P Equity Research 📰(@pequityresearch):Bernstein: Neocloud deals typically require credit backing—like cash upfront, bank guarantees, or AI chip partner support—though lenders now accept partial coverage, such as ~80% of construction debt, instead of full guarantees. Over time, this protection diminishes as guarantees amortize linearly, prompting guarantors to demand step-in rights to secure data center space and power if needed. $NBIS $CRWV $IREN

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P Equity Research 📰@pequityresearch

2026.10.31 19:07

Bernstein: Neocloud deals typically require credit backing—like cash upfront, bank guarantees, or AI chip partner support—though lenders now accept partial coverage, such as ~80% of construction debt, instead of full guarantees. Over time, this protection diminishes as guarantees amortize linearly, prompting guarantors to demand step-in rights to secure data center space and power if needed. $NBIS $CRWV $IREN