Home / Themes / AI '25: Data Center Power & Servers
AI '25: Data Center Power & Servers
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Theme thesis · 5/5 sections · Tickers 16 with notes · 6 pending
Bull / Bear Details has the investment thesis and bull/bear points. Overview is monitoring guidance (hiring, forums, second-order trends, search keywords, Google Trends, datasets).
Bull / Bear DetailsThe AI '25: Data Center Power & Servers theme is propelled by insatiable hyperscaler and enterprise AI demand, including Agentic AI, driving multi-year infrastr
Thesis
The AI '25: Data Center Power & Servers theme is propelled by insatiable hyperscaler and enterprise AI demand, including Agentic AI, driving multi-year infrastructure orders. Despite persistent component shortages, critical power availability challenges, and a widening AI revenue gap, the bull case remains compelling due to the foundational nature of this buildout.
Bull case
Unprecedented and sustained hyperscaler and enterprise AI demand is driving multi-year orders for advanced servers, storage, and power/cooling, with hyperscaler capex projected to exceed $600 billion in 2026, 75% of which is for AI infrastructure. This is leading to significant backlog growth and long-term contracts across the theme, as evidenced by multi-billion dollar AI server backlogs at key players.
The increasing density and power requirements of AI workloads are driving a critical upgrade cycle for data center infrastructure, necessitating advanced cooling solutions like liquid cooling and high-voltage power distribution (e.g., 800V DC). Liquid cooling is transitioning from a niche technology to a foundational requirement for AI deployments, with significant capacity investments underway.
The accelerating adoption of Agentic AI and the emergence of full-stack AI cloud platforms are creating new, higher-value revenue streams and expanding the total addressable market. Companies are actively investing in building high-performance, secure networking for AI infrastructure and enhancing platform capabilities with agentic search and other AI-driven services.
Bear case
Persistent and accelerating supply tightness for critical components, particularly DRAM, NAND, and CPUs, and surging commodity costs are creating significant headwinds. This is pressuring gross margins, delaying revenue conversion, and causing higher server prices and significantly lengthening lead times, with shortages expected to persist well into 2027.
Power availability is the single biggest gating item for data center development, with US data center power demand forecast to more than double to 66 GW in 2027 from 31 GW in 2025. This is leading to interconnection wait times stretching beyond five years, increasing regulatory pushback at the state level over power consumption and grid impact, and creating execution risks for large-scale infrastructure projects.
Hyperscaler capital expenditure cycles can be lumpy, and a widening gap between hyperscaler AI infrastructure spending and the actual revenue generated by the AI ecosystem raises concerns about payback periods, with an estimated $600 billion annual revenue gap in 2025 that is widening in 2026. Additionally, the sheer scale of investment introduces execution and financing risks, and customer "pull-in" behavior to secure supply could drain IT budgets, potentially leading to elongated replacement cycles for other technologies.
Overview
Hiring Trend Watchpoints
High-performing operators in the AI '25: Data Center Power & Servers theme are aggressively hiring for specialized technical and operational roles to address the deepening skills gap and scale AI infrastructure. Key roles in demand include: AI/ML Engineers (especially for Agentic AI, inferencing, LLM infrastructure, and AI-driven data intelligence/governance); Data Center Design & Operations Engineers (for new builds, high-density environments, and advanced power/cooling solutions like liquid cooling and 800V DC); Power & Grid Interconnection Specialists (critical for securing power-advantaged sites, managing on-site generation, and navigating complex regulatory environments); Networking Engineers (with expertise in high-performance, secure networking for AI infrastructure, such as 800G networking and silicon photonics); Manufacturing & Supply Chain Experts (to manage capacity expansion, component shortages, and ensure resilience); and Software & Platform Engineers (for developing full-stack AI cloud platforms and integrating AI capabilities). Confirmation of theme execution would be sustained or increased job postings for these specific, highly specialized roles, particularly at senior levels, and expansion of engineering/R&D teams in new geographic areas. Deterioration would be signaled by a slowdown in hiring for these critical roles, a shift towards more generalist IT positions, or reports of significant delays in project execution due to talent shortages.
Forum Watchlist
- subreddit — r/datacenterhigh
Discussions on new data center builds, power/cooling challenges, AI infrastructure deployment, emerging technologies (liquid cooling, 800V DC power), anecdotal evidence of demand, and supply chain issues (DRAM/NAND/CPUs).
- community — Agentic AI Community (e.g., Discord channels)high
Discussions among AI engineers and researchers building with LLM agents, autonomous workflows, and multi-agent systems. Look for insights on tool access, governance, new frameworks, and real-world project challenges.
- forum — r/electricalengineeringmedium
Discussions on power infrastructure, grid stability, high-voltage distribution, and challenges related to massive electricity demand from data centers.
- forum — r/semiconductorsmedium
Discussions on memory (HBM, DRAM, NAND) pricing, supply constraints, foundry capacity, and the impact of AI demand on component allocation.
Second Order Trends
The 'Power is the New Land' paradigm is intensifying, with power availability becoming the single biggest gating item for data center development, leading to interconnection wait times stretching beyond five years and increasing regulatory pushback at the state level. States are shifting from incentives to accountability, requiring data centers to pay for infrastructure upgrades and integrate clean energy, driving the emergence of 'power companies' that integrate power generation/management with data center operations. AI workloads are driving unprecedented power densities, with racks designed for 2.2 MW within five years, making liquid cooling (direct-to-chip, two-phase) a foundational requirement for AI-centric deployments. The rapid adoption of Agentic AI and AI inferencing is creating new, higher-value revenue streams, alongside the emergence of full-stack AI cloud platforms that expand the total addressable market. Persistent and accelerating structural shortages for critical components, particularly HBM, DRAM, NAND, and power ICs, are expected to last through 2027 and beyond, necessitating aggressive capacity expansion, multi-sourcing strategies, and localized supply chains. The surge in 5G, AI, and IoT is fueling explosive growth in edge data centers, with a shift towards hybrid edge-cloud architectures and the emergence of 'Physical AI' for localized, time-critical actions. Additionally, sovereign AI initiatives are broadening the market beyond hyperscalers, driven by data governance and national security concerns.
