price target, arguing that cautious investor positioning creates an opportunity as earnings prove more resilient than feared. The firm says near-term concerns still center on supply agreement durability, gross margin downside, ongoing supply tightness, and future capacity additions, which could keep MU a battleground stock. However, UBS believes long-term investors may start to value memory more structurally as AI token generation economics become increasingly driven by memory rather than compute. 8. Onchain tokenized equity trading volume has hit a record $9B in 2026, up 207% QoQ and 800% year-to-date. The surge is being driven by demand for 24/7 global access to high-momentum stocks, especially memory and storage names, with Jupiter leading the Solana-based tokenized equities push and reporting 95% QoQ growth in routed volume. Jupiter also says 55% of tokenized equity volume happens during off-hours, while Nasdaq is moving in the same direction with plans to expand trading to 23 hours a day, five days a week. 9. Bank of America’s August fund manager survey shows investor bullishness approaching extreme levels, with a net 56% of managers overweight equities, the highest reading since November 2021. Cash allocations have dropped to just 3.5%, making this the third-most bullish survey since 2022. Despite strong confidence in stocks and AI spending, BofA says investors should consider rotating toward more defensive assets as market risks rise. 10. Einride is planning to deploy 500 Tesla $TSLA Semis for Amazon and other customers across major U.S. freight corridors beginning in September. The 24-month rollout will cover California, Texas, New Jersey, Illinois, and Georgia, and is expected to triple Einride’s deployed electric-truck fleet. The company operates electric and autonomous freight fleets through its Saga AI platform. 11. Google $GOOGL has reportedly told suppliers it plans to move production of all Pixel smartphones, watches, and earbuds out of China starting in 2027, with manufacturing shifting mainly to Vietnam and India. If completed, Google would become the second major global smartphone brand after Samsung to fully move smartphone production out of China. The company is also targeting 8%-10% Pixel shipment growth this year, up from roughly 12M units in 2025. 12. Morgan Stanley says active funds remain under-owned in mega-cap tech, with the gap widening to -129 basis points in Q2. Nvidia $NVDA is still the most under-owned large-cap tech stock, with its ownership gap widening 14 basis points to -2.53%, followed by Apple $AAPL at -2.33%, Microsoft at -1.54%, and Amazon $AMZN at -1.29%. Meanwhile, active managers are heavily overweight AI memory and storage names, with SanDisk $SNDK the most over-owned at +2.30%, while Lam Research $LRCX and Western Digital $WDC also rank among the most over-owned. Morgan Stanley says this shows a clear institutional bias toward AI “picks and shovels,” while under-owned mega-cap tech could benefit if active managers increase exposure. WALL STREET IS THE GREATEST SHOW ON EARTH.

As long as grid expansion remains difficult in the near term, on-site generation is one of the most practical short-term solutions for AI data centers. The main options are reciprocating engines, gas turbines, and fuel cells. Among the three, fuel cells have the clearest advantage when it comes to noise and local environmental impact. The $NBIS case shows that these environmental factors can matter far more than people think when it comes to permitting. The Vineland data center was originally expected to use gas engines, but environmental and permitting issues eventually pushed the project toward $BE’s fuel cells. Of course, fuel cells still produce CO2 when they run on natural gas, so they are not perfect clean energy. But they are probably one of the few solutions that can be deployed at scale today while keeping noise and local air pollution relatively low. Especially with the midterm elections approaching, local opposition could have a much bigger impact on data center deployment than many investors expect. Going forward, it may matter just as much how easily a project can get permitted and actually get built as how cheaply it can produce power. Related article: NBIS/BE News:

Good call on Bloom Energy $BE with a director on Crusoe's energy team TLDR: Constructive on $BE through the speed-to-power window: everything they can build gets sold, the regulatory-constraint use case is expanding, and the edge market is a genuine second leg. The bear case is not execution risk, it is terminal value—an unsubsidized, unconstrained power market where Bloom's cost curve has not moved enough. Key insights: Behind-the-meter adoption is not a technology preference, it is a hedge against binary regulatory risk. Moratoriums, temporary pauses and Governor Abbott's ERCOT announcements do not degrade a project's economics—they kill it outright, and approved power becomes worthless if a data center moratorium lands on top of it. He has seen two separate tenants elect to proceed with behind-the-meter projects alongside their grid portfolio, explicitly as diversification against that risk. Crusoe deliberately sites behind-the-meter gas away from rural communities to strip out both grid-connected regulatory exposure and community sentiment risk. Texas is the tell. It has historically been the easiest place in the US to get grid power because ERCOT is deregulated—no capacity market booking, no requirement to point specific generation at a specific load, with scarcity pricing left to incentivize the build-out. The fact that delays and regulatory uncertainty are showing up there is what has shifted tenant behavior. Working from a 100 GW / five-year data center demand frame, which he treats as aggressive but attainable: Six months ago: roughly 70 GW served by grid, assuming turbine production picks up, no fuel constraints, and several other unlocks. Some observers penciled 10-20 GW of SMR