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AI infrastructure, data centers, neoclouds, software, fintech.

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Gerstner Brad Gerstner and Altimeter are modeling $300B of combined AI Lab ARR exiting 2027 (the large majority of which is OpenAI + Anthropic).. Have to think their forecast is as good as anyone's given Altimeter just led Anthropic's most recent round and have participated in OpenAI's last 3 rounds.. $300B would be ~10x growth over the course of just 2 years as OpenAI and Anthropic were at ~$25B in aggregate entering 2026. Mind-blowing..

Gerstner Brad Gerstner and Altimeter are modeling $300B of combined AI Lab ARR exiting 2027 (the large majority of which is OpenAI + Anthropic).. Have to think their forecast is as good as anyone's given Altimeter just led Anthropic's most recent round and have participated in OpenAI's last 3 rounds.. $300B would be ~10x growth over the course of just 2 years as OpenAI and Anthropic were at ~$25B in aggregate entering 2026. Mind-blowing..

130,544 views

Semi-Analysis SemiAnalysis President Doug O'Laughlin Fabricated Knowledge on TBPN TBPN yesterday with interesting comments on Amazon $AMZN. "Data center execution is starting to become a real issue… Oracle is delayed, Fairwater (Microsoft) is delayed, CORZ and CoreWeave is delayed… and you know who is not delayed. Amazon. Their execution is flawless when it comes to data center and power… I think they're going to put like 5 to 6 gigawatts online next year. It's a big number - it's a huge number."

Semi-Analysis SemiAnalysis President Doug O'Laughlin Fabricated Knowledge on TBPN TBPN yesterday with interesting comments on Amazon $AMZN. "Data center execution is starting to become a real issue… Oracle is delayed, Fairwater (Microsoft) is delayed, CORZ and CoreWeave is delayed… and you know who is not delayed. Amazon. Their execution is flawless when it comes to data center and power… I think they're going to put like 5 to 6 gigawatts online next year. It's a big number - it's a huge number."

91,085 views

Galaxy Digital $GLXY CEO and Founder Mike Novogratz Mike Novogratz on Galaxy's decision to lease the first 800MW of its data center capacity to CoreWeave $CRWV instead of other cloud providers such as Oracle $ORCL: "I think CoreWeave is doing an awesome job.. and we took that bet. We could have done a deal with an Oracle and we would have made a whole lot less money on it. We took a bet on a company that we saw growing at the same kind of time (line as Galaxy).. Higher risk, higher return." Important to note - Galaxy expects to have an incremental 800MW of gross power capacity available for lease in the very near future. Meanwhile, mgmt. has strongly suggested they'll seek to diversify their tenant base beyond CoreWeave. I expect Oracle to be Galaxy's next tenant, given their significant data center capacity needs stemming from their monster cloud contract with OpenAI. While Oracle likely commands a lower rental rate (e.g. pays a lower price per MW of critical IT load), the yields on CapEx for Galaxy remain attractive, and a diversified tenant base should be rewarded with a higher multiple on the overall data center business.

Galaxy Digital $GLXY CEO and Founder Mike Novogratz Mike Novogratz on Galaxy's decision to lease the first 800MW of its data center capacity to CoreWeave $CRWV instead of other cloud providers such as Oracle $ORCL: "I think CoreWeave is doing an awesome job.. and we took that bet. We could have done a deal with an Oracle and we would have made a whole lot less money on it. We took a bet on a company that we saw growing at the same kind of time (line as Galaxy).. Higher risk, higher return." Important to note - Galaxy expects to have an incremental 800MW of gross power capacity available for lease in the very near future. Meanwhile, mgmt. has strongly suggested they'll seek to diversify their tenant base beyond CoreWeave. I expect Oracle to be Galaxy's next tenant, given their significant data center capacity needs stemming from their monster cloud contract with OpenAI. While Oracle likely commands a lower rental rate (e.g. pays a lower price per MW of critical IT load), the yields on CapEx for Galaxy remain attractive, and a diversified tenant base should be rewarded with a higher multiple on the overall data center business.