Search Keywords Brand Product
- AI servers
- liquid cooling solutions
- 800G networking
- 1.6T optical transceivers
- 200G per lane optics
- FlashBlade//EXA
- HPE GreenLake
- NVIDIA Vera Rubin
- NVIDIA Blackwell
- AMD MI300X
- Agentic AI infrastructure
- AI inferencing hardware
- 48V zonal architecture
- CXL memory
- OMA products
- Penguin ICE ClusterWare
- 800V DC power
- DirectFlash technology
- Rubin Ultra Kyber rack
- two-phase direct-to-chip cooling
- AI server chassis
- HBM memory
- power management ICs
- silicon photonics
Search Keywords Policy Regulatory
- data center energy regulations
- AI infrastructure tariffs
- semiconductor supply chain resilience
- hyperscaler capex policy
- sovereign AI initiatives
- EU AI Act
- data center moratoriums
- grid connection approvals
- data center energy efficiency mandates
- AI chip export controls
- data center tax incentives
- grid interconnection queues
- ERCOT Batch 0
- data center water usage legislation
- data center zoning regulations
- large load tariffs
- grid interconnection fees
Search Keywords Event Phrases
- hyperscaler data center buildout
- AI chip supply chain
- NVIDIA Blackwell deployment
- AMD MI300X demand
- Microsoft AI infrastructure investment
- Meta AI data center expansion
- Google Cloud AI infrastructure
- AWS AI infrastructure
- data center power constraints
- DRAM NAND pricing
- data center moratoriums
- Juniper integration progress
- Vertiv capacity expansion
- AI Agents Summit
- semiconductor upcycle
- AI server market trends
Google Trend Product Category Intent
• AI data center solutions
• liquid cooling for servers
• AI server rack density
• enterprise AI storage
• data center power management
• AI cloud platform
• 800G ethernet
• silicon photonics AI
• AI inferencing hardware
• NVIDIA Vera Rubin platform
• NVIDIA Blackwell platform
• agentic AI platform
• 800V DC power solutions
• 48V zonal architecture
• HBM memory
• AI server chassis
• two-phase liquid cooling
• edge AI solutions
• full-stack AI cloud
Google Trend Consumer Intent
• AI inferencing explained
• AI data center impact
• future of AI infrastructure
• AI server market trends
• AI energy consumption
• sovereign AI explained
• AI data governance
• AI data center environmental impact
• AI power consumption solutions
• future of AI chips
• AI infrastructure sustainability
• sovereign AI benefits
• AI job market
• AI skills gap
• Agentic AI explained
• AI agent development
Google Trend Macro Policy Terms
• AI infrastructure investment
• data center power efficiency
• semiconductor supply chain outlook
• sovereign AI
• data center regulations
• AI energy crisis
• AI energy regulations
• semiconductor trade policy
• data center sustainability
• grid capacity for AI
• data center permitting delays
• DRAM NAND price forecast
• AI infrastructure debt
• hyperscale capex
• data center water consumption
• AI chip manufacturing capacity
• semiconductor upcycle
Top datasets to track
1. Hyperscaler Capital Expenditure Reports Type: company-level financial data · Provider: Major Hyperscalers (e.g., Meta, Microsoft, Amazon, Google) earnings reports, CreditSights, UBS, TrendForce, Morgan Stanley Cadence: Quarterly + newsflow Why it matters: Directly signals the investment pace in AI infrastructure build-out, including servers, GPUs, and data centers. Hyperscaler capex is projected to exceed $600-800 billion in 2026, with 75% for AI infrastructure. Suggested query: hyperscaler AI capex 2026 forecasts Confidence: high
Key Metrics
| Metric | Cadence | What It Signals | Update Source |
|---|---|---|---|
| Hyperscaler AI server/storage/power orders & backlog growth (e.g., Meta, MSFT, AMZN, GOOG orders flowing to Pure, Celestica, Wiwynn, Vertiv) | Quarterly + newsflow | Direct demand validation; rising orders = revenue visibility and sustained AI buildout tailwinds. | Google_Sheets |
| AI-related product revenue mix & margin trajectory (AI servers, flash storage, power/cooling, subscription ARR) | Quarterly | Profitability leverage; strong AI mix and margin expansion = thesis working, while flat/declining mix = commoditization risk. | Google_Sheets |
| Headcount expansion in engineering, sales, and program management (senior engineers, data center PMs, enterprise sales directors) | Monthly | Execution capacity and growth confidence; hiring in these roles = scaling for hyperscaler deployments and AI-related demand. | Google_Sheets |
Upcoming Catalysts
| Catalyst | Estimated Timing | Estimated Date Start | Estimated Date End | Why It Matters | Ticker Or Theme Specific | Source Types | Contributing Tickers | Mention Count | Bridge Mention Count | Base Score | Theme Base Score | Source Weight | Specificity Weight | Macro Bridge | Macro Bridge Multiplier | Theme Importance Score | Theme Score | Manual Override | Date Aggregated | Catalyst Source | Catalyst ID | Transcript Date | Source Type |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FERC approval for the transfer of the Morgantown (Chesapeake Data) power facility. | within 3 to 6 months | 2026-05-26 | 2026-08-26 | This regulatory approval is a necessary step to proceed with the development of the Morgantown site, which is envisioned as a large-scale, power-backed AI infrastructure platform. | Theme | earnings_transcript | WULF | 1 | 1 | 0.0003 | 0.0018 | 1.25 | 1.0 | Regulatory/Policy | 1.35 | 0.3056 | 0.043 | False | 2026-03-16 | Theme aggregation | |||
| Signing of a long-term lease agreement with a major customer for the Kentucky data center campus. | pretty soon | 2026-03-05 | 2026-06-30 | Securing a world-class credit customer for the 480 MW Kentucky site will validate the project's economics, provide long-term revenue visibility, and de-risk future development. | Theme | earnings_transcript | WULF | 1 | 1 | 0.0003 | 0.0018 | 1.25 | 0.92 | Regulatory/Policy | 1.35 | 0.2811 | 0.0396 | False | 2026-03-16 | Theme aggregation | |||
| TeraWulf to provide greater definition on the specific timing of the Morgantown Phase 1 development. | over the next, I'd say, couple of quarters here, we'll have greater definition to provide around the specific timing of Morgantown. | 2026-04-01 | 2026-09-30 | Providing more clarity on the timeline for this large, strategic project will be important for investor sentiment and future capital planning. | Ticker | earnings_transcript | WULF | 1 | 1 | 0.0002 | 0.0015 | 1.25 | 0.92 | 1.0 | 0.172 | 0.0205 | False | 2026-03-16 | Theme aggregation | ||||
