AI Earnings Season Analysis, Latest ABTC & WYFI News!

We break down why Q2 earnings season could be rough for miners even with Bitcoin showing strength, and what to watch as the industry shifts from mining revenue toward HPC and AI infrastructure. We also unpack ABTC’s first earnings date, new valuation metrics like satoshis per dollar, BitFuFu’s production decline, and WhiteFiber’s big networking breakthrough for cross data center AI.

• Bitcoin price context and why it matters for miner margins heading into earnings
• Miner stock volatility, heat map observations, and what’s changed since recent highs
• ABTC Q2 earnings date, reverse split impact, and the long-term strategy message
• How quarterly reporting timing can hide or reveal HPC progress
• FASB fair value swings and why Bitcoin treasuries can move reported earnings
• Satoshis per $1 invested as a quick way to compare equity BTC exposure
• BitFuFu monthly production report, power curtailment signals, and hash rate reallocation
• Why selling Bitcoin can fund hosting deals and contracted hash rate
• HODL as a percent of market cap and what it implies for valuation
• WhiteFiber dark fiber innovation, bandwidth and latency numbers, and why it matters for GPUs
• WhiteFiber site selection, retrofits, metro proximity, and CSP versus co-location approach

Let us know in the comment section below your top pick in the space currently and how you're feeling about earnings.
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Transcript

Welcome And What’s On Deck

SPEAKER_01 0:00

Hey guys, welcome or welcome back to the channel McNally Money, the official home of power analysis. A huge episode coming your way to end out the week. We have news out from ABTC and White Fiber, not to mention discussing sentiment in the AI infrastructure space as we head into earnings season. We've got a lot to talk about before we get into it. Take a second, smash a like button, guys. Big help to myself and the channel. Anthony absolutely loves it. If you're not already subscribed, McNally Money, feel free to join. And let us know in the comment section below your top pick in the space currently and how you're feeling about earnings. With that being said, let's get into today's video. All right, guys, TGIF Friday afternoon, another trading week in the rearview mirror. We've got a great episode in store for you. We've got the first of our Q2 earnings uh dates now in the calendar. We're gonna be talking about the significance of Q2, what this represents for the industry and our outlook moving forward. We've also got a nice update out from White Fiber talking about some of their new technology and bit foo foo. So it should be a good episode, Anthony.

Bitcoin Price Strength Into Earnings

SPEAKER_01 1:13

First things first, Bitcoin continuing to show a bit of strength. We broke $64,000 earlier today, hovering just below now. But this is a great signal for the companies going into earnings, knowing they're still deriving revenue from Bitcoin mining.

SPEAKER_00 1:28

Yeah, most of the companies we'll talk about today and talk about regularly are still, you know, mining Bitcoin, although many have stated that they don't see them mining much more than maybe 12 to 18 months. And once we get past the next halving in April 2028, that's going to be a real challenge for anyone in the space that isn't accessing power that is effectively free because that's the key thing now. It's the difficulty is challenging there. There are people able to access very, very cheap power around the world, and if they can put machines to it, it makes a challenge for some of the North American public miners who rely on using grid power or even using some of their own um power that you know the likes of Soluna and Mara own own wind farms and um and BitDs also uh managed to to purchase its own power um above the uh border there in in Canada. So, you know, you can um you can see that the moment is this is a bit of relief. If we go back to the end of June, the Bitcoin price was about 58,500, so a little bit higher than the end of Q2, but um uh pleasing for a week, but we want to see probably more upward movements um over the next few months to give some uh leeway to some of these companies still using their ASICs to produce a decent revenue and a decent margin.

SPEAKER_01 2:48

Yeah, it's a

Miner Volatility And Heat Map Read

SPEAKER_01 2:49

good point. Now we move over to the miners here. We talk a lot about volatility on the channel late last year, Q4. We saw that massive run-up in the space coinciding with the Bitcoin all-time high. Then in Q2 here, Anthony, we've seen our portfolios once again hit those all-time highs. A bit of a pullback over the last two weeks, but an interesting dynamic setting up again as we go into earnings here, which we expect to have some big announcements in terms of deals and sites. Uh, today we see a bit of a mixed board starting to look a bit more green than this morning, but uh I will call out ABTC Bit Digital, the two companies we're covering today, top movers.

