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Power Analysis
New York’s Data Center Moratorium Meets A Market Sell-Off!
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We track a brutal pullback across Bitcoin miners and AI infrastructure stocks while Bitcoin holds steadier, then ask why share prices look disconnected from a stream of bullish contracts and analyst targets. We also break down New York’s hyperscale data center moratorium, what it changes for permitting and grid costs, and why the buildout likely shifts to other states and regions.
• Bitcoin range check and what it signals for risk appetite
• Lyn Alden raising $40M for a Bitcoin treasury company and why it matters
• Miner and HPC stock sell-off, portfolio drawdowns and “deep value” zones
• New York statewide moratorium on new hyperscale data centers, environmental review and grid implications
• TeraWulf response on permitted sites, repeatable deal process and Cantor $37 target
• CleanSpark’s first major AI lease, price per megawatt context and tenant quality trade-offs
• Keel’s Sherbrooke plan to consolidate power and convert mining capacity to HPC
• SHAZ AI price target context, plus key executive hires at IREN and Soluna
Let us know in the comment section below how you're feeling about the sector overall and your top pick in the space!
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Welcome And Today’s Big Updates
SPEAKER_03Hey guys, welcome or welcome back to the channel McNally Money, the official home of power analysis. As you can see in the background, up at the family cottage for the weekend, but wanted to pop on, provide an update. We've got some new data center regulation out in the state of New York. Also, news from Keel, Iron, Soluna, and Terra Wolf. A lot to talk about in today's podcast. 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 how you're feeling about the sector overall and your top pick in the space. With that being said, let's get into today's episode.
Bitcoin Stability Versus Stock Pain
SPEAKER_03All right, guys, away we go. Thursday afternoon. This is a big update. We've got some regulatory changes in the state of New York, a number of price targets, and some big headlines in the AI infrastructure space. Kicking us off today, Anthony, Bitcoin. We've got the five day here. You can see one of the only things we'll talk about today, actually in the green over the last couple of days, uh, just below 65,000.
SPEAKER_00Yeah, um, staying in that sort of that trend there between 64, 65,000. Let's, you know, let's hope it continues to do that. Um, you know, no sign of the uh the end of the bear cycle yet, but we're we're hopefully um you know we're in a we're in a phase now where we can start moving upwards again.
SPEAKER_03Yeah, and one person taking advantage of the lower prices here, Lynn Alden. She's been a speaker at a number of the conferences we've attended and happens to be the author of Broken Money. She's taken a large step into the data space here, accumulating 40 million dollars to actually start up her own Bitcoin treasury company.
SPEAKER_00Yeah, um, you know, it's not an insignificant amount of money there, and not just her alone there. You can see from the from the um from the tweet, uh, Jeff Boove, next to her, also very, very much uh a big name in the space, uh, raises 40 million to launch Orange Juice, a permanent capital company backed by a Bitcoin Treasury. Now, the the thing that stands out is obviously we've seen a number in the last sort of 18 months, two years. Um obviously, we've always had you know, for the last five or six years, Michael Saylor's strategy um as probably you know the largest uh uh Bitcoin treasury company in the world. Um, but we saw a lot of companies out there uh have have tried to sort of like you know make it and and buy Bitcoin and and and you know sell stock to buy more Bitcoin, and it hasn't worked out too great for many of them. Lynn's background um you know in the financial market, she's got a very, very you know, uh a good understanding. Um
Lynn Alden’s Bitcoin Treasury Move
SPEAKER_00time will tell on this one, but um, you know, we'll be we'll we'll monitor more. But it's a it's an update today. Um and and and as I say, uh, you know, if you if you compare the top two, we talk about the top two a lot. We talk about strategy and we talk about uh strive, those two, you know, up until maybe a month ago, uh, we thought we they found the secret formula price, but um what's their what's their share price looking like today?
SPEAKER_03Yeah, I was gonna say the secret formula hasn't worked out uh as good. You can see stretch currently in the 86, so about $14 below that $100 par. SATA holding up actually quite a bit better in the 98 range, but still subpar not able to actually sell shares to purchase Bitcoin. So I guess Lynn will be doing the purchasing today.