| AI PC life cycle begins in 1H 2026, enabling AI PC roadmap and software integration opportunities. | first half of 2026 | 2026-01-01 | 2026-06-30 | A new AI PC cycle can drive higher revenue mix, stronger ASPs, and margin resilience if software and AI-enabled features gain traction. | Ticker | 2357.TW (ticker) | 2357.TW_73d3dbfb | 2025-11-11 | earnings_transcript | ||||||||||||||
| AI server shipments ramp with potential annual units of 30,000–40,000, up to 80,000–90,000 depending on market conditions. | next year | 2026-01-01 | 2026-12-31 | AI servers are a key growth pillar; higher volumes could meaningfully lift revenue and mix, while testing supply chains and cost structures. | Ticker | 2357.TW (ticker) | 2357.TW_bf1f27ee | 2025-11-11 | earnings_transcript | ||||||||||||||
| Plans for U.S.-based server production capacity expansion; expansion depends on order volume and policy considerations. | by 2026 | 2026-01-01 | 2026-12-31 | US-capacity decisions affect lead times, logistics, and margin structure; could impact competitive positioning in North America. | Ticker | 2357.TW (ticker) | 2357.TW_abba170b | 2025-11-11 | earnings_transcript | ||||||||||||||
| Tariff developments (including Section 232) and currency fluctuations monitored with potential impact on profitability and supply chain. | ongoing through 2026 | 2025-11-11 | 2026-12-31 | Regulatory and macro factors could drive cost volatility or alter sourcing strategies, influencing margins and guidance. | Theme | 2357.TW (ticker) | 2357.TW_c613f462 | 2025-11-11 | earnings_transcript | ||||||||||||||
| The duration and severity of the industry-wide shortage of memory and other key components. | will continue through end of year 2027 at the earliest | 2026-03-10 | 2027-12-31 | A prolonged shortage could impact ASUS's production capacity, increase input costs, and potentially constrain revenue growth if supply cannot meet demand, directly affecting margins and profitability. | Theme | 2357.TW (ticker) | 2357.TW_e78b60e4 | 2026-03-10 | earnings_transcript | ||||||||||||||
| Successful negotiation and signing of multi-year Memorandums of Understanding (MOUs) with upstream memory vendors. | already negotiating multiyear MOUs, perhaps 3, 4 or 5 years | 2026-03-10 | 2026-12-31 | Securing long-term MOUs is crucial for ensuring stable component supply and potentially favorable pricing amidst the ongoing shortage, which would support ASUS's production and help maintain competitive gross margins. | Ticker | 2357.TW (ticker) | 2357.TW_2ee30d8e | 2026-03-10 | earnings_transcript | ||||||||||||||
| Implementation of further price adjustments for ASUS's end products in response to rising memory and component costs. | Once all that old stock is used up, we will definitely need to adjust end product prices to some extent to reflect that change. We will make appropriate adjustments based on our product's local competitiveness to reflect the cost increases. | 2026-04-01 | 2026-12-31 | These price adjustments are necessary to protect gross margins from increasing input costs. However, the extent and timing of these adjustments, and market acceptance, will influence demand and competitive positioning. | Ticker | 2357.TW (ticker) | 2357.TW_bba1fb27 | 2026-03-10 | earnings_transcript | ||||||||||||||
| Achievement of 50% to 100% year-over-year growth in server revenue for the full year 2026. | this year (2026), aiming for 50% to 100% jump growth | 2026-01-01 | 2026-12-31 | Server revenue, particularly from AI servers, is a primary growth driver for ASUS. Meeting or exceeding this aggressive target would significantly boost overall revenue and profitability, reinforcing investor confidence in its AI strategy. | Ticker | 2357.TW (ticker) | 2357.TW_9b926cb2 | 2026-03-10 | earnings_transcript | ||||||||||||||
| The actual market impact and competitive response to Apple's affordable MacBook Neo on the overall 2026 PC market. | still needs some time to resolve | 2026-03-10 | 2026-12-31 | The MacBook Neo could intensify competition in the mainstream PC market, potentially affecting ASUS's PC sales volumes, pricing power, and market share if not effectively countered by competitive offerings. | Theme | 2357.TW (ticker) | 2357.TW_49baa1f2 | 2026-03-10 | earnings_transcript | ||||||||||||||
| The emergence of a 'truly killer AI PC application' (e.g., advanced Agentic AI solutions) that significantly accelerates the adoption of Edge AI devices. | moving forward, we're still really looking for that truly killer AI PC applications to show up in the market. | 2026-03-10 | 2027-03-10 | A compelling AI PC application is essential to drive consumer demand and unlock the full potential of the AI PC market. Its appearance would significantly boost ASUS's AI PC sales and overall market growth. | Theme | 2357.TW (ticker) | 2357.TW_25355e8c | 2026-03-10 | earnings_transcript | ||||||||||||||
| Closure of the sale of HPE's remaining 19% stake in H3C for approximately $1.4 billion, which is subject to regulatory review and approval. | during 2026 | 2026-01-01 | 2026-12-31 | The successful closure of this transaction is expected to reduce HPE's net leverage and provide capital for strategic flexibility. Delays or failure to close could negatively impact deleveraging targets and investor sentiment. | Ticker | HPE (ticker) | HPE_ce9fe834 | 2025-12-04 | earnings_transcript | ||||||||||||||
| Continued increases in DRAM and NAND commodity costs and HPE's ability to successfully pass these costs through to the market while monitoring demand elasticity. | continue to increase in 2026 | 2026-01-01 | 2026-12-31 | HPE expects to pass through the majority of these cost increases, but the response from customer demand is uncertain. This could impact server margins, unit growth, and overall revenue if customers resist higher prices, potentially affecting guidance. | Ticker | HPE (ticker) | HPE_f48817e3 | 2025-12-04 | earnings_transcript | ||||||||||||||
| Conversion of the majority of HPE's AI server backlog, particularly from sovereign and enterprise customers, into revenue. | majority of the backlog to be realized in the second half and beyond | 2026-05-01 | 2026-10-31 | The lumpiness and long lead times for AI deals create uncertainty in revenue recognition. Successful and timely conversion is crucial for meeting full-year guidance for Cloud and AI, demonstrating consistent AI business growth, and impacting investor sentiment. | Ticker | HPE (ticker) | HPE_d7b25d43 | 2025-12-04 | earnings_transcript | ||||||||||||||
