ROTHSCHILD REDBURN LAUNCHES COVERAGE ACROSS AI DATA CENTER NAMES $NBIS: SELL, $84 PT Says Nebius has a demanding valuation and questions the sustainability of its unit economics. Upside could come from newer-generation GPUs, faster growth of its Token Factory inference business and stronger capacity execution. Risks include customers bringing compute in-house and higher funding costs. $CRWV: SELL, $54 PT Redburn questions CoreWeave's unit economics and ability to convert its pipeline into attractive returns. Key risks include hyperscalers or AI labs bringing capacity in-house, falling GPU pricing and higher financing costs. $DLR: BUY, $227 PT Highlights Digital Realty's global wholesale and colocation footprint, long-term tenant contracts and expansion into larger, higher-density facilities built for AI workloads and hyperscale customers. $EQIX: BUY, $1,261 PT Points to Equinix's global interconnection ecosystem as a key advantage, with AI, HPC, enterprise and cloud customers increasingly needing high-density compute close to networks and other infrastructure. $IRM: BUY, $132 PT Iron Mountain has expanded beyond its legacy records-storage business into data centers, information management and IT asset lifecycle services, while developing more power-dense capacity for AI workloads. The miner-to-AI names were treated much more cautiously: $APLD: NEUTRAL, $22 PT Says unit economics and pipeline-conversion risks are already well priced in. Upside comes from lower build/operating costs and additional large tenant signings. Risks include local opposition, construction delays and tenant insolvency. $IREN: NEUTRAL, $40 PT Sees upside from additional large-scale AI tenants and better execution at existing sites. Risks include difficulty securing tenants, higher funding costs and delays or cancellations. $WULF: NEUTRAL, $15 PT Potential upside comes from securing additional U.S. capacity and signing more major tenants. Permitting issues and state-level opposition are key risks. $CIFR: NEUTRAL, $18 PT Sees better or faster grid-capacity allocation and more major tenant deals as upside. Tenant pullouts and buildout delays are the main downside risks. $HUT: NEUTRAL, $96 PT Upside depends on faster data-center execution and securing additional grid capacity. Delays or cancellations in the buildout remain the key risk. $CORZ: NEUTRAL, $16 PT Core Scientific has been shifting capacity from Bitcoin mining toward AI/HPC hosting after emerging from bankruptcy, while continuing its mining business. Its proposed acquisition by CoreWeave collapsed last year after shareholders rejected the deal.