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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 görüntüleme

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.

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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..

21,926 görüntüleme

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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

194,071 görüntüleme • 4 ay önce

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 görüntüleme • 7 ay önce

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

161,126 görüntüleme • 4 ay önce

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 görüntüleme • 3 ay önce

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

50,265 görüntüleme • 8 ay önce

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 görüntüleme • 10 ay önce

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