SPEAKER_00 3:29

Yeah, markets pulled back a bit since um Bin since so you can see the day range there, a lot of them sort of probably halfway to where they were at the highest, and maybe even lower than that. So um, yeah, but another another sort of like uh you know challenging day. Not big swing, so you know, ABTT up four percent, and Terra Wolf, who we've covered this week, and interviewed Patrick Fleury, they're down uh just under four percent there. So uh not a big, not a big range of percentages like we see on some days there, but um yeah, overall, just uh like you say a bit of a bit of a mixed bag. And if you look at the 52-week range there now, we're starting to see that distance um from the 52-week high growing and growing as as many of these shares have have been pulling back since that sort of June the 22nd, where quite a few were hitting 52-week highs at that point in time.

SPEAKER_01 4:22

Yeah, if we could only go back, I know Riot, Core, Cypher, a lot of those companies flirting with $30, now closer to 20. So we talk about how quickly the tide can change here. You had some interesting observations on the heat map as well, in terms of the weekly change here, some interesting standouts both on the uh downside and upside.

SPEAKER_00 4:43

Yeah, I mean, you know, it's it's uh the the one-month change now, uh, you know, a couple of percent down there, five day at three percent on average there, and the and today's increase, like we say, a bit of a mixed bag there, just about one percent on average down there. But the year to date and the one-year change still holding up quite strong for these companies. The one-year change um still averaging 92%, and we've seen that probably closer to 200% um at its at its best. Um, so it's pulled back there. But Keel and um and Terra Wolf and uh and Hutt uh still in that 300% bracket there. Iron's uh only 147%, so you can see the the share price has pulled back in in recent, and that one month change, 18% there, has has had an impact on the iron share there. But we've been covering iron and explaining about um the issue of those R issues and the reasoning behind it, more importantly, from the company, tying those two key personnel to the company for the next seven years. And you also mentioned that the five days, so a couple of um you know companies doing really well. Cypher uh with that great announcement um with Anthropic this week. Call Scientific having a uh a good week in terms of their five-day change up six percent, and Wi-Fi, which we'll cover more uh deeply in the in the podcast today, they're up um eight percent there. Um on the flip side of that, we've seen ABTC. Uh they had to um uh process a reverse split. That's a for every 15 shares an individual had, they were converted to one share going forward, and that enables the um the share price to remain above a dollar. So the share price itself was hovering uh closer to the 50% range, and and and having that reverse split meant that you know it would then get way above the one dollar mark. Uh, when those sort of things happen, you also see a bit of selling there because there's you know people believe uh there's there's not enough strength there. But that only potentially makes the you know the the share look more attractive now because we'll come on to talk about you know the value of um ABTC now. I mean, not too long ago, it was a you know a billion dollar company in terms of valuation. Today it's under 500 million, but we'll explain why we think that potential's there later in the podcast, Bryce.

SPEAKER_01 7:02

Yeah, we certainly

ABTC Q2 Date And Accounting Hits

SPEAKER_01 7:03

will. Now, you mentioned Core Scientific, so I want to keep this in mind. We're talking Q2 earnings. This is one of the few companies that's gonna be delivering significant HPC megawatts in Q2. So as we talk about the next point here, moving into the ABTC earnings announcement, first out of the gate with their official Q2 earnings call and date. They're scheduled for Monday, August the 3rd. So we're looking forward to hosting a member of the team uh shortly following that. But this really kicks off an exciting time of year around here at Power Analysis. You mentioned some of the weakness in ABTC share price over the last few weeks here, Anthony. And we got a post out from Eric Trump himself stating, hey, we know there's volatility. We know that this is short term. Our strategy, however, is long term. And as you look at their Vegas site here in Texas, uh state-of-the-art facility, it looks like they've got their eyes on the prize.