| Continued high prices for DRAM and NAND components impacting the IT industry. | well into 2027 | 2026-03-18 | 2027-12-31 | Sustained elevated commodity costs could pressure HPE's server and storage product margins, potentially impacting overall profitability if the company cannot fully pass through these increases to customers. | Theme | HPE (ticker) | HPE_8dd4c13e | 2026-03-09 | earnings_transcript | ||||||||||||||
| HPE's ability to secure $1.7 billion to $1.9 billion in cumulative orders for its networks for AI offerings. | by the end of fiscal '26 | 2026-03-18 | 2026-10-31 | Achieving this target would validate strong demand for HPE's AI networking solutions and demonstrate successful execution in a key growth area, positively impacting future revenue and market perception. | Ticker | HPE (ticker) | HPE_1ed8ed2a | 2026-03-09 | earnings_transcript | ||||||||||||||
| HPE reaching its target of $3.5 billion in Annualized Revenue Run-rate (ARR) by the end of fiscal 2026. | by the end of fiscal '26 | 2026-03-18 | 2026-10-31 | Meeting this ARR target signifies successful growth of the GreenLake cloud platform and subscription services, indicating a positive shift towards a more predictable, higher-margin recurring revenue model. | Ticker | HPE (ticker) | HPE_89595448 | 2026-03-09 | earnings_transcript | ||||||||||||||
| HPE delivering on its committed savings targets for fiscal 2026 through Catalyst modernization and cost reduction initiatives. | fiscal '26 | 2026-03-18 | 2026-10-31 | Achieving these savings will enhance operational efficiency and contribute to overall profitability, supporting HPE's financial performance and margin expansion goals. | Ticker | HPE (ticker) | HPE_f6dd2b54 | 2026-03-09 | earnings_transcript | ||||||||||||||
| HPE successfully realizing its fiscal 2026 synergy targets from the integration of Juniper Networks. | fiscal '26 | 2026-03-18 | 2026-10-31 | Successful synergy realization is crucial for enhancing profitability and demonstrating effective integration of the acquisition, bolstering investor confidence in the strategic value of Juniper. | Ticker | HPE (ticker) | HPE_9ca7df53 | 2026-03-09 | earnings_transcript | ||||||||||||||
| The finalization and conclusion of HPE's previously announced H3C stake sale transactions. | first half of calendar 2026 | 2026-03-18 | 2026-06-30 | The completion of this divestiture is expected to generate a significant cash inflow, which will improve HPE's balance sheet and reduce its net leverage ratio. | Ticker | HPE (ticker) | HPE_88dac270 | 2026-03-09 | earnings_transcript | ||||||||||||||
| Resolution or further clarification regarding tariff policies and their implications following the Supreme Court's recent decision. | greater clarity on tariff outcomes needed | 2026-03-18 | 2026-12-31 | The outcome of tariff discussions could impact HPE's cost of goods, pricing strategies, and overall competitiveness, potentially affecting profitability and market position. | Theme | HPE (ticker) | HPE_04cd0dde | 2026-03-09 | earnings_transcript | ||||||||||||||
| Changes in the highly fluid and uncertain business environment in the Middle East region. | remains highly fluid | 2026-03-18 | 2026-12-31 | Geopolitical instability and economic shifts in the Middle East could impact HPE's regional sales, operations, and overall financial results, introducing an element of risk. | Theme | HPE (ticker) | HPE_316cd0e3 | 2026-03-09 | earnings_transcript | ||||||||||||||
| HPE meeting or exceeding its revised fiscal 2026 outlook for EPS ($2.30-$2.50), Networking revenue growth (68-73% reported), Cloud & AI revenue growth (mid- to high single-digit), OI&E ($540M-$590M), and free cash flow (at least $2B). | For FY '26 | 2026-03-18 | 2026-10-31 | Delivering on these updated financial targets will validate management's strategy and execution, positively influencing investor sentiment and the company's valuation. | Ticker | HPE (ticker) | HPE_a357b0a6 | 2026-03-09 | earnings_transcript | ||||||||||||||
| Achieving or exceeding the updated Enterprise Data segment revenue growth floor of 50% for 2026, with CEO Michael Hsing suggesting potential for even higher performance. | a floor of 50% growth for 2025 (contextually 2026) | 2026-01-01 | 2026-12-31 | Exceeding this growth floor would strongly validate MPWR's AI growth thesis and competitive position, justifying its premium valuation. Falling short would be a bearish signal. | Ticker | MPWR (ticker) | MPWR_82d74f2d | 2026-02-05 | earnings_transcript | ||||||||||||||
| Successful expansion of manufacturing capacity beyond the current $4 billion milestone to meet growing customer demand, particularly for AI and data center solutions. | this year (2026) and over the next three years | 2026-01-01 | 2028-12-31 | Failure to adequately expand capacity could lead to missed revenue opportunities and market share loss, while successful expansion is critical for sustaining long-term growth. | Ticker | MPWR (ticker) | MPWR_c2fb8ab6 | 2026-02-05 | earnings_transcript | ||||||||||||||
| Production shipments and customer qualification of 800-volt power solutions for data centers, incorporating new packaging innovations for increased current density. | shipping in this quarter and next quarter | 2026-02-05 | 2026-06-30 | Successful qualification and ramp of these leading-edge solutions are crucial for capturing market share in next-generation AI data centers and driving future revenue growth. | Ticker | MPWR (ticker) | MPWR_b11615ba | 2026-02-05 | earnings_transcript | ||||||||||||||
| Customer adoption and ramp of 48-volt and zonal architecture solutions, including the first fully integrated 48-volt e-fuse and kilowatt-level zonal controllers, driving automotive segment growth in 2026. | support growth in 2026 and beyond | 2026-01-01 | 2026-12-31 | Strong adoption will diversify revenue and sustain high growth outside of data centers; however, macro headwinds like tariffs or EV subsidy changes could temper growth. | Ticker | MPWR (ticker) | MPWR_63db73e6 | 2026-02-05 | earnings_transcript | ||||||||||||||