Miners Slide Into Deep Value
SPEAKER_03Uh now moving over to the miners, I mentioned pretty dismal outlook. We've got a number of companies double digit down. And keep in mind this is following about two weeks of sell-off in the sector. So we are definitely getting into some deep value zones on a lot of the names we cover here on the list.
SPEAKER_00Yeah, we talked about this drop yesterday. Go back to the 22nd of June. Look at your portfolios that day. If you've got a lot of these sort of tech stocks in your portfolio, um, you know, put in the comments how you've seen that position there. I'm just looking at my portfolio, I think somewhere like about 25% down since the 22nd of June. These last few days have been uh significantly challenging. You look at today the stocks there, we haven't seen a green stock for quite a while there. Uh Fufu actually holding up uh better than most. Uh they're you know still uh you know a pure play Bitcoin miner. They they they're uh they're keeping a watchful eye on the HPC AI space. They've made no commitment to use any of their power towards that. But then you have a raft of companies that are looking to um you know to add power, and some of them we'll talk about on on the program today. Uh Clean Spark down 7%, Wolf down just over 7%, um you know, Iron down nearly 9%, Cypher, you know, heading towards double digits, and then Keel Hutt and Wi-Fi double digits down today. And if you look at the day range, you know, these stocks were performing better in pre-market, but at the moment uh down considerably. The 52-week range tells you um that a lot of things have changed. We it wasn't too long ago we were saying there's about six or seven companies that are very much close to their 52-week high. Um, there are probably seven six or seven companies that are close to halfway between their 52-week low and 52-week high as we speak at the moment. And um, you know, uh looking at some of the market capitalizations because of this pullback here, um, you know, some of the market caps now we're not seeing as many companies with a double-digit billion dollar market capitalization. You've still got Hut there at 10, you've got Iron at 12 there. Um, those two are just about holding off at the moment, but it wasn't too long ago. We had about five stroke six companies in that position there. Um, that's the challenge we're seeing at the moment. Um, hopefully, we're getting towards the end of it because really the news isn't that bad. I mean, yes, we've got some geopolitical issues around the world, and and obviously the macroeconomic issues um, you know, have a have have a challenge as well, but um nothing to sort of support this level of drop in this particular space at the moment. And with most of these companies, you know, not um, you know, going to be mining for the foreseeable future, uh, and really not being correlated to mining. So it looks like you know, HPC, you know, having a bit of a bit of a battering at the moment, and um it's a bit of a scratch ahead because we will come on to some price targets for numbers companies today, and the price target suggests that maybe, maybe some value out there at the moment.
SPEAKER_03Yeah, I just looked at my portfolio. I wish I hadn't down 30% uh over the last month. So to your point, Anthony, a big sell-off. But what we've found is generally the days where you don't want to open your portfolio are the days you should be buying. Uh so make of that what you will. Now we move over to the heat map. You talked about some of the market caps. You can see interesting now Bitcoin actually outperforming the AI stocks in the first three periods. So we do expect Bitcoin to start to make a bit of a comeback here, and it it seems it's actually outpacing the stocks right now.
SPEAKER_00Yeah, this last month it's it's held that sort of low 60 range there, so it's held quite well. Uh, remember it held uh you know a six-figure range for probably about seven months. Um, it wasn't just a flash in the pan, it you know, it got to 100,000 and remained there for quite a considerable amount of time, and we people were expecting the sort of 200,000, but maybe we are getting close to that consolidation at the bottom there. There's a lot of um uh leverage trades going on in Bitcoin space, which you know uh you know, as many bears out there as bulls who are sort of like trading that the the actual um uh currency, and so that's the challenge there. But the challenge for me is looking now at um you know uh effectively the stocks that we talk about now, you can see wiped out obviously today, the five-day down 15% on average, the one month down 26% on average, and then you know you you've got to go back to year to date, and um, interestingly now, iron is down eight percent year to date, um, and we haven't seen that for a long time on the year-to-date stage there. Still uh 100% up from uh one year ago. Um uh the one-year change for the majority of stocks is still showing predominantly green with it with it with about four exceptions. Um, but yeah, not at not at nowhere near close to what we were seeing three weeks ago. Uh that one month change there. Look at the stocks there. There's no one, um, maybe the exception of DMG, only down 7% on the month there. But look at the rest of them. It's it's literally you're in the 30s, and that's quite quite clearly what I was looking at my portfolio. You're looking at your portfolio. We mentioned it yesterday. You know, put in the comments, you know, if you've had a similar for all, whether you've been able to sort of like buy some stocks um at this price here to sort of you know, dollar cost average down maybe some of your uh some of your um shares in your portfolio. Um but like you say, Bryce, when when stocks are like this, is there's maybe a time to uh to to buy. The storyline uh for these stocks doesn't um doesn't sort of correlate with the price action that we're seeing at the moment. Um there's there's you know there's a lot of contracts being signed and a lot of big money being put into these contracts. And um, you know, we we've we've highlighted a couple this week, we'll highlight one today. Um, you know, there's a lot there's a lot of potential out there. AI is not going away in the very near future, it's gonna get bigger and the revenues are gonna get bigger along with it.
