Small Cap Snipa(@SmallCapSnipa):Bernstein on AI Infrastructure: We continue to be positive on AI in both the short, medium, and long-term, and see upside to AI infrastructure exposed names $NBIS $IREN $CRWV $CIFR $WULF $RIOT Short-term: The AI infrastructure trade is about the willingness of AI data center operators to keep spending Medium-term: AI infrastructure on whether AI demand is sufficient to drive a healthy ROI for data center ROI. We believe that the assumptions needed to underwrite this are not aggressive. Long-term: it’s hard to have deep conviction, but we see model scaling as the key leading indicator, and the scaling laws look intact. Accordingly, we skew positive.

2026.09.29 23:44

Bernstein on AI Infrastructure: We continue to be positive on AI in both the short, medium, and long-term, and see upside to AI infrastructure exposed names $NBIS $IREN $CRWV $CIFR $WULF $RIOT Short-term: The AI infrastructure trade is about the willingness of AI data center operators to keep spending Medium-term: AI infrastructure on whether AI demand is sufficient to drive a healthy ROI for data center ROI. We believe that the assumptions needed to underwrite this are not aggressive. Long-term: it’s hard to have deep conviction, but we see model scaling as the key leading indicator, and the scaling laws look intact. Accordingly, we skew positive.