| Resumption of sequential gross margin improvements of 10-20 basis points quarter-over-quarter, driven by longer backlog and a favorable product mix shift towards higher-value modules. | at some time during the year (2026) with incremental sequential improvements of maybe 10 to 20 basis points quarter over quarter | 2026-04-01 | 2026-12-31 | Achieving this would signal favorable product mix and pricing power, supporting profitability; failure to improve would indicate continued margin pressure at the low end of their target range. | Ticker | MPWR (ticker) | MPWR_fce6944a | 2026-02-05 | earnings_transcript | ||||||||||||||
| Ramp of 1.6T optical modules and related interconnect technologies (e.g., CPO, active copper) driving growth in the communications segment. | as you start to see the 1.6 ramp (implied 2026) | 2026-01-01 | 2026-12-31 | Successful ramp will capture new opportunities in high-speed data center interconnects, contributing to diversified revenue growth and strengthening MPWR's position in this evolving market. | Ticker | MPWR (ticker) | MPWR_42a30795 | 2026-02-05 | earnings_transcript | ||||||||||||||
| Industry-wide adoption of vertical power solutions in data centers. | in 2026 | 2026-01-01 | 2026-12-31 | Increased adoption of vertical power solutions is a natural market evolution that will drive demand for MPWR's high-density power management products, benefiting its data center segment. | Theme | MPWR (ticker) | MPWR_40df1d75 | 2026-02-05 | earnings_transcript | ||||||||||||||
| Nebius Group N.V. begins bringing online nine newly announced data centers, with the majority of planned capacity deployed in the second half of 2026. | Starting in Q2 this year, with the majority of the planned capacity to be deployed in the second half of the year | 2026-04-01 | 2026-12-31 | This is critical for scaling capacity to meet robust AI compute demand, directly impacting revenue growth and the ability to fulfill customer contracts. | Ticker | NBIS (ticker) | NBIS_2f8785bd | 2026-02-12 | earnings_transcript | ||||||||||||||
| Nebius Group N.V. aims to secure more than 3 gigawatts of power by the end of 2026, raising its previous forecast. | raising our forecast for 2026 to more than 3 gigawatts | 2026-02-12 | 2026-12-31 | Access to power is a fundamental constraint for data center expansion; achieving this target is essential for future capacity deployment and revenue generation. | Ticker | NBIS (ticker) | NBIS_26b222db | 2026-02-12 | earnings_transcript | ||||||||||||||
| Nebius Group N.V. expects to achieve full-year 2026 revenue between $3 billion and $3.4 billion. | For the full year, we expect to achieve between $3,000,000,000 and $3,400,000,000 in revenue. | 2026-01-01 | 2026-12-31 | This is a key financial guidance metric; meeting or exceeding this range would demonstrate strong execution and demand, while falling short could raise concerns. | Ticker | NBIS (ticker) | NBIS_bf486176 | 2026-02-12 | earnings_transcript | ||||||||||||||
| Nebius Group N.V. will continue to deliver the remaining capacity tranches for its Microsoft contract throughout 2026, with the majority expected in the second half. | throughout the year, with the majority expected in the second half | 2026-02-12 | 2026-12-31 | Timely fulfillment of this major contract is crucial for realizing committed revenue, strengthening a key customer relationship, and demonstrating operational execution. | Ticker | NBIS (ticker) | NBIS_0582c627 | 2026-02-12 | earnings_transcript | ||||||||||||||
| Nebius Group N.V. expects to achieve a group adjusted EBITDA margin of approximately 40% for the full year 2026. | for 2026 | 2026-01-01 | 2026-12-31 | This is a key profitability target; achieving it would demonstrate significant operating leverage and improved financial health as the company scales its core AI cloud business. | Ticker | NBIS (ticker) | NBIS_7c2254f5 | 2026-02-12 | earnings_transcript | ||||||||||||||
| Nebius Group N.V. plans to invest between $16 billion and $20 billion in CapEx during 2026 to fund its capacity build-out plans. | in 2026 | 2026-01-01 | 2026-12-31 | This substantial investment is essential for scaling infrastructure to meet demand and achieve growth targets, but also requires successful financing and efficient deployment. | Ticker | NBIS (ticker) | NBIS_b61dd8bb | 2026-02-12 | earnings_transcript | ||||||||||||||
| Nebius Group N.V. is exploring various funding options, including corporate debt, asset-backed financing, and potentially utilizing its at-the-market equity program or monetizing equity stakes, to finance its 2026 CapEx. | during 2026 | 2026-02-12 | 2026-12-31 | The successful and favorable financing of its significant CapEx is crucial for maintaining a healthy balance sheet and avoiding excessive shareholder dilution, impacting long-term financial stability. | Ticker | NBIS (ticker) | NBIS_3e833c4c | 2026-02-12 | earnings_transcript | ||||||||||||||
| Pure Storage evaluating additional business model options for its hyperscaler business that may result in changes in gross margin economics. | in fiscal year 2027 relative to fiscal year 2026 | 2026-03-01 | 2027-01-31 | This could materially alter the profitability profile of the hyperscale segment, a key growth driver, impacting overall company margins and investor perception of long-term value. | Ticker | PSTG (ticker) | PSTG_6ad1ee7e | 2025-12-02 | earnings_transcript | ||||||||||||||
| Anticipated increased commodity pricing and extended component lead times across the technology industry. | in the quarters ahead | 2026-03-01 | 2026-12-31 | This macro trend could positively impact Pure Storage's revenue growth due to dynamic pricing, but also poses risks to gross margins and supply chain stability. | Theme | PSTG (ticker) | PSTG_b0142097 | 2025-12-02 | earnings_transcript | ||||||||||||||
| Progress and potential new customer wins from ongoing Proofs of Concept (POCs) and engineering engagements with the majority of the top 10 hyperscalers. | in a lot of POCs. We're in a lot of engineering meetings with the majority of the top 10 hyperscalers. | 2026-02-25 | 2028-02-25 | Successful conversion of POCs into new hyperscaler deployments would significantly expand Pure Storage's market share and revenue, validating its technology and driving long-term growth. | Ticker | PSTG (ticker) | PSTG_96ecc7b6 | 2025-12-02 | earnings_transcript | ||||||||||||||