44,085 views

Semi-Analysis's Jeremie Eliahou Ontiveros on TBPN last week: "2025 was an insane year for the (data center) leasing market, and everything points to 2026, 2027 just accelerating." Towards the end of 2025, Applied Digital $APLD, Cipher $CIFR, and Hut 8 $HUT signed the most attractive large scale (e.g. 200MW+) leases with investment grade hyperscaler counterparties to-date.. The incremental 830MW of power that Galaxy Digital $GLXY received final ERCOT approval on yesterday seems to have arrived at a fortuitous time..

Semi-Analysis's Jeremie Eliahou Ontiveros on TBPN last week: "2025 was an insane year for the (data center) leasing market, and everything points to 2026, 2027 just accelerating." Towards the end of 2025, Applied Digital $APLD, Cipher $CIFR, and Hut 8 $HUT signed the most attractive large scale (e.g. 200MW+) leases with investment grade hyperscaler counterparties to-date.. The incremental 830MW of power that Galaxy Digital $GLXY received final ERCOT approval on yesterday seems to have arrived at a fortuitous time..

22,184 views

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Baseten CEO Tuhin Srivastava tells Altimeter's Apoorv Agrawal that one of Baseten's cloud providers has already indicated their B200 prices ($/GPU hour) are set to double when existing contracts expire and are up for renewal later this year. "If you go out right now saying you want a thousand GPUs, truly.. people are talking about Q2 of next year. So 12 months out, maybe 15 months out. We have a cluster.. in one of these clouds.. of B200s.. Our unit price right now is $2.63 an hour.. that's up for renewal in October. They came to us already in May and said $5.10 is the new price.. So double."

Baseten CEO Tuhin Srivastava tells Altimeter's Apoorv Agrawal that one of Baseten's cloud providers has already indicated their B200 prices ($/GPU hour) are set to double when existing contracts expire and are up for renewal later this year. "If you go out right now saying you want a thousand GPUs, truly.. people are talking about Q2 of next year. So 12 months out, maybe 15 months out. We have a cluster.. in one of these clouds.. of B200s.. Our unit price right now is $2.63 an hour.. that's up for renewal in October. They came to us already in May and said $5.10 is the new price.. So double."

Rittenhouse Research

347,387 views • 14 days ago

Who remembers when Satya threw shade at CoreWeave on the Bg2 Pod back in December 2024, when he referred to their relationship as a "one-time thing", and implied that Microsoft had managed to get caught up on AI infrastructure (after they were initially blindsided by the success of ChatGPT)? "That (the CoreWeave partnership) is a one-time thing, and then now it's all catching up.. so that was just more about trying to get caught up with demand." Fast forward to 2026 and Microsoft has not only increased the scope of its arrangement with CoreWeave, but also signed ~$50B+ in new deals across the entire neocloud spectrum ($17B with Nebius, $10B with IREN, tens of billions with nScale, multiple billions with Lambda, etc.). Absolutely diabolical that CoreWeave was seemingly better prepared for the growth in AI infrastructure demand than Microsoft, considering Microsoft funded the large majority of OpenAI's early research and had full exclusive access to its IP.. $CRWV $MSFT

Who remembers when Satya threw shade at CoreWeave on the Bg2 Pod back in December 2024, when he referred to their relationship as a "one-time thing", and implied that Microsoft had managed to get caught up on AI infrastructure (after they were initially blindsided by the success of ChatGPT)? "That (the CoreWeave partnership) is a one-time thing, and then now it's all catching up.. so that was just more about trying to get caught up with demand." Fast forward to 2026 and Microsoft has not only increased the scope of its arrangement with CoreWeave, but also signed ~$50B+ in new deals across the entire neocloud spectrum ($17B with Nebius, $10B with IREN, tens of billions with nScale, multiple billions with Lambda, etc.). Absolutely diabolical that CoreWeave was seemingly better prepared for the growth in AI infrastructure demand than Microsoft, considering Microsoft funded the large majority of OpenAI's early research and had full exclusive access to its IP.. $CRWV $MSFT

