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...

I'll make this super clear for people wondering if $DGXX or $SLNH is more asymmetric: They serve two completely different purposes, in different layers of the same supercycle. Both genuinely asymmetric in their own way. Both sit in the Neocloud ecosystem. $DGXX as a GPU-as-a-Service operator and $SLNH as the renewable powered data center beneath it. Different theses, different risks, same tailwind. $DGXX (~$600M MC) - GPU-as-a-Service operator deploying $NVDA Blackwell GPUs directly to customers. Initially shared at ~$4 (up 105%+ now). > Similar model as $CRWV (~$60B MC), $NBIS (~$45B), $IREN (~$20B). First AI revenue contract signed. $1.1B $CBRS colocation deal. Hans Vestberg / $BLK connection. > 1.9% institutional ownership leaves massive room for re-rating. Earnings tomorrow, GPU rental starts on Friday. Risks: Early stage, $750M shelf filed (dilution capacity), negative margins, execution heavy. $SLNH (~$250M MC) - Renewable powered AI data centers. Wind farm acquisition closes vertical integration loop. Initially shared at ~$1 (up 65% so far). > Same renewable power thesis as $TLN (~$17B), $CEG (~$106B), $VST (~$50B). 4.3GW development pipeline. Difference between them is instead of wind farm → grid → data center, $SLNH does wind farm → data center. > Dorothy campus operational and expanding. Nasdaq compliance just regained. Earnings May 19. Risks: Overhang from active dilution. Cash burning. Execution risk on Dorothy 3 (300MW+ campus). Both are very early stage at this point. Both have execution risk. But both have real catalysts incoming. As for dilution, that's a risk with any early stage company. Again, bears were saying the same thing about $PLTR at ~$15. Now the same bears would full-port if it ever dips to $100. Valuation gap between current MC and what their competitors are trading at is what makes both asymmetric in their own layers.

"An overnight success that took five years" @_ConorMoore at @CoinDesk Live on finding pmf: blockchain rails make loan origination and settlement atomic, neoclouds needed capital that tradfi couldn't move fast enough to provide, and the AI boom brought both together.

We are proud to share that Bitdeer AI has been ranked in the Bronze Tier SemiAnalysis GPU Cloud ClusterMAX™ Rating in its April 2026 report, standing out among more than 80 neocloud providers 🎉. SemiAnalysis looks beyond surface-level pricing, evaluating the technical pillars that determine true business value: 🔹 Reliability & Support 🔹 High-Performance Networking & Storage 🔹 Orchestration Excellence 🔹 Total Cost of Ownership (TCO) As AI workloads scale in complexity, raw hardware is only half the story - operational efficiency and architectural integrity are the only way forward. This recognition validates our commitment to building enterprise-grade AI infrastructure ready for the most demanding training and inference workloads. Thank you, @SemiAnalysis_ team, for the deep dive and the recognition. We are already hard at work on our next phase of optimizations, further refining our cloud capabilities and O&M excellence to stay ahead of the curve. 🔗 Read the full SemiAnalysis breakdown: #BitdeerAICloud# #SemiAnalysis# #AIInfrastructure# #GPUCloud# #neocloud# #CloudComputing#

What does it really take to move AI from pilot projects to production at scale? At Echelon Singapore 2026, one of Asia’s leading startup and tech events, Bitdeer AI will join the ecosystem shaping the next wave of AI implementation. Meet our team to explore how businesses are turning AI into real-world outcomes, from infrastructure to model deployment and agent workflows🤖. Attending the event? Book time in advance with our solutions experts, Eric Si or Yong, to connect on-site: #AIInfrastructure# #EnterpriseAI# #neoCloud# #echelonsingapore#

Right now, the majority of AI workloads are executed on GPUs, but that could soon be changing with market adoption of AI application specific integrated circuits (ASICs). @Luxor's Mike San Miguel said that hyperscalers have been utilizing these ASICs for some time, but now neoclouds are making moves to leverage them as well. "They're just starting to hit the open market now The hyperscalers have been doing versions of these for about a decade. What's different now is that, as opposed to being bespoke chips for hyperscalers, we're starting to see new manufacturers that are producing these AI ASICs, and as a result these are going to start hitting the neoclouds. "You're probably going to see them hitting the market in scale in 2027 when they're going to start entering fleets for a lot of these neoclouds." This raises a a business question for AI companies, however, because unlike GPUs which can be used for inference and training, AI ASICs can only be used for one or the other. "A GPU can be used for inferencing training. But with ASICs, they're purpose built for one or the other -- they can't do both. "But that's the advantage. You get a much higher output...what it's probably going to look like in the next 2 to 5 years -- beecause these things take time to roll out -- is a hybrid approach."

A quick peek at our NVIDIA GB300 NVL72 deployment process. NVIDIA #GB300# NVL72 brings next-generation rack-scale AI performance to the era of reasoning, with ultra-dense compute optimized for large-scale training and high-throughput inference. More to come. Stay tuned👐! #GPU# #AIInfrastructure# #neocloud#

$NBIS earnings were stellar and it’s now trading $200+ premarket. Reiterated $7-9B ARR in 2026. 40% adj. EBITDA margin projections, which is vastly outperforming expectations. 4 GW contracted capacity. $6.3B capital secured by $NVDA off solid financial offering structures. Glad my high conviction Neocloud pick is performing wonders and happy management is executing so well. In the words of Jensen: “Nebius will take care of you”

As I said before $IREN is basically dogsht compared to $NBIS. $NVDA didn’t give $IREN funding yet. So IREN needs to figure out how to buy enough GPUs to monetize 5GW capacity through their 6B ATM and other means. It’s an endless dilution machine just because they secured power. I call $IREN holders 0 IQ because they just buy in it to get diluted without understanding nuances of financing. Nvidia actually gave $NBIS funds. While Nvidia got a free no-risk purchase agreement for allowing $IREN to use their logo. $IREN is basically a marketing company at this point, while the other Neoclouds actually allow equity appreciation.