| Exploration and potential implementation of new hyperscaler business models in FY27, which may alter gross margin economics and profitability of the hyperscaler revenue stream. | Fiscal year 2027 | 2026-02-25 | 2027-02-25 | Could either bolster or compress margins depending on model chosen; introduces profitability risk and has meaningful implications for valuation if the revenue ramp remains uncertain. | Ticker | PSTG (ticker) | PSTG_87439211 | 2026-02-25 | earnings_transcript | ||||||||||||||
| Expansion of Fusion and Enterprise Data Cloud capabilities to Azure via Pure Storage Cloud, broadening the cross-cloud data management footprint and accelerating customer adoption. | Fiscal year 2027 | 2026-02-25 | 2027-02-25 | Ties Fusion expansion to a major cloud partner, expanding TAM, accelerating ARR growth, and elevating competitive differentiation; delays or slower adoption could temper growth expectations. | Ticker | PSTG (ticker) | PSTG_64fa755d | 2026-02-25 | earnings_transcript | ||||||||||||||
| Successful mitigation of tariff exposures, including recent changes under Section 122 and 232. | continue to materially offset those | 2026-04-01 | 2026-12-31 | Effective tariff countermeasures are essential for protecting Vertiv's adjusted operating margins and achieving its profitability guidance amidst evolving trade dynamics. | Ticker | VRT (ticker) | VRT_c7ea5f9b | 2026-04-22 | earnings_transcript | ||||||||||||||
| Signing of a long-term lease agreement with a major customer for the Kentucky data center campus. | pretty soon | 2026-03-05 | 2026-06-30 | Securing a world-class credit customer for the 480 MW Kentucky site will validate the project's economics, provide long-term revenue visibility, and de-risk future development. | Ticker | WULF (ticker) | WULF_a9453916 | 2026-02-26 | earnings_transcript | ||||||||||||||
| FERC approval for the transfer of the Morgantown (Chesapeake Data) power facility. | within 3 to 6 months | 2026-05-26 | 2026-08-26 | This regulatory approval is a necessary step to proceed with the development of the Morgantown site, which is envisioned as a large-scale, power-backed AI infrastructure platform. | Ticker | WULF (ticker) | WULF_bd62d0e1 | 2026-02-26 | earnings_transcript | ||||||||||||||
| TeraWulf to provide greater definition on the specific timing of the Morgantown Phase 1 development. | over the next, I'd say, couple of quarters here, we'll have greater definition to provide around the specific timing of Morgantown. | 2026-04-01 | 2026-09-30 | Providing more clarity on the timeline for this large, strategic project will be important for investor sentiment and future capital planning. | Ticker | WULF (ticker) | WULF_8627b958 | 2026-02-26 | earnings_transcript | ||||||||||||||
| HPE is hosting HP Discover Las Vegas, where major product announcements and strategic updates on networking, cloud, and AI strategies are expected. | In 2 weeks | 2026-06-15 | 2026-06-17 | New product introductions and strategic insights could materially impact investor sentiment, future revenue expectations, and competitive positioning in HPE's key growth areas. | Ticker | HPE (ticker) | HPE_465fc5b8 | 2026-06-01 | earnings_transcript | ||||||||||||||
| Lease commencement for CB4 data center facility for Fluidstack. | third quarter | 2026-07-01 | 2026-09-30 | CB4 represents a significant portion of contracted WULF compute capacity, and its lease commencement will substantially increase HPC lease revenue, with design optimizations adding incremental revenue over the initial term. | Ticker | earnings_transcript | WULF | 1 | 1 | 0.0002 | 0.0015 | 1.25 | 1.0 | 1.0 | 0.187 | 0.0223 | False | 2026-03-16 | Theme aggregation | ||||
| Commencement of mass production and shipments of the next-generation NVIDIA Vera Rubin platform. | second half of this year (2026) | 2026-07-01 | 2026-12-31 | Being an early supplier for NVIDIA's next-gen AI platform is crucial for ASUS to maintain its leadership in AI servers, secure new orders from hyperscalers, and drive future revenue growth in this high-demand segment. | Ticker | 2357.TW (ticker) | 2357.TW_193bb8fc | 2026-03-10 | earnings_transcript | ||||||||||||||
| HPE's fiscal Q3 2026 becoming its largest quarter for AI systems revenue. | second half of the year, we expect Q3 to constitute our largest AI revenue quarter. | 2026-07-01 | 2026-07-31 | A strong AI revenue conversion in Q3 would demonstrate effective monetization of the substantial AI backlog, positively impacting the Cloud & AI segment's performance and overall revenue growth. | Ticker | HPE (ticker) | HPE_a35fa8ae | 2026-03-09 | earnings_transcript | ||||||||||||||
| Hyperscaler ramp accelerates with standardized hyperscaler model; gross margins for hyperscaler revenue expected to run 75%–85% and drive a meaningful portion of FY27 revenue in the second half. | Majority of hyperscaler revenue to be recognized in Q3 and Q4 FY27 | 2026-07-01 | 2026-12-31 | Crucial driver of FY27 revenue growth and gross margins; timing uncertainty around non-linear hyperscaler bookings could swing quarterly results and investor sentiment. | Ticker | PSTG (ticker) | PSTG_9da5093a | 2026-02-25 | earnings_transcript | ||||||||||||||
| EMEA returning to year-over-year sales growth. | second half | 2026-07-01 | 2026-12-31 | A recovery in EMEA sales would validate management's confidence in the region's demand trajectory, contributing to overall revenue growth and mitigating concerns about regional weakness. | Ticker | VRT (ticker) | VRT_b01bf2f8 | 2026-04-22 | earnings_transcript | ||||||||||||||
| Realization of benefits from accelerated strategic capacity investments. | a lot of that capacity start to hit us in the second half | 2026-07-01 | 2026-12-31 | Successful capacity expansion is critical to meet the strong demand for data center infrastructure, enabling Vertiv to convert its robust pipeline into higher sales and maintain market leadership. | Ticker | VRT (ticker) | VRT_6f11cf23 | 2026-04-22 | earnings_transcript | ||||||||||||||
| Closing of the Thermal Key acquisition. | anticipated to close in a few months | 2026-07-01 | 2026-09-30 | The acquisition is expected to expand Vertiv's thermal management portfolio and enhance capabilities for AI data centers, potentially driving revenue growth and strengthening its competitive position in a critical market segment. | Ticker | VRT (ticker) | VRT_af10a162 | 2026-04-22 | earnings_transcript | ||||||||||||||