Rittenhouse Research

66,045 views • 8 days ago

Interesting to hear OpenAI Head of Compute Sachin Katti Sachin Katti explain why inference workloads will still be served from giant data centers in Texas rather than smaller edge locations.. The inherent scale benefits of large DCs + lack of available labor makes building smaller DCs closer to major metros inefficient and uneconomic. "There are still significant benefits to scale on building this compute. Building 50MW of compute is far more expensive per MW than building a GW of compute at one location.. Labor is a big bottleneck around the world today especially in the US. We just don't have enough people to build these things. So getting the kind of critical human mass you need to build, you would much rather do it for a bigger scale than for little bits of 50MW spread around the country." Seems like the robust growth for DC developers like Core Scientific, Galaxy, TeraWulf, Cipher, etc. will persist for the foreseeable future, despite initial concerns that the current large scale build-outs in places like West Texas were a one-off occurrence. $CORZ $GLXY $WULF $CIFR $HUT

Interesting to hear OpenAI Head of Compute Sachin Katti Sachin Katti explain why inference workloads will still be served from giant data centers in Texas rather than smaller edge locations.. The inherent scale benefits of large DCs + lack of available labor makes building smaller DCs closer to major metros inefficient and uneconomic. "There are still significant benefits to scale on building this compute. Building 50MW of compute is far more expensive per MW than building a GW of compute at one location.. Labor is a big bottleneck around the world today especially in the US. We just don't have enough people to build these things. So getting the kind of critical human mass you need to build, you would much rather do it for a bigger scale than for little bits of 50MW spread around the country." Seems like the robust growth for DC developers like Core Scientific, Galaxy, TeraWulf, Cipher, etc. will persist for the foreseeable future, despite initial concerns that the current large scale build-outs in places like West Texas were a one-off occurrence. $CORZ $GLXY $WULF $CIFR $HUT

Rittenhouse Research

43,415 views • 26 days ago

Morgan Stanley's Global Head of Thematic Research Stephen Byrd discussing how Galaxy Digital $GLXY is overlooked by investors with respect to the "Bitcoin Miner to AI Data Center Developer" trade.. "That stock (Galaxy $GLXY) has been overlooked because it has so many other businesses. But Galaxy has a fantastic opportunity, mostly in Texas, that is ignored by investors, who tend to go to the more pure plays, like the Hut, like Cipher, and they've overlooked Galaxy. Galaxy has a phenomenal growth outlook.. In dialogue everyday with investors, I just don't hear Galaxy come up as much as it should, I think that will change, especially given their Texas position." $GLXY

Morgan Stanley's Global Head of Thematic Research Stephen Byrd discussing how Galaxy Digital $GLXY is overlooked by investors with respect to the "Bitcoin Miner to AI Data Center Developer" trade.. "That stock (Galaxy $GLXY) has been overlooked because it has so many other businesses. But Galaxy has a fantastic opportunity, mostly in Texas, that is ignored by investors, who tend to go to the more pure plays, like the Hut, like Cipher, and they've overlooked Galaxy. Galaxy has a phenomenal growth outlook.. In dialogue everyday with investors, I just don't hear Galaxy come up as much as it should, I think that will change, especially given their Texas position." $GLXY

Rittenhouse Research

36,331 views • 26 days ago

At Sohn, Gavin Baker provided a pretty compelling argument as to why CoreWeave's $CRWV business model is differentiated and durable, lamenting that he couldn't invest in their 2023 round at a $1B valuation (due to a conflict stemming from an existing investment in competitor Crusoe). "CoreWeave, Crusoe, Nebius, Lambda.. is the category durable today? Is it a transitional arbitrage on hyperscaler capex and token friction?" "I absolutely think it's durable... The way to think of running one of these clusters is like driving a Formula 1 race car... It looks easy but it's really hard... The reason a company like CoreWeave can charge a huge premium for their GPU hours is because all GPU hours are not the same. And those CoreWeave GPUs are being utilized 2-3x more per hour on average than the GPUs from a bottom of the barrel provider. And by the way, this all goes for Crusoe and Nebius and the other high-quality neoclouds... The hyperscalers were competing with people running these Formula 1 cars and they were doing overnight shifts in 18-wheelers trying to stay awake to deliver the lower cost. And that's not what AI is about. Now, I think they're making this mental and cultural shift and they've made it, but some of these neoclouds have a very durable business model." $CRWV $NBIS

