🚨 GOLDMAN SACHS PROJECTS U.S. DATA CENTER POWER DEMAND TO DOUBLE BY 2027 • 66 gigawatts in 2027 from 31 GW in 2025 • Only About 50-60% of data center capacity scheduled for the next one to two years is expected to come online

Beyond 2030, JPMorgan sees $IREN reaching 4 GW+ of contracted capacity and ~$57 billion in revenue by 2035, implying ~$14.7M/MW. JPM’s figures seem to be a conservative blend given current 3-year deals are pricing at $20-25M/MW with shorter term deals at $40M/MW. They model a 23.8% CAGR in IT megawatts from 2027E to 2035E.

Hyperscaler capex is projected to reach over $1.3 trillion in 2027 $NBIS & $CRWV projected at ~$79 billion Source: 22V research

Morgan Stanley: Global chip sales forecasts imply data center power requirements grow to 257 GW by 2028 & 378 GW by 2029. These figures represent gross power requirements and do not account for potential constraints on available power supply. $NVDA $MU $NBIS $IREN $CIFR $CRWV

J.P. Morgan’s $IREN investment thesis & valuation: $65 price target “IREN is well into its transition in becoming a top tier Neocloud provider serving hyperscalers, enterprises, and AI native companies.” JPM’s main risks include deals signed on worse than expected terms, data center build + GPU costs higher than expected, and interest rates compressing financials.

Bernstein models a ~2 GW cloud buildout for $IREN by CY28E with revenue ramping up by CY29E

$NUAI NORTHLAND COVERAGE: "We are increasingly bullish on NUAI as the company has now secured the initial power to go with its near 500 acres." The firm expect commercialization efforts to be managements primary focus over the next 60-120 days as NUAI works to secure a tenant for the initial ~757 MW at TCDC. With ~757 MW gross secured, mgmt. can now run a competitive process across the market to maximize pricing and terms on TCDC. $12 price target represents TCDC phase 1 & 2 once commercialized based on current market pricing. Conservative assumption: ~505 MW IT, 1.5 PUE, NNN, 15-year base term, 45% ownership: Estimates ~$600M-$960M of total annual NOI with ~$270M-$432M attributed to NUAI at $100-$160/kW per month.

$SLNH UPDATE FROM WTR INSIGHTS CONFERENCE: • Expansion is driven by it's BTM model • Colocating data centers at renewable generation • Capture stranded power & delivery timelines of ~18 months • Maintains development pipeline of 6.3 GW "With both its Kati & Dorothy sites conditionally accepted as "Base Load" under ERCOT Batch Zero, management is advancing its transition into large-scale AI + HPC infrastructure"

J.P. Morgan: WHY BEHIND-THE-METER (ONSITE) WINS BTM’s core advantage is speed-to-power, roughly 12-18 months vs. ~5 years for grid interconnection, enabling earlier monetization “We view regulatory changes and local opposition to grid-connected data centers as tailwinds, with expectations that 50%+ of incremental data center capacity (2028+) could be BTM-powered.”

J.P. Morgan’s BTM research report projects a 57 GW shortage from data center demand in 2030 Since 2023, 5-year forecasts for utility-grid load growth have increased ~7x from 24 GW to 166 GW

$CIFR EXTENDS BARBER LAKE LEASE TERM TO 20 YEARS + OVER $9 BILLION The Texas data center rises from $3.8 billion to over $9 billion. Cipher expects approximately $5.2 billion in incremental contracted revenue.

J.P. MORGAN ON BEHIND-THE-METER We believe BTM power offers a differentiated growth profile and potentially more durable earnings stream. The U.S. is trending toward a structural power shortfall the grid can’t close fast enough. Projecting a ~50-80 GW gap by 2030. $NBIS $BE $GEV $NUAI $CIFR $VST

🚨 BIGGEST MISCONCEPTION IN DATA CENTER PUSHBACK: Water. Closed-loop systems + dry coolers recirculate the same fluid. Heat is rejected without using towers that draw millions of gallons. There is very little use on municipal water supply. $WYFI is definitely one of the most responsible data center developers. The sites are also former industrial plants with electrical infrastructure already in place.

$NUAI files $100M ATM Commissions up to 3.5% of gross proceeds. The company included in the filing that they have prioritized negotiating towards one or more transactions directly with a tenant partner and in discussions with one of the world’s largest consumers of AI infrastructure to serve as its anchor tenant for its flagship project pursuant to a direct lease.

SemiAnalysis hit piece on $IREN: “We recommend that IREN stop pretending to offer managed clusters and inference endpoints in public marketing & investment materials and focus on their bare metal offering.” They “strongly suspect” that Prince George was not inaugurated with a Land Acknowledgement and that the site is “completely bad.”

SemiAnalysis releases Neocloud rankings: Platinum Tier: $NBIS & $CRWV Underperforming: $IREN The ranking is based on managed clusters, not bare metal or inference endpoints

Jensen Huang: We got ourselves really gummed up in climate change and sustainable energy. “In the near term, energy production requires fossil fuels. We find ourselves in a situation where we don’t have that much energy building capacity and now the whole country is scrambling”