SPEAKER_00 7:59

Yeah, they have. And um, you know, they'll be the first of, you know, one of the first companies to announce. Normally we see the likes of Riot and Mara, usually quite early in the calendar. Most of the companies that'll be announcing early were those that'll be delivering quarterly updates because they only get a certain period of time to put those out. If you're covering your full year, it's the end of the fourth quarter, and not necessarily from a calendar perspective, you get about an extra month because you've then got to get those accounts effectively audited. Everything's got to be you know right. Sometimes we see quarterly updates, and then the following quarter they'll announce there's been some change the previous quarter because they realize you know you don't have as much time to deliver an announcement and there's some changes there. Um, the challenge will be um for for most companies the fact that they're going to be announcing still the revenues from Bitcoin mining, even though we know that a lot of the companies we talk about in the charts there are going to start or already started pivoting uh towards HPC. Core Scientific will be one of the exceptions because they've literally um handed over something like 400 megawatts of that 590 megawatt deal um to core weave. And so we should start seeing some um some big revenue numbers coming through there. Um the interesting thing is um those companies that are delivering smaller amounts of HPC. I'm talking about the likes of BitDeer, um Iron, um, who operates obviously in British Columbia. Um BitDear, remember they talked about achieving 63 million annualized revenue uh not too many weeks ago. So maybe they've got a bit more revenue there. They've also been selling SEAL miners, so maybe that might help their their revenues there. But for the vast majority, um, even the likes of Cypher Digital, TerraWolf, you know, you know, uh uh Hut A, you haven't, if you're not getting the revenues yet, you're only reporting on the the revenues of of mining, but you're declaring the costs that are incurred in start, you know, that process for starting to deliver you know the sites in readiness for HPC. So you're you're bringing on more labour costs, you're bringing on more resources, so you know everything has a cost to it, and those costs will start to be included as they are as they are uh you know paid in that quarter. So um it's gonna be a difficult time. And the Bitcoin price has not helped um at all. I mean, I I mentioned previously that you know $58,558 was the closing price at the end of Q2, and you know, I think at the end of Q1 it was closer to I think $70,000, $73,000. So that means every Bitcoin that you have on the balance sheet, you're going to get an FASB downside of that of about $15,000 per Bitcoin. And some of those companies that we talk about, you know, the likes of Mara, Riot, Hutt have you know strong uh amounts of Bitcoin in their treasury. ABTC got 8,000 in their treasury. So, you know, uh their accounts will reflect that FASB ruling. Now, what we're seeing today on the flip side of that is we're starting to see a little bit of improvement, a little bit of green. I mean, we've talked about Bitcoin price at 64. That's 6,000 higher than it was, you know, literally a couple of weeks ago. So if it can continue to do that in this quarter, you have the flip side of that. You know, mine end looks to becoming a profitable business because you're allowed to declare that increased valuation through the income statement, and that's where you know this challenge is. You know, FESB works great in one direction, but also gotta remember the flip side when Bitcoin's falling in price, it's a problem. And we've seen that now for about three quarters, so it's not like this is going to be new to these companies. It reached that all-time high in um October, but by the end of December, um it was nowhere near $126,000. And at the end of March, it was like $73,000, and at the end of June, it's $55,000. You can see you can see, or sorry, $58,000. You can see the impact coming down quarter by quarter, and that's going to, you know, to hurt earnings. I'm just hoping, Bryce, that a lot of these companies um are holding back a little bit of good news to coincide. And we saw that in quarter one. We think that strategy uh might be being used by a lot of these companies where we're expecting maybe more updates by now from some of them, but they may just be holding back just to soften the blow so they can announce their earnings and say, hey guys, we know it's a bad quarter for mining, but you know what? This is what's happening on the on the on the HPC side, and you know, we've got a contract to announce, and that's what we're hoping for. Time will tell. Um, but as you say there, 3rd of August, that's the first one in the calendar, ABTC.