At Sohn, Gavin Baker provided a pretty compelling argument as to why CoreWeave's $CRWV business model is differentiated and durable, lamenting that he couldn't invest in their 2023 round at a $1B valuation (due to a conflict stemming from an existing investment in competitor Crusoe). "CoreWeave, Crusoe, Nebius, Lambda.. is the category durable today? Is it a transitional arbitrage on hyperscaler capex and token friction?" "I absolutely think it's durable... The way to think of running one of these clusters is like driving a Formula 1 race car... It looks easy but it's really hard... The reason a company like CoreWeave can charge a huge premium for their GPU hours is because all GPU hours are not the same. And those CoreWeave GPUs are being utilized 2-3x more per hour on average than the GPUs from a bottom of the barrel provider. And by the way, this all goes for Crusoe and Nebius and the other high-quality neoclouds... The hyperscalers were competing with people running these Formula 1 cars and they were doing overnight shifts in 18-wheelers trying to stay awake to deliver the lower cost. And that's not what AI is about. Now, I think they're making this mental and cultural shift and they've made it, but some of these neoclouds have a very durable business model." $CRWV $NBIS

Rittenhouse Research

54,681 views • 1 month ago

Brad Gerstner Brad Gerstner discussing why CoreWeave $CRWV is the only neocloud position he likes.. Interesting to hear from someone who knows Jensen, Altman, Satya etc. very well.. "We were investors in CoreWeave when it was a private company. We've been investors, you know, as they entered the public market and it's pulled back here, we've added to our position. We're not adding to other neoclouds. We don't think other neoclouds are created equal. We think CoreWeave stands alone in terms of its performance, the software that it's build on top of the cloud, its execution capability, its strategic importance to Nvidia in terms of deploying Rubin, etcetera. So we think it makes a really interesting opportunity."

Brad Gerstner Brad Gerstner discussing why CoreWeave $CRWV is the only neocloud position he likes.. Interesting to hear from someone who knows Jensen, Altman, Satya etc. very well.. "We were investors in CoreWeave when it was a private company. We've been investors, you know, as they entered the public market and it's pulled back here, we've added to our position. We're not adding to other neoclouds. We don't think other neoclouds are created equal. We think CoreWeave stands alone in terms of its performance, the software that it's build on top of the cloud, its execution capability, its strategic importance to Nvidia in terms of deploying Rubin, etcetera. So we think it makes a really interesting opportunity."

Rittenhouse Research

194,285 views • 5 months ago

You can't even make it up. Shaun Maguire Shaun Maguire, who led the Series A in "quantum-computing" company IonQ $IONQ, more or less admits he agrees entirely with Martin Shkreli Martin Shkreli on quantum. Shkreli, of course, is a massive quantum bear, calling $IONQ "one of the best shorts he's seen" in his career.

You can't even make it up. Shaun Maguire Shaun Maguire, who led the Series A in "quantum-computing" company IonQ $IONQ, more or less admits he agrees entirely with Martin Shkreli Martin Shkreli on quantum. Shkreli, of course, is a massive quantum bear, calling $IONQ "one of the best shorts he's seen" in his career.

Rittenhouse Research

249,714 views • 8 months ago

CoreWeave $CRWV CEO Michael Intrator, on the Big Technology Podcast, providing what I believe is the most compelling rebuttal to the narrative that GPUs only have a 2 to 3-year useful life. CoreWeave's customers are the world's most sophisticated users of GPUs, and they are signing contracts to utilize today's GPUs for the next 5 years, despite Nvidia's new product release cadence resulting in more efficient GPUs every 1-2 years. The use-case for the GPUs might change over time as Nvidia rolls out new products (e.g. older chips are moved from training to inference workloads), but the "usefulness" does not. "The most important tool that I have for understanding what the depreciation curve or the obsolescence curve of compute is not what I think, right? It's not what some historic short (seller) thinks. It's what are the buyers, the most sophisticated companies in the world are willing to pay for today. And when they come to me and they put in a contract for a 5-year deal or 6-year deal, in what world do I not think that they who are the consumers of this understand that there are new, more powerful chips coming out? Of course they do. They understand it, but they also understand what their various use cases are. And they're saying to themselves, "I'm going to buy this because I'm going to need it today. I'm going to need it in 3 years, and I'm going to need it in 5 years"... My opinions around depreciation are informed by the only entities that get to vote in my world, which are the folks that are paying for the compute over time."