| Launch of Vertiv's 800-volt architecture product portfolio. | second half this year launches of portfolio | 2026-07-01 | 2026-12-31 | The successful introduction of 800-volt products is crucial for Vertiv to maintain its leadership and capture market share in the rapidly evolving high-density AI data center segment, expanding its addressable market. | Ticker | VRT (ticker) | VRT_eaa28596 | 2026-04-22 | earnings_transcript | ||||||||||||||
| Lease commencement for CB4 data center facility for Fluidstack. | third quarter | 2026-07-01 | 2026-09-30 | CB4 represents a significant portion of contracted WULF compute capacity, and its lease commencement will substantially increase HPC lease revenue, with design optimizations adding incremental revenue over the initial term. | Ticker | WULF (ticker) | WULF_b6de691a | 2026-02-26 | earnings_transcript | ||||||||||||||
| Vera Rubin AI server architecture shipments are expected to begin in production in the second half of FY2027. | second half of FY2027 | 2026-08-01 | 2027-01-31 | A successful Rubin ramp would expand Dell's AI server capacity and address backlog, supporting accelerated AI revenue growth and potential margin expansion as high-value Dell IP storage and optimization benefit mix; delays could temper AI upside and utilization of the five-quarter pipeline. | Ticker | DELL (ticker) | DELL_82b47ca0 | 2026-02-26 | earnings_transcript | ||||||||||||||
| Achievement of the networking for AI cumulative order target of $1.5 billion. | by the end of fiscal year 2026 | 2026-08-01 | 2026-10-31 | Reaching this target would validate HPE's strategy and traction in the AI networking space, potentially boosting investor confidence and contributing to future revenue growth. Missing the target could signal slower adoption or competitive challenges. | Ticker | HPE (ticker) | HPE_ffba06b0 | 2025-12-04 | earnings_transcript | ||||||||||||||
| HPE's profitability being weighted towards fiscal Q4 2026, consistent with historical linearity. | weighted towards Q4 | 2026-08-01 | 2026-10-31 | Achieving the expected profitability weighting in Q4 is critical for meeting full-year financial targets and demonstrates effective cost management and operational execution, influencing investor confidence. | Ticker | HPE (ticker) | HPE_8662d8b2 | 2026-03-09 | earnings_transcript | ||||||||||||||
| AI Systems revenue is expected to peak in HPE's fiscal Q4 2026. | back half of the year now peaking in Q4 | 2026-08-01 | 2026-10-31 | The actual performance against this expectation will be a key indicator of HPE's ability to convert its AI backlog into revenue and manage supply constraints, directly impacting the Cloud & AI segment's financial results and investor confidence. | Ticker | HPE (ticker) | HPE_b90589de | 2026-06-01 | earnings_transcript | ||||||||||||||
| HPE expects to introduce a new scale-up Ethernet switch specifically for the AMD Helios AI rack scale architecture. | in the fall | 2026-09-01 | 2026-11-30 | This product introduction is anticipated to be a tailwind for HPE's networking business in 2027, potentially strengthening its position in the high-growth AI infrastructure market and driving future revenue. | Ticker | HPE (ticker) | HPE_52696385 | 2026-06-01 | earnings_transcript | ||||||||||||||
| Lease commencement for CB5 data center facility for Fluidstack. | fourth quarter of 2026 | 2026-10-01 | 2026-12-31 | CB5 represents a significant portion of contracted WULF compute capacity, and its lease commencement will substantially increase HPC lease revenue, with design optimizations adding incremental revenue over the initial term. | Ticker | earnings_transcript | WULF | 1 | 1 | 0.0002 | 0.0015 | 1.25 | 1.0 | 1.0 | 0.187 | 0.0223 | False | 2026-03-16 | Theme aggregation | ||||
| Lease commencement for the Abernathy joint venture data center. | fourth quarter 2026 | 2026-10-01 | 2026-12-31 | This will bring another significant source of contracted HPC revenue online, further diversifying the company's revenue streams. | Ticker | earnings_transcript | WULF | 1 | 1 | 0.0002 | 0.0015 | 1.25 | 1.0 | 1.0 | 0.187 | 0.0223 | False | 2026-03-16 | Theme aggregation | ||||
| HPE will host a dedicated network and investor day. | later this fall | 2026-10-01 | 2026-11-30 | This event could provide more clarity on the long-term growth trajectory and profitability of the combined HPE-Juniper networking business, influencing valuation and investor sentiment. | Ticker | HPE (ticker) | HPE_186a01f9 | 2026-06-01 | earnings_transcript | ||||||||||||||
| HPE expects to reach its 2x net leverage goal by the end of fiscal year 2026, one year ahead of schedule. | by the end of fiscal year 26 | 2026-10-01 | 2026-10-31 | Achieving this financial target earlier than planned could improve the company's financial flexibility, reduce interest expenses, and enable the planned return of capital to shareholders, positively impacting valuation. | Ticker | HPE (ticker) | HPE_bb84d100 | 2026-06-01 | earnings_transcript | ||||||||||||||
| Nebius Group N.V. is on track to deliver 800 megawatts to 1 gigawatt of available data center capacity by year-end 2026. | well on track to deliver 800 megawatts to 1 gigawatt of those as available data center capacity. around year end | 2026-10-01 | 2026-12-31 | This represents a significant increase in deployable compute capacity, directly enabling revenue generation from new and existing customer contracts. | Ticker | NBIS (ticker) | NBIS_837ab8ad | 2026-02-12 | earnings_transcript | ||||||||||||||
| Nebius Group N.V. reiterates its target of achieving an annualized run-rate revenue of $7 billion to $9 billion by the end of 2026. | by 2026 | 2026-10-01 | 2026-12-31 | This is a critical financial performance metric; achieving or exceeding this target would validate the company's growth strategy and execution, positively impacting investor sentiment. | Ticker | NBIS (ticker) | NBIS_3ca880c0 | 2026-02-12 | earnings_transcript | ||||||||||||||
| First jointly developed Nutanix-powered agentic AI platform with AMD, with initial customer delivery expected in late 2026. | late 2026 | 2026-10-01 | 2026-12-31 | Could unlock a new enterprise AI platform opportunity for Nutanix, expanding addressable AI workloads and potentially boosting bookings and ARR if the collaboration meets milestones. | Ticker | NTNX (ticker) | NTNX_2ca36c8d | 2026-02-25 | earnings_transcript | ||||||||||||||