SPEAKER_01 12:50

Yeah, it's an interesting point you bring up there. We were scratching our heads. Uh, anthropic TerraWolf deal announced this week. Mara announcing that massive two gigawatt site. So, to your point, hopefully they're keeping something up their sleeve. But these are pretty significant announcements we're seeing going

Satoshis Per Dollar As A Valuation Lens

SPEAKER_01 13:06

into earnings. Now, speaking of Bitcoin, you mentioned ABTC just put out a post over 8,000 now in their HODL. We wanted to give you guys an updated view on Satoshi per $1 invested. So, similar to Satoshi per share, but essentially telling you for every US dollar you invest in one of these companies, how many Satoshis do you actually get?

SPEAKER_00 13:27

Yeah, and the key thing is we've also put, you know, if you put a dollar invested in Bitcoin, how many Satoshis that way you can see uh effectively compare company by company. And it's interesting to see two companies actually um give you more satoshis for every dollar you invest. You know, Strategy um obviously have the largest model of any public company, including the ETS as well. Now they've got more than BlackRock there with that sort of 847,000 Bitcoin there. So for every dollar you invest in in uh in strategy, which is about $94 a share at the moment, you're gonna get uh $2,284. Whereas if you just invested a dollar in Bitcoin, you get $1,567. So you're effectively getting nearly 50% more Satoshis for every dollar you invest in strategy. However, remember the strategy price um can go higher and lower um very, very quickly. That's kind of the Bitcoin price, but so be aware of that. We're not saying here, run out there and start buying. ABTC also um gives you more Satoshis. The the other side of that, remember, is they've just um effectively consolidated 15 shares for one. Uh then you've got the likes of uh Mara and Fufu, where you're getting 730, 710 respectively. DMG used to be um you used to get a lot more satoshis per share, but with DMG, their share price has done uh quite well since they made that announcement of the 50 megawatt LOI. So if the share price is rising, um, you know, that's another impact there. So you know, you might not get as many satoshis for every dollar invested in the company. So bear that in mind as well there. Some of the ones at the bottom there is because you know that effectively uh they don't have as big a hodl as they used to. Hive have have sold quite a lot of their hodl there. Keel have still got you know a couple of thousand Bitcoin, but again, uh sell sold off some of theirs. And Core Scientific, you know, they're a company that's probably mined more Bitcoin than all the public mining companies, but they have sold a significant amount. I think they're down to about you know just under 500 Bitcoin now. So again, if you want to invest uh you know purely on the Satoshis per share, um core scientific, you're only getting seven per share for every for every dollar you invest in the company, and that's because of the low huddle price.

SPEAKER_01 15:43

It's a really interesting metric, and I looked up a strategy. If you were to put that many Satoshis into dollars, it's about a dollar forty-six. So to your point, yeah, more exposure than just buying Bitcoin straight up. Obviously, it's a public company, there's debt, there's other things, but an interesting metric nonetheless.

BitFuFu Production Dip And Power Constraints

SPEAKER_01 16:00

Uh, one of the companies on that list that does still have a HODL and is still focused on Bitcoin mining, similar to ABTC, is BitFoo Foo. They came out with their production report for the month. Some interesting changes here, Anthony, as we see hash rate reallocation and some, I guess, downward moves in terms of production.