SPEAKER_03Yeah, they certainly are, and we'll talk about some of those contracts to your point, but that's really what you're looking for is the mismatch between the fundamentals of the company, what they're actually doing, and the share price. And I think that we've got that right now. Also wanted to point out if you didn't manage to take some profits in this last run-up, you and I both post our trades live in Patreon and on the YouTube members channel. We were very active taking profits here over the last few months, uh taking that out in cash. I know you've got a considerable cash position, putting it into the uh the preferred SATAs or strives and into iBit. So, again, a great opportunity to pull some profits and now redeploy uh at 30% discount.
New York Freezes Hyperscale Permits
SPEAKER_03Now, you mentioned some of the news here, Anthony. Pretty positive. One thing, probably not as positive. We've now seen our first statewide moratorium on new construction of hyperscale data centers. Happens to be in the state of New York, and we've got some uh pretty bold responses to this. So I'll let you walk through first what actually happened, then we can talk about the the fallout.
SPEAKER_00Yeah, so you you're quite right. This is a you know the first um state in in the country to uh to bring this hyperscale moratorium, uh which effectively pauses the state environmental purpose permits for up to a year, whilst the state itself develops a generic environmental impact statement for data centres. Now, no new discretionary permits issued during the review, uh those already deemed completed accepted, um, assessing energy, water, and air impacts. And the governor is there to seek legislation ending sales tax exemptions for massive data centres statewide, plus energized New York rules requiring data centres pay more or self-supply power. And finally, uh, you know, which is I would say this is probably one of the positive things if you were to look for a positive in this actual statement. You know, this uh moratorium would require data centers to invest in aging grid infrastructure and fund dedicated clean generation to protect the ratepayers of the state there. So um, not great news initially, but there are some parts in there you can sort of like get a little bit of understanding. We've talked about the grid um over the last couple of years in terms of you know the lack of investment, um, and spoke to many people along that time, um, the lack of investment in the US within the grid, and all we're seeing at the moment is you know, companies go out there trying to find as much power as possible, Bryce.
SPEAKER_03Yeah, you're definitely right there, and we've seen that aging infrastructure firsthand at many of our site tours. So great to hear that that's on the docket or focus point here. Uh, however, a lot of people, including the president, are not very happy with this ruling. So Donald Trump himself coming out with a statement or uh, I guess a response to this data center moratorium using some very strong language in here, stating data centers are big, strong, bold, money-making machines, calling them liquid gold, and essentially saying this is a mistake from the governor of New York. These data centers are still gonna be built. Now they're gonna go to other states, like Texas, for example. And this has big impacts in terms of the revenue, the job creation, the infrastructure investment. Some of those positives you talked about, Anthony, maybe not going to be seen in the state of New York at least for the next 12
TerraWulf Shrugs Off The Moratorium
SPEAKER_03months. Now, one of the companies we know that operates in New York is TeraWolf, their CEO coming out with a response as well, essentially saying, hey guys, this is on new data centers. Lake Mariner is already permitted. We're already started at that location, and their second site in New York, which happens to be Lake Hawkeye, isn't actually scheduled for development for a couple of years. So in the case of TeraWolf and Paul Prager, he's stating this really does not impact their operations.
