UBS LAUNCHES COVERAGE ACROSS AI DATA CENTER NAMES, ALL AT BUY $CORZ: BUY, $24 PT Says AMD-backed capacity should diversify Core Scientific’s tenant base and improve its risk profile. With ~1.9GW of AMD expansion options, CORZ has a path toward a ~3GW platform. Financing clarity and identifying the end customers for AMD capacity are the next key catalysts. $CIFR: BUY, $23 PT Sees upside from additional lease announcements and greater pipeline clarity. Cipher has already signed 493MW of IT leases with Fluidstack/Google and Amazon, while near-term leasing opportunities could create an estimated ~$12/share of additional value. $APLD: BUY, $38 PT Sees additional lease signings, improving tenant quality and refinancing as key catalysts. The firm expects APLD’s tenant mix to shift from entirely high-yield today to majority investment-grade by early 2028, with a potential REIT conversion providing further optionality. $WULF: BUY, $24 PT Highlights TeraWulf’s 840MW of signed AI/HPC leases with Core42, Fluidstack/Google and Anthropic. The firm estimates recent deals have created ~$12M of equity value per MW and sees further upside from leasing its development pipeline. $HUT: BUY, $143 PT Points to Beacon Point energization, initial capacity deliveries and additional lease announcements as upcoming catalysts. It estimates recent deals have created $12M-$14M of NAV per MW, with substantial upside potential from leasing the remaining development pipeline.

Weekly NVIDIA Update CHINA EASES NVIDIA H200 APPROVALS $NVDA rose after reports China will allow select AI firms, including Alibaba, ByteDance, and DeepSeek, to purchase limited quantities of H200 AI chips with government approval. The move could modestly boost China sales, though reported allocations of fewer than 200,000 chips remain small relative to global AI infrastructure demand. SAMSUNG BEGINS VERA RUBIN SSD PRODUCTION Samsung has started mass production of its PM1763 enterprise SSD for Nvidia’s $NVDA upcoming Vera Rubin AI platform. Featuring next-generation V-NAND, a 4nm controller, and liquid cooling, the drive more than doubles read/write speeds versus its predecessor to support AI training and inference workloads. U.S. EASES AI CHIP EXPORTS TO UAE The U.S. has eased export controls on the UAE, allowing approved entities—including G42, Core42, and subsidiaries of companies such as $NVDA, $AMZN, $AAPL, $MSFT, $META, $GOOGL, OpenAI, $ORCL, and xAI—to access advanced AI chips and servers without licenses, strengthening AI infrastructure and commercial ties.

Moats in our neocloud theme: $APLD Ellendale, Macquarie financed $BTDR Bhutan power, SEALMINER ASIC $CIFR AWS anchor tenant validation $CLSK low cost power per MW $CORZ multi-billion hosting backlog $CRWV GPU operator, OpenAI $DGXX 400MW, Blackwell ready pods $HIVE BUZZ HPC GPU subsidiary $HUT vertically integrated power $IREN cleanest HPC revenue ramp $KEEL $533M liquidity, three campuses $MARA largest scale, biggest footprint $NBIS lowest cost per MW operator $RIOT Texas grid scale power assets $SLNH behind the meter, 4.3 GW $WULF Core42 deal, nuclear adjacent $WYFI $865M Nscale anchor contract The important stuff? Secured power capacity, signed anchor tenant contracts, cost per MW competitiveness, and execution speed on conversion. I think #SLNH# offers deep value. NFA. Will keep updating...