SPEAKER_00 16:20

Yeah, so it's um it's obviously been a challenging month for them, and they haven't given us the sort of the full picture. They've told us about what's happening going forward. Um, but if you look at the Bitcoin mined, um, yes, it's a one-day um less mining per month, so that would account for maybe 3%. But Bitcoin mined 125 compared to 177 the previous month. Self-mining, um, their actual uh self-mining hash rate actually increased to 3.5 from 3.3, but actually production reduced by 22%. So it sounds like they were having to curtail energy at some of their sites during that period there. Um, for whatever reason, A, it could be for domestic usage, B, it could be the fact that Bitcoin price and and the metrics uh were suggesting that it wasn't profitable to mine at certain parts of the month, maybe, so they had to switch off. Um, operational power is a key um indicator. Um, that was down 21%. That explains why uh the Bitcoin mined is low. If you're obviously not um powering up these machines uh as much as you were previously, you're not going to get the same production level. Energised hash rate is is also down by a similar percentage, you know, from 19.5 to 15.3. Again, it's suggesting something's wrong with power, something's wrong with the fact they can't get these machines um uh running uh round the clock as they were in previous months there. Um, in terms of efficiency, around about the same efficiency, um, it it worsened by you know 0.1. 17.9 is still in that sort of top tier in terms of mining efficiency. Anything under 18 is is is good. The best we've seen is I think um ABTC um with about 14 uh joules per terash there. Bit deer iron clean spark, also sort of like in that ballpark there, between 15 and 16 joules per terash. So 17.9 for bit foo foo certainly puts some good there. They did sell quite a significant amount of Bitcoin. It's among 254 Bitcoin, and we'll come on to that in a second as to why they sold. Uh Bitcoin mine per day, again, you can see this common theme there. Everything seems to be down in that 20% range, 20-30%. So that's down 27%. Bitcoin per exash down 27%. The HODL has been reduced because they have sold more Bitcoin production than they actually uh mined during the month there. And if you look at the HODL value, um that's down 28% when the HODL's only down 10%. Remember, I talked about what the uh the value of uh Bitcoin price was at the end of June compared to previous month there. And if I just sort of very quickly highlight uh that there, yeah, in in the end of uh um uh May it was $73,000, and end of June $58,000 there. So that's a $15,000 drop just in a month, and so your Huddle value per Bitcoin is dropping uh significantly. Um, just a couple of points on um why the production of Bitcoin is down there, and also the fact that they are highlighting that they're adding machines as we speak. So they're optimizing the money operations, they've acquired and deployed 1,200 S21 XPs during June, which that was the reason for increasing their self-owned hash rate to 3.5. They've also signed agreements to acquire a further 2,000 S21 XPs in July with full operational deployment, expects to be completed during the month of July. So we might see some uptake in that sort of self-mining during or during the next month's um production. And in addition, during June, they've managed to secure 5.3x hash of hash rate from suppliers. That means they're buying hash rate, that means they're using uh another provider uh to house machines totaling 5.3x hash under a nine-month agreement scheduled to commence in August 2026, and they're using Bitcoin to um to pay for that um um uh actual service there. So they've paid in advance, so they so they've you know their Bitcoin hodlers reduced to pay for that nine months there and 5.3x a hash, they can get the machine switched on working during that nine-month period, and that tells them you know, really about the conviction that they believe Bitcoin's medium to long-term value position is probably looking more in a positive way. Hopefully, our chart this week you know continues to rise for them. Um, along with that, they've also announced their recent uh share repurchase program there, and the main focus on that disciplined capital allocation, optimizing asset utilization and investing in infrastructure and technology that support the long-term growth and create sustainable value for all the shareholders. So, um, as I say, uh, you know, a challenging month for them. They haven't sort of gives us everything in there, but you can see from the numbers compared to the previous month, something's happened with regards to power. Maybe they haven't got all the sites um operating at the moment. That's why they're going out there and purchasing, you know, power from other sites there under an agreement, using Bitcoin to pay for that now, and that can deliver sort of nine months of uh 5.3. 5.3 is a sizable amount of hash rate to acquire. That would have to be a significant size site for 5.3. Uh, we've been to some sites, we know all about this price.

SPEAKER_01 21:42

We do, yeah. And I was happy to see that medium uh to short term conviction in Bitcoin. Mike Alfred on record calling for 250 by the year end. So we'll see if that comes to fruition. Now you talk about Bitcoin HODL.

HODL Versus Market Cap Breakdown

SPEAKER_01 21:55

We wanted to give an update on the HODL percent market cap chart as well. It's been a while since. Since we dusted this one off, some major movement on here. If you look at Mara DMG, also wanted to call your attention to Bit Digital, uh, and obviously white fiber, their subsidiary with the Ethereum exposure.

