Macro Settings
Leaning Tight: Credit spreads have widened about half a point in two weeks but are still tight, and with the Fed raising rates, inflation stuck at 3.4% and investor borrowing climbing, conditions lean restrictive for high-beta names.
Market Performance
It was a mixed week for the sector: 45 of the names we track fell versus 42 that rose (median +0.3%). CANG (39.79%), LITE (15.26%) and AMAT (11.34%) led top gains. Bitcoin mining Index lost 6.6% over the last 5 days.
Major Company Updates
- Hut 8 expands corporate liquidity with $1.07 billion senior secured revolving credit facility (link)
- Bitdeer AI further expands AI cloud services with off-take commitments of more than 70% of its 21.7MW A201 Malaysia data center (link)
- Applied Digital brings an additional 75 MW of AI infrastructure online at Polaris Forge 1 (link)
- Nebius acquires Inferize to strengthen Nebius Token Factory's production inference stack (link)
- Sharon AI enters into GPU-backed debt facility, expanding funding flexibility for AI factory deployments (link)
- ChronoScale announces agreements bringing total company contracted run-rate revenue to $1 billion and sale of Ekso Bionics business unit (link)
- AMD to acquire World Labs to advance the future of AI compute (link)
- Constellation and Amazon announce 20-year power purchase agreement adding 190 megawatts of nuclear capacity at Calvert Cliffs (link)
- Oracle announces commitment to absorb $300 million in rising Point Beach energy costs for Wisconsin residents (link)
As always, feel free to drop us a message for any suggestions, feedback, or just to say hi.
Thanks for being part of our journey - see you next week!
Cindy & the Ziven Team 馃挏