$HUT Construction on Hut 8's gigawatt-scale AI data center campus in West Feliciana Parish, Louisiana is really starting to take off. River Bend’s initial phase will deliver 245 MW of AI data center capacity, anchored by a 15-year, $7 billion lease with Fluidstack to support Anthropic’s next-generation AI workloads. Anthropic has a Right of First Offer for the additional 1 GW of IT capacity at River Bend . *wink wink*

Cipher Digital Expands Barber Lake Lease Term to 20 Years, Increasing Revenue to Over $9 Billion · Additional 10-year term adds ~$5.2 billion of contracted revenue at Barber Lake · In connection with change orders and continued evolution of the tenant’s design, the lease amendment establishes a phased delivery schedule for the site, with individual data halls expected to be delivered between Q4 2026 and Q1 2027 · Cipher remains on track with the revised delivery schedule “Extending Barber Lake’s contracted life reflects the enduring value of the infrastructure we're building,” said Tyler Page, CEO. “Barber Lake was designed as a long-lived, mission-critical asset, and securing a firm commitment that extends well beyond the original lease term demonstrates the long-term utility and strategic relevance of the campus, as well as the durability of demand for hyperscale computing capacity.” Read the full press release here: investors.cipherdigital.com/…

UBS LAUNCHES COVERAGE ACROSS AI DATA CENTER NAMES, ALL AT BUY $CORZ: BUY, $24 PT Says AMD-backed capacity should diversify Core Scientific’s tenant base and improve its risk profile. With ~1.9GW of AMD expansion options, CORZ has a path toward a ~3GW platform. Financing clarity and identifying the end customers for AMD capacity are the next key catalysts. $CIFR: BUY, $23 PT Sees upside from additional lease announcements and greater pipeline clarity. Cipher has already signed 493MW of IT leases with Fluidstack/Google and Amazon, while near-term leasing opportunities could create an estimated ~$12/share of additional value. $APLD: BUY, $38 PT Sees additional lease signings, improving tenant quality and refinancing as key catalysts. The firm expects APLD’s tenant mix to shift from entirely high-yield today to majority investment-grade by early 2028, with a potential REIT conversion providing further optionality. $WULF: BUY, $24 PT Highlights TeraWulf’s 840MW of signed AI/HPC leases with Core42, Fluidstack/Google and Anthropic. The firm estimates recent deals have created ~$12M of equity value per MW and sees further upside from leasing its development pipeline. $HUT: BUY, $143 PT Points to Beacon Point energization, initial capacity deliveries and additional lease announcements as upcoming catalysts. It estimates recent deals have created $12M-$14M of NAV per MW, with substantial upside potential from leasing the remaining development pipeline.

THE BLOCK: Hut 8 $HUT emerged as the winning bidder for Poolin’s two Texas data center sites with a $140 million offer, nearly tripling the original $52 million combined floor bid. The former mining-pool giant filed for bankruptcy in July with around $173 million in debt, including nearly $164 million owed to wallet users.

A school in Illinois made students exercise before class and accidentally discovered one of the most powerful learning drugs on earth. They made the kids run. The school was Naperville Central High School. Every morning, students would show up before their first class, put on heart rate monitors, and exercise hard enough to push their heart rates into a specific zone. Then they went straight to class. The results caught the attention of a Harvard psychiatrist named John Ratey. Because something strange was happening to these kids. They weren't just getting fitter. They were becoming better students. When Naperville students later took TIMSS, an international test used to compare math and science performance across countries, they scored among the highest in the world. Ratey spent years studying why. And the answer completely changed how I think about exercise. When you exercise, your brain releases a protein called BDNF. Ratey calls it "Miracle-Gro for the brain." It helps brain cells grow, strengthens the connections between them, and makes it easier for your brain to absorb new information. Exercise also increases dopamine, serotonin, and norepinephrine. The exact chemicals your brain uses for attention, motivation, and learning. Which means those students weren't exercising instead of learning. They were exercising so their brains could learn. I think most of us have this completely backwards. We treat exercise as the thing we do when the important work is finished like: > I'll work out after I study. > After I write. > After I finish this project. > After I get through my inbox. And when life gets busy, exercise is the first thing we remove because it feels like we're buying ourselves another hour. But Ratey's work suggests you're making a terrible trade. You're gaining an hour of time while making the brain that has to use those hours worse at learning. I've started thinking about exercise less like fitness and more like preparation. If I have something difficult to learn, write, or solve, movement shouldn't come after it. It should come before it. You're probably not too busy to exercise. You're too busy to learn slowly.

Can energy companies meet AI's power demand? @MorganStanley's Stephen Byrd explains how the AI boom will impact utilities. $CIFR $HUT $WULF cnbc.com/video/2026/09/21/mo…

Each campus we develop represents a long-term investment in the infrastructure, workforce, and institutions that enable durable economic growth. Hut 8 is committing $16 million to expand water system capacity in West Feliciana Parish, Louisiana, in connection with the first phase of our River Bend AI data center campus. The investment will fund a new water well and approximately eight miles of water main, which will be transferred to the parish at no cost to taxpayers. Once complete, these improvements are expected to expand service and reliability for more than 4,000 households and 200 employer establishments across the parish. Read the full release: hut8.com/news-insights/press…

🚨 TODAY: The SEC issued an order granting temporary, conditional exemptive relief to Tokenized Securities Venues from the definition of “exchange” in the Exchange Act to trade tokenized NMS stock using innovative permissioned automated market makers and liquidity pools.

Tokenization is a mega trend. Just today, the SEC created a pathway for tokenized stocks to trade in the US, S&P acquired @OpenZeppelin, and DeFi assets are ripping. If you had doubts before, today should put them to rest. The world is moving onchain. The thing about investing in mega trends is that they go on longer than you think. ChatGPT launched in November 2022. NVDA was trading for $16. A year later, it was obvious AI was a megatrend and NVDA was up 176% to $46. The right thing to do at that point was not to kick yourself for missing the move. It was to buy in size. Today, NVDA is $219. You probably wish you bought into DeFi and tokenization in June when prices were lower. But this is a multi-year transformation of how finance works. If it plays out as I think it will, there is plenty of upside ahead.

Straits Taylor Rule: i = r* + π* + 1.5(π−π*) + 0.5(y−y*) + α(SOH−SOH*) + β(BEM−BEM*), α,β > 0 Let’s see if a hike could open SOH or produce a single barrel :) You can’t 25bp a chokepoint and r* isn’t neutral. It’s SOH risk premium, and We set it. Stay unanchored !