SPEAKER_00 22:13

Yeah, we talked about uh ABT say that the HODL market cap now. So their HODL itself alone is worth more than the actual market capitalization. That reflects that um Satoshi per $1 invest in the company. You're gonna get more Satoshis by investing in ABTC than you are in big Bitcoin at the moment. So that's something to bear in mind. If you're making any sort of decisions in the future, have a look at what the value of the company is that you're buying into. Uh Bit Digital has the one of the largest Ethereum hodls of any company out there publicly uh wide. And um, you know, their HODL is worth 291 million. That reflects 52% of their market cap. But bear in mind Bit Digital also have you know 70% of the shares in Wi-Fi. So uh they've got another part of that company that they have a significant ownership, and they're currently operating at a discount. If you want to know how big that discount is, go to the Bit Digital uh web website on the on the front home page, it tells you what that percentage is there. Now, Mara and DMG used to be go back maybe six, seven months ago, their HODL to market cap was also something we're seeing from ABTZ today. It was uh it was above 100%, but you can see uh two reasons. Mara sold uh sort of a big chunk of their uh their hodl. Remember, it was well over 50,000 Bitcoin at one point, now it's down to 35,000, and also the fact that Mara share price has been um uh rising a little bit of late there. So rising share price um and reduction in in Bitcoin hodl, reduction in Bitcoin price means your percentages are going to start reducing. DMG was certainly a company that was over 100% for a long, long time. One of the one of the you know, one of the best sort of like net book value companies to look at. So if you add up all the assets, the net assets together, look at what the market capital is. A dollar invested in DMG was giving you more than a than a than a than a dollar, you know, dollar in assets. So it's so it was a really good, strong, strong company to think about. Um the HODL price for them is now 30.2 percent. Their share price has done really well. Remember, they highlighted that 50 um megawatt loai deal at um at their site in Canada there. And so you know that's that's obviously a key, a key reason. Increase in share price, bitcoin value coming down. Hoddle really hasn't changed, they've always been around that 400 mark. They've got 393 there, but now that reflects 30%. So you can see how the metrics change with a number of the variables changing at the same time. Um, but those are sort of standout ones at the moment, Bryce.

WhiteFiber Links Data Centers Like One GPU

SPEAKER_01 24:53

Yeah, now we move over to white fiber bit digital. I just mentioned the Ethereum exposure. We talked earlier in the week about the Rays summit in Paris, Anthony. This is one of the major AI networking conferences. Sam Tabar, White Fiber, uh actually were sponsoring the event. They also came up with a major announcement at the event. Now, I'll let you get into the numbers in a second here. The press release reads White Fiber announces cross data center AI infrastructure innovation, delivering 111.2 terabits per second bandwidth with sub-millisecond latency across 83 kilometers. So I wanted to just break that down in layman's terms here for you guys. We talk a lot about data centers, demand for compute. Obviously, they're filling these buildings up with GPUs. The problem, Anthony, is unless you've got one of these massive gigasites like an IRIN or a Riot, a lot of times you've got smaller sites, maybe they're located closer to urban areas, better for the actual inference. Uh, you think of Keel, you think of Wi-Fi, you think of Hive, or even Clean Spark. The problem is you can only fit so many of these GPUs in one building. And we know with compute, you want all these GPUs talking, similar to a brain. They all need to be talking in close uh symmetry here. The problem is actually connecting these data centers. White fibers now come up with technology that takes advantage of dark fiber, so existing fiber in the ground. They're using their own receivers and optical technology, and they've now come up with a way to connect these buildings or data centers. So essentially they act as one-brain, very low latency, and allowing the computers to talk and interact in real time.

SPEAKER_00 26:36

Yeah, and they've they've they've done this by connecting two separate buildings 83 kilometers apart. Um, that's you know, that's a significant distance there. That's you know, heading towards you know, 60 miles if you if you're in the UK. Um so all the chips in both buildings act like they're in the same room, two buildings, but the AI thinks it's one big giant machine. Now, you know, why is that hard? I mean, when you split computers across a distance, they normally get slower and out of sync. But because information takes time travel, chips constantly need to talk to each other, and even the tiniest delays can wreck the teamwork effectively. Now, here are the numbers that really matter. They've mentioned this 111.2 um terabytes per second. How much data they push through the fiber optic cable connecting these buildings, that's an insanely huge fire hose of information about double what other companies have managed in similar tests, and they didn't even have to use the full cable's capacity. Now, the time taken to connect these two buildings, let's put this into context a little bit here. That's less than one thousandth of a second. I'm gonna put that into context. If you're a hundred meter sprinter in the Olympic Games, and you your your time setting off from the blocks is a hundred times slower than that nine milliseconds, you're gonna get a false start. That just tells you how quickly it goes from one one building to another building, covering that distance there and back again. Um, it's a phenomenal you you know uh it's it's it's just uh physically you know possible since the you know nothing can beat the speed of light through glass fiber, and that's the that's the key shoe there. And they've got within 8% of that hard physical limit. Um, so you know it's awesome. Now, why would anyone care about this? I mean, previously the distance between buildings, it used to be a wall. You couldn't spread AI across buildings without sort of deterring the performance of the actual um you know process. Whitefire is now saying distance is no longer a limit. You can now build AI systems bigger than any single building could ever hold, spread across locations, and it runs like one unified machine.