| Lease commencement for CB5 data center facility for Fluidstack. | fourth quarter of 2026 | 2026-10-01 | 2026-12-31 | CB5 represents a significant portion of contracted WULF compute capacity, and its lease commencement will substantially increase HPC lease revenue, with design optimizations adding incremental revenue over the initial term. | Ticker | WULF (ticker) | WULF_e344ac82 | 2026-02-26 | earnings_transcript | ||||||||||||||
| Lease commencement for the Abernathy joint venture data center. | fourth quarter 2026 | 2026-10-01 | 2026-12-31 | This will bring another significant source of contracted HPC revenue online, further diversifying the company's revenue streams. | Ticker | WULF (ticker) | WULF_8dcb4590 | 2026-02-26 | earnings_transcript | ||||||||||||||
| Commencement of returning at least 75% of free cash flow to shareholders via dividends and share repurchases, contingent on achieving the 2x net leverage goal by the end of fiscal year 2026. | Once we reach our leverage target, we expect to return at least 75% of free cash flow to our shareholders via dividends, and share repurchases. | 2026-11-01 | 2027-10-31 | This capital allocation strategy could significantly enhance shareholder returns and signal strong financial health and confidence in future free cash flow generation, positively impacting investor sentiment and valuation. | Ticker | HPE (ticker) | HPE_a7e412f5 | 2026-06-01 | earnings_transcript | ||||||||||||||
| Continued elevated commodity costs (DRAM, NAND) and persistent supply constraints impacting the IT market in fiscal year 2027. | will continue to be very elevated in 2027 | 2026-11-01 | 2027-10-31 | The actual trajectory of supply availability and commodity pricing will materially impact HPE's ability to meet demand, maintain margins, and convert orders into revenue, particularly in the server and storage segments. | Theme | HPE (ticker) | HPE_d0527fac | 2026-06-01 | earnings_transcript | ||||||||||||||
| The Microsoft contract is expected to begin contributing to revenue at its full annual run rate in 2027, following the deployment of all tranches in 2026. | in 2027 | 2027-01-01 | 2027-12-31 | This milestone signifies the full monetization of a significant partnership, providing long-term revenue visibility and contributing positively to future EBIT margins. | Ticker | NBIS (ticker) | NBIS_b2e2f86b | 2026-02-12 | earnings_transcript | ||||||||||||||
| Bringing 480 megawatts of data center capacity online at the Kentucky campus. | second half of 2027 | 2027-07-01 | 2027-12-31 | This is a major new campus with immediate power availability and strong state support, expected to secure a world-class credit as a long-term customer, significantly boosting HPC capacity and revenue. | Theme | earnings_transcript | WULF | 1 | 1 | 0.0003 | 0.0018 | 1.25 | 0.92 | Regulatory/Policy | 1.35 | 0.2811 | 0.0396 | False | 2026-03-16 | Theme aggregation | |||
| Bringing 480 megawatts of data center capacity online at the Kentucky campus. | second half of 2027 | 2027-07-01 | 2027-12-31 | This is a major new campus with immediate power availability and strong state support, expected to secure a world-class credit as a long-term customer, significantly boosting HPC capacity and revenue. | Ticker | WULF (ticker) | WULF_b7a3940e | 2026-02-26 | earnings_transcript | ||||||||||||||
| Commissioning of Morgantown Phase 1, including 500 MW of new dispatchable generation, 250 MW of battery storage, and 500 MW of data center load. | end of '28, kind of in '29 and beyond. | 2028-10-01 | 2029-12-31 | This project represents a significant expansion into integrated generation campuses, addressing power constraints in a critical market and potentially offering a lower net cost of power to tenants, differentiating TeraWulf. | Ticker | earnings_transcript | WULF | 1 | 1 | 0.0002 | 0.0015 | 1.25 | 0.85 | 1.0 | 0.1589 | 0.019 | False | 2026-03-16 | Theme aggregation | ||||
| Commissioning of Morgantown Phase 1, including 500 MW of new dispatchable generation, 250 MW of battery storage, and 500 MW of data center load. | end of '28, kind of in '29 and beyond. | 2028-10-01 | 2029-12-31 | This project represents a significant expansion into integrated generation campuses, addressing power constraints in a critical market and potentially offering a lower net cost of power to tenants, differentiating TeraWulf. | Ticker | WULF (ticker) | WULF_299f802c | 2026-02-26 | earnings_transcript |
NotesEarnings Overview
| Date | Type | Comment | Detail | Sentiment | Tickers | IS CHANGE |
|---|---|---|---|---|---|---|
| 2025-09-26 | Earnings Summary | The AI '25: Data Center Power & Servers group had a strong July–Sept 2025 earnings season, led by Pure Storage(+13% y/y growth, first Meta hyperscale win) and Applied Digital (+30% on $7B CoreWeave lease), both surging on hyperscaler visibility. Celestica and Monolithic Power posted robust beats with AI/server tailwinds, while Penguin Solutions reaffirmed growth despite tariff drag. Broadly, the group outperformed on AI demand, power/cooling upgrades, and hyperscale contracts. Pure Storage, Applied Digital, and Celestica outperformed most as investors rewarded hyperscale/AI leverage, while laggards like Eaton and Dell underperformed on more cyclical exposure and less direct AI upside. | Earnings Overview | bullish | ||
| 2026-06-09 | Theme Refresh Synthesis | Accelerating Agentic AI and inferencing investments are fueling robust backlogs for advanced servers, power, and cooling solutions. The 'power is the new land' trend intensifies, making power availability and grid interconnection critical bottlenecks, benefiting power-advantaged data center providers. Persistent component shortages (DRAM, NAND, CPUs) continue to pressure margins and delay revenue, while liquid cooling and full-stack AI cloud platforms emerge as key growth areas. | Market Commentary | bullish | HPE, VRT, 2357.TW, NBIS, MPWR, WULF, DELL, NTNX, PSTG, IREN, MTSI, APLD, PENG, ETN, CLS | False |
Constituents
- CLST2— Celestica Inc.
- MTSIT2— MACOM Technology Solutions Holdings, Inc.
- 2357.TWT3— ASUSTeK Computer Inc.
- 6282.TWT3— AcBel Polytech Inc.
- APLDT3— Applied Digital Corporation
- DELLT3— Dell Technologies Inc.
- ETNT3— Eaton Corporation plc
- HPET3— Hewlett Packard Enterprise Company
- IRENT3— IREN Limited
- MPWRT3— Monolithic Power Systems, Inc.
- NBIST3— Nebius Group N.V.
- NTNXT3— Nutanix, Inc.
- PENGT3— Penguin Solutions, Inc.
- PSTGT3
- VRTT3— Vertiv Holdings Co
- WULFT3— TeraWulf Inc.
- 2301.TWT3· no notes yet
- 3017.TWT3· no notes yet
- 6669.TWT3· no notes yet
- SANMT3· no notes yet
- SLABT3· no notes yet
- SMCIT3· no notes yet