Rumble's slide into the $7s ignores a known deal, now that Anthropic is revealed as its mystery compute customer. Per The Information, Anthropic signed a six-year, $13.7B agreement to lease AI compute from RUM Group's Maysville, Georgia data center, which has 120 MW of secured grid power, against just $40.4M of Q2 revenue. x.com 

TeraWulf stands out among bitcoin miners pivoting to AI data centers because its massive 20-year Anthropic deal gives it real legitimacy, and some capacity is already energized, moving it beyond pure hype. Plenty of execution and buildout risk remains before that partnership produces, and the chart is losing its uptrend line, suggesting more short-term chop. Long term, it should do well if the buildout goes well and the AI revolution is real. x.com 

Rumble's management keeps chasing trends through heavy share dilution, making it hard to trust. Its Tether crypto deal diluted shareholders by 100 million shares and its Northern Data acquisition for data centers by 120 million. It is now offering a counterparty 50 million shares via warrants struck at $0.01 just for a commercial deal to buy its GPU services. x.com 

Nebius has pricing power because its hard-to-build AI infrastructure and software serve enterprise clients who cannot find capacity elsewhere. It owns some data centers and land but has mostly operating leases; the share of active compute at owned sites is unspecified. It looks like the best infrastructure play despite slight skepticism about its path to profitability and valuation, and would work even if capex slowed 20% or the cycle paused. x.com  x.com  x.com 

Bitdeer is going all in on AI cloud GPU-as-a-service, which could re-rate a roughly $3B market cap. Its Johor A201 site has over 70% of 21.7MW contracted for $1.7B over five years, about $340M a year or $15-22M per MW. With 65.1MW expected by Q3, it could reach $2B ARR; at 15 times earnings that implies about $18B. Hitting 350MW by Q1 2028 would mean about $8B ARR and a $60B value. The risk is funding: roughly $14-16B of capex in 18 months, so dilution is possible. x.com  x.com  x.com  x.com  x.com  … Show more

Rumble is highly likely headed toward zero rather than back to the 25x ARR valuation @blubercap mentions. x.com 

IREN's AI cloud overtook bitcoin mining as a share of revenue this quarter, showing the transition is scaling into what customers want. Everything remains on track for $4 billion of ARR by year-end, with Q3 and Q4 starting the real growth inflection. The earnings call was poor and the unnamed frontier-lab partner is odd, likely still an LOI or late-stage deal, but the thesis is intact. x.com  x.com  x.com  x.com 

Nebius is an amazing company whose stock should do well on its own, though cloud providers as a group look less attractive than AI hardware. Anthropic's climb from zero to $30B+ ARR in about two years, while supply constrained, shows AI demand is not slowing. But clouds are bound by physical limits on how fast they can grow cash generation, so the market's reward for explosive growth should go more to photonics, optimizers and core manufacturers like Nvidia and TSMC. x.com  x.com 

Nebius's $4.5 billion convertible note offering and exchanges of existing notes for shares could pressure the stock. It plans $2.75 billion of 2030 notes and $1.75 billion of 2034 notes for data centers, its AI cloud and GPUs, while holders swapping 2029 and 2031 notes for Class A shares may sell them or adjust hedges, which could depress the price. Neoclouds also fell as Treasury yields rose; their debt makes them fragile in headwinds and better suited to swing trading. x.com 

Applied Digital's data-center buildout is paying off, with $73B of potential contracted revenue now signed with investment-grade hyperscalers. Earlier, with ground broken on Polaris Forge 2 and another deal in the works, the company already had a clear path to $1B+ in annual recurring revenue. x.com