Wayne Liang
Asymmetric Investment Research, Trade Alerts & Toolkits
Digi Power X is asymmetric because of the valuation gap between its roughly $600M market value and GPU-as-a-Service peers such as CoreWeave (about $60B), Nebius and IREN. It deploys NVIDIA Blackwell GPUs to customers, has signed its first AI revenue contract and a $1.1B Cerebras colocation deal, and 1.9% institutional ownership leaves room for a re-rating. GPU rental starts this week. Risks: it is early stage, has a $750M shelf filed, negative margins and heavy execution demands. x.com
Digi Power X looks undervalued at about a $430M market cap against neocloud peers, with at least 15x upside if the gap closes. It runs the same GPU-as-a-Service model as CoreWeave, at about $67B, on the same Nvidia Blackwell GPUs as IREN, at about $20B. Its first AI revenue contract with SubQ AI marks the shift from speculative to legitimate operator, and AGP raised its target from $7 to $10. AMD, SanDisk, CoreWeave's backlog and Nvidia's IREN deal confirmed accelerating neocloud demand. x.com
Digi Power X has signed a $1.1B, 10-year colocation deal that locks in its AI infrastructure model, and more deals look likely. Separately, SubQ, the customer behind its earlier 0.8-1MW contract, unveiled a sub-quadratic sparse-attention LLM with a 12 million token context window, which raises the likelihood that the additional power flagged in that partnership gets contracted. x.com x.com x.com
Digi Power X's price can't be ignored much longer now that CEO Michel Amar has made his first open-market share purchase in years. The buy is not large, but it signals confidence. He also gave a hands-on tour of the Alabama facility showing build progress and physical units while many AI names keep sliding. This is a great time to buy at these prices. x.com x.com x.com
Digi Power X is the smartest backdoor play on Cerebras as massive institutional demand builds for its 20x-oversubscribed IPO. It is Cerebras's AI landlord, supplying power and Tier III data-center capacity under a locked-in 10-year, $1.1B contract worth up to $2.5B, which transforms its revenue model. It is also scaling GPU-as-a-service and energy sales as it pivots from legacy bitcoin mining to pure AI infrastructure. x.com x.com
VivoPower's AI data-center story is heavily spun and warrants caution. Its Norway facility has 41.5MW of energized capacity, not 80MW; the extra 40MW awaits regulatory approval. Its $31 million of annual revenue comes from crypto-mining hosting, not AI, so @FrankCurzio's $900 million value at $12 million per AI megawatt is grossly misleading. The company has pivoted at least three times in two years, from EVs to XRP to AI, and its CFO, CTO and company secretary all left in February 2026. x.com … Show more
Financing announcements point to more accelerator demand, supporting semiconductors. About $200bn in announced Meta, Anthropic/Broadcom and SpaceX/Nvidia financing likely drives $400bn in XPU purchases. Data centers burn cash until lit, then cash flow 20-40% annually; AI spend rising from 0.1% to 0.5-1% of current payroll could balance the buildout if agents replace roles. Sustainable token demand is the bet, but smaller local models are the bigger risk, though not an immediate concern. x.com … Show more
SpaceX's exclusive use of Nvidia GPUs and other supply constraints make Musk's 13-20 GW operational compute forecast for end-2027 too high. A substantial buildout is still incredibly enticing, but reaching that scale likely requires cheap capacity from struggling neoclouds, mostly through capacity deals and some acquisitions. Its attractive $40B off-balance-sheet GPU lease deal is only a drop in the bucket of the debt needed. Capacity can still grow quickly over time. x.com x.com x.com x.com … Show more
Alphabet's shift to renting neocloud GPUs threatens significant margin compression while AI monetization remains in doubt. Analysts say Google has yet to find a way to monetize AI. Google said it began using third-party compute at the end of Q3, will ramp usage in Q4 and expects near-term margin headwinds and significantly higher capex in 2027. x.com
Alphabet's AI growth is harder to turn into cash because capacity shortages require rented compute while TPU system sales tie up inventory before delivery. Cloud grew 103%, with system sales contributing meaningfully; management expects rented compute to pressure Q4 Cloud margins. Q3 free cash flow was -$9.1B, partly reflecting inventory build and a one-off EU fine, while AI Mode monetizes less effectively than traditional Search. The dip is probably a buy with a reasonable timeframe. x.com … Show more
Anthropic's customer spending and compute buildout show AI monetizing at scale, a bullish read-through for Nvidia, Broadcom, Alphabet, Amazon, Microsoft, Nebius, CoreWeave and Hut 8. Its IPO filing reports H1 revenue up 14-fold to $16.3B, 11,900+ customers spending $100K+ annually and 1,900+ spending $1M+, alongside $9B in H1 infrastructure spending and about $430B in future compute commitments. x.com
Anthropic's customer growth gives AI compute suppliers firmer demand evidence than capacity plans. Its S-1 reports $16.3B in H1 2026 revenue and about 900% net retention as of September 30, the strongest evidence yet of adoption. Over $500B in commitments include a roughly $125B five-year Broadcom equipment lease plus Amazon, Google and Microsoft arrangements; Nvidia GPUs are in its mix. Long-term obligations could outlast usage revenue. x.com