CoreWeave $CRWV CEO Michael Intrator, on the Big Technology Podcast, providing what I believe is the most compelling rebuttal to the narrative that GPUs only have a 2 to 3-year useful life. CoreWeave's customers are the world's most sophisticated users of GPUs, and they are signing contracts to utilize today's GPUs for the next 5 years, despite Nvidia's new product release cadence resulting in more efficient GPUs every 1-2 years. The use-case for the GPUs might change over time as Nvidia rolls out new products (e.g. older chips are moved from training to inference workloads), but the "usefulness" does not. "The most important tool that I have for understanding what the depreciation curve or the obsolescence curve of compute is not what I think, right? It's not what some historic short (seller) thinks. It's what are the buyers, the most sophisticated companies in the world are willing to pay for today. And when they come to me and they put in a contract for a 5-year deal or 6-year deal, in what world do I not think that they who are the consumers of this understand that there are new, more powerful chips coming out? Of course they do. They understand it, but they also understand what their various use cases are. And they're saying to themselves, "I'm going to buy this because I'm going to need it today. I'm going to need it in 3 years, and I'm going to need it in 5 years"... My opinions around depreciation are informed by the only entities that get to vote in my world, which are the folks that are paying for the compute over time."

Rittenhouse Research

161,602 views • 5 months ago

TeraWulf $WULF CFO last week on McNallie Money explaining why they haven't expanded their data center portfolio to the ERCOT region of Texas: "If you think you're getting power (from ERCOT) in 2028 or 2029... you better have some politically connected people in your corner or you're not getting power". A little tongue in cheek nod at Galaxy $GLXY? - Galaxy appointed Texan Doug Deason to their board last summer - Shortly after, Galaxy CEO Mike Novogratz met with Texas Governor Greg Abbott (pic below) - Galaxy was awarded 830MW of power by ERCOT last month (seemingly the only data center developer to receive ERCOT approval for such a massive tranche of power recently) Just how valuable might those 830MW be? $GLXY $WULF

TeraWulf $WULF CFO last week on McNallie Money explaining why they haven't expanded their data center portfolio to the ERCOT region of Texas: "If you think you're getting power (from ERCOT) in 2028 or 2029... you better have some politically connected people in your corner or you're not getting power". A little tongue in cheek nod at Galaxy $GLXY? - Galaxy appointed Texan Doug Deason to their board last summer - Shortly after, Galaxy CEO Mike Novogratz met with Texas Governor Greg Abbott (pic below) - Galaxy was awarded 830MW of power by ERCOT last month (seemingly the only data center developer to receive ERCOT approval for such a massive tranche of power recently) Just how valuable might those 830MW be? $GLXY $WULF

Rittenhouse Research

34,874 views • 4 months ago

CoreWeave $CRWV CEO Michael Intrator shouting out Galaxy Digital $GLXY on Bloomberg today: "We have broadened our strategic relationships with other providers of the infrastructure. A great example of that is Galaxy Digital. You know, where we're able to go ahead and get large blocks of contiguous power to continue to buy infrastructure that will be made available to our clients as they continue to build."

CoreWeave $CRWV CEO Michael Intrator shouting out Galaxy Digital $GLXY on Bloomberg today: "We have broadened our strategic relationships with other providers of the infrastructure. A great example of that is Galaxy Digital. You know, where we're able to go ahead and get large blocks of contiguous power to continue to buy infrastructure that will be made available to our clients as they continue to build."

Rittenhouse Research

50,462 views • 8 months ago

Very insightful explanation from CoreWeave co-founder and CSO Brian Venturo on why Bitcoin miners now trying to pivot into becoming AI cloud providers will struggle. If I were a betting man, I’d wager the “Company being pumped on X” discussed below is $IREN. “I saw a company that was getting pumped on X that is still in the process of transitioning from Bitcoin mining to something like a neocloud.. the idea that you’re going to come into this market six years late feels like a long-shot” - Jordi Hays “It’s even worse than that”

Very insightful explanation from CoreWeave co-founder and CSO Brian Venturo on why Bitcoin miners now trying to pivot into becoming AI cloud providers will struggle. If I were a betting man, I’d wager the “Company being pumped on X” discussed below is $IREN. “I saw a company that was getting pumped on X that is still in the process of transitioning from Bitcoin mining to something like a neocloud.. the idea that you’re going to come into this market six years late feels like a long-shot” - Jordi Hays “It’s even worse than that”

Rittenhouse Research

47,922 views • 10 months ago

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