by end of period. Today: near-term grid share compresses to perhaps 50-60 GW, with the forward split moving closer to 50/50. Then it reverts. Once ratepayer protection is formalized, the grid reasserts as the cheapest and most reliable long-term supply. The mechanism for reversion is the Arizona construct APS has pushed—growth pays for growth, where all incremental upgrade costs are borne by the data center operator. He expects that to be cemented and formalized across every market, and expects it to take six to twelve months before politicians stop feeling their seats are threatened. The Bloom Bull Case He does not dispute near-term demand at all. "as much reliable Bloom capacity or solid oxide fuel cell capacity that can come online, will be deployed." If US deployable manufacturing produces 2-8 GW over the next two years, it gets absorbed. The premium is not a problem for buyers whose binding constraint is capacity. He also believes the product works. Hundreds of megawatts is deliverable, the systems are reliable, downtime is low because units are swappable, and the architecture is fully modular. The Bear Case Is About Price - "I don't see how they compete on price." Ten years out, in an unconstrained power market, he does not believe Bloom is competitive. He specifically does not believe the roughly 10% annual cost-down, on the grounds that the technology is structurally hard to make cheaper. He also flags a cost item he thinks the market underweights: the full system swap over a ten-year cycle, which makes ongoing O&M more expensive than a gas gen equivalent. Initial capex is the wrong lens; actual LCOE is critical to assess. He extends this into a coherent explanation of Bloom's own behavior. On the question of why they have not simply built the next facility if demand is as strong as claimed — his answer is not that they are sandbagging. He thinks they are building as fast as they can, and that the constraint is the supply chain, not the building. Solid oxide is an extremely small US market. You can put up a structure; scaling the full assembly chain behind it on the same timeline is the harder problem, unless more of it moves offshore. Crusoe Has Zero Bloom Projects Today - "Today, actually, we don't have any projects that are relying on Bloom fuel cells." The strategic rationale for staying at arm's length: "We've been a follower in this instance... we will accept it once the utility does." Buying 500 MW of Bloom directly means absorbing the regulatory risk that utilities may not accept solid oxide as high-rated ELCC capacity. Let the utility carry that. Turbines, recips, aeros and engines are all accepted technologies with known extreme-weather behavior and established effective load carrying capacity ratings. Solar, wind and battery now have them too. Solid oxide does not, because utilities have not yet observed large-scale fuel cell fleets through heat events and cold snaps. AEP has gotten comfortable off the back of the roughly 80 MW deployment plus smaller installations and Bloom's published test results. That is the template, and it is why the next few hundred megawatts of live operating hours matter far more than any order announcement. Where Bloom Actually Wins His model is not that Bloom wins on merit in a fair fight. It is that Bloom is the path of least resistance when a specific constraint blocks a project that already has hundreds of millions of development dollars sunk into it. If the binding constraint is price, Bloom loses. If it is speed to power, Bloom sometimes wins. If it is emissions, air permitting, noise or a regulatory restriction someone failed to plan for, Bloom wins. He reads the Nebius Vineland switch from gas gensets to solid oxide exactly this way — anti-genset pushback threatening a contract worth billions, with an obvious substitution available. He expects more of that, in lumpy project-specific chunks rather than as a smooth share gain. He also identifies the next leg of NIMBY-ism, which he thinks is underpriced: if communities dislike data centers, they dislike new gas generators considerably more. A fuel cell is lower emissions, quieter and a different class of asset. He calls it artful. That is a real, non-obvious tailwind. The Edge and Inference Market Is the Bigger Prize Crusoe is planning heavily for 10-50 MW modular builds, which he sizes at 20-40 GW over five years and would anchor at 20 GW in isolation. Amazon, NVIDIA, Tesla and xAI are all chasing the same edge market. "Bloom will leapfrog any gas combustion." In metro locations you cannot air-permit gas gen at all — this is a hard prohibition, not a noise preference. But he immediately caps the enthusiasm: much of that edge capacity is low-hanging fruit, converted Bitcoin sites at 5-18 MW with existing grid interconnects. "Grid power will always beat it." Bloom is the answer for incremental capacity and backup, not the base case. This is why he holds solid oxide at roughly 10 GW of the 100 GW mix, against 60-70% backstopped by combustion gas. He validates the native DC output argument, but for a better reason than efficiency. Fewer conversion losses lower the price, yes. The larger point is that it removes dependence on transformers and switchgear — equipment that is not only expensive but carries lead times that are themselves the binding constraint. A 345 kV breaker is two years out. Engineering around that bottleneck is precisely the kind of scenario where a project with sunk capital selects Bloom. What Changes His Mind He names two variables explicitly. Power price curves — if Bloom's costs do not fall, or if turbine pricing keeps rising, the relative position shifts and Bloom is in the money reasonably soon. And political sentiment, which he calls a big unknown and which he thinks is the more likely driver of fuel cell share than any technical milestone. Notably, a successful 200 MW deployment alone does not change his view. He already believes they can do it. source: Tegus