SPEAKER_01 28:55

An interesting point. They're also stating in Q3, they're gonna make this commercially available. So you think of how many other competitors would love to be able to connect these data centers, get some of those latency uh numbers you just quoted there, Anthony. This could be another revenue opportunity for white fiber. And interestingly enough, if you look in their updated investor deck, they have a slide dedicated specifically to this cross-data workload technology, talking about the fact they can now connect these GPUs, really take distance out of the equation and get a lot more compute or uh GPUs synced up in one

WhiteFiber Strategy And Contract Momentum

SPEAKER_01 29:32

brain, so to speak. Now, that's not the only unique thing about white fiber. A couple other reasons we really like this company, the data center selection process, they're going after retrofits, which offer a number of benefits. I'll let you talk through. They also are going with this cloud service platform, so CSP alongside co-location, which we both think offers a nice balance of kind of stability, risk, reward, and giving you that upside GPU exposure.

SPEAKER_00 30:00

Yeah, and the and and and looking at the site selection there, looking at proximity of metropolitan areas, uh, you know, position for low lacings to address the long-term specialized AI computing inference needs there. They're looking at retrofit opportunities, they're looking at smaller or support modularity, um, you know, looking at what the customer needs are, what's the demand for the customers, and also making sure really they've got access to power in these locations. Well, something they've been very, very good at. And you're quite right with regards to the cloud services platform, there, they're looking at what the customer needs. Some of it may be co-location, some of it may be CSP. They've operated both of those strategies. Um, we know that from a CSP, Iron seems to be the one company that's driving it on a bigger scale, but believe you me, um, other companies like White Fibre have been doing this uh for some considerable time. They've had some real good success at this. And Sam's been on the podcast talking about it. You can see from their portfolio what they've delivered up to now already. They've delivered MTL1, MTL2, which were you know smaller CSP contracts there with uh an IT load of about three megawatts. They built out a site of five megawatts MTL3 and handed it to their customer Cerebrus. And then finally, we're now seeing them uh literally uh finalize the NC1, the 40 megawatts um deal, which is expected to be uh you know uh uh operating as we speak of the podcast here. I mean, we'll hopefully get some some news be from Samuel before earnings that this 40 megawatt deal is now driving revenues over the next 10 years at around about 86.5 million dollars a year, one of the best contract deals uh we've seen so far, Bryce.

SPEAKER_01 31:46

It is, yeah, and a great example of the CSP models in Montreal, then the co-location models as well. And speaking of iron, we've been hearing again on Twitter July 19th is the date they're gonna hand over to Microsoft Childress. So that should be an interesting development again as we go into

Interviews, Newsletter, And Weekend Close

SPEAKER_01 32:04

earnings. Uh, speaking of interviews, Anthony, we've talked a lot about our Patrick Fleury discussion this week. We also had the privilege of having Eric Jackson and Matt Siegel on the program in the last couple of weeks to get a more Wall Street hedge fund perspective on the space. Encourage you guys to take a look at those over the weekend while you're on the website. Today's Friday, newsletter day. Make sure you sign up. We have some great features this week talking about that massive anthropic deal with TerraWolf and of course uh Mara's two gigawatt expansion. So that should give you guys some information to digest over the weekend. Thanks so much for watching. We'll see you back here on Monday. Have a great weekend.