SPEAKER_00No, it doesn't, no, no. So we know Lake Mariner is already operational and expansion supporting fluid stacking Google is already fully permitted. And with regards to Lake Hawkeye, that's a multi-year development, and they're effectively going to be starting that uh round about maybe towards the latter stage of 2027. And so that will probably fall outside of the moratorium uh from a date perspective. But remember, you know, terrible for a power company first, before they got into Bitcoin mining, before they got into building data centers for HPC, they understand power probably better than all the other companies that we talk about on a day-to-day basis. So they'll know more about power infrastructure, what's required, and uh you know how to go about getting the permits to deliver what they're trying to do. They won't have gone into these contracts without understanding all this there. They'll be ahead of the game on that there. This team's been together for the best part of 20 years, and so you know, um, end of the day, what Terulf is saying is really these rules they actually take on, they think they're they're great because what it will do is it will, you know, by having these clear rules and higher standards, it will separate out the real projects from those that are speculative ones, and there'll be a lot of speculative companies coming out there. I get I get sent probably an email every couple of weeks from you know companies saying you know, would I like to support them in terms of growing HPC in the US or around the world, and it's like you know, they've raised a bit of capital and they want to go out there and just deliver it, and it's it's just not as straightforward as that. Mining may have been a little bit more straightforward that you know you've got power, you know, you can use effectively a shipping container, and if you've got connection to power there, you can plug the machines in and they'll and they'll run, and providing you've got some you know, some basic environmental uh you know uh things sorted out. But HPC is a totally different business model, and even now with some of these companies that we talk about who've done really well in the Bitcoin mining, they're gonna find you know these changes that they're going to have to build data centers for GPUs, totally different. And you can see many of them are having to build their teams with experience to help them get to this part because you know they just haven't got that experience within the company from what they were doing previously and not and didn't have to have that experience. Now they do. And Paul Prager is highlighting the fact that you know, as a power company first, they're ahead of the game in this one.
SPEAKER_03They are, yeah. And specifically stating again, not all megawatts are created equal. There's major differences across the United States and globally in terms of data center uh regular regulation and approval. Now, we just mentioned this mismatch between what the market's saying in terms of price and what we're seeing from the companies.
Cantor’s TerraWulf Target And Deal Math
SPEAKER_03TerraWolf, a great example. So Cantor coming out, actually upping their target to $37. This company was in the $30 range a few months ago. Last week they announced that massive deal with Anthropic and actually ended the week lower than what they started at. So if you look at their current share price, Anthony, compared to that $37 target today, uh, this is presenting a pretty big value opportunity.
SPEAKER_00It is current share price today, $17.91. Target there for Canter $37. And uh this is this target's been provided after the uh the the statewide moratorium was announced. And you can see there that even the the deals that uh Wolf has already signed at the moment, uh the three leases that they've signed, uh Canter are giving them a value of $26 per share, and they have you know more and more. Now that the plan for TerraWolf over the next few years is really to deliver 250 to 500 megawatts per year. This is something that uh Patrick Fleury indicated, not on the last podcast, but on previous podcasts, you know, uh rinse and repeat was that was the way that he states it there. Once you've started to deliver these and have these conversations and go through that uh process of learning, that first contract took you know five to six months in a room with a client, um, getting through the the uh the the I's and dotted and the t's crossed to get to that deal there, and you know, it doesn't seem that long now, and they've got a number of deals under their belt, and you can see every time they announce their expectancy for a deal. The last deal with anthropic was was was due, I think, by the 30th of June. They announced in the first week of July, so a couple of days late. But you know what? They delivered uh you know another great deal, a 401 uh compute uh megawatt deal uh with with an exceptionally good uh rate uh per per megawatt, two dollars uh sorry, two point three seven million dollars per megawatt. Uh that's probably one of the highest uh we've seen in terms of uh revenues driven from this, and it's obviously not their first rodeo. They've you know they've got a number of contracts with Glue with uh Google and Fluid Stack, and also their first contract with Core 42, a subsidiary of G42 from the Middle East, there. So um you can see now that you know these first-time movers into the space um from the mining uh industry uh are now starting to sort of like you know uh flex their muscles a little bit to coin a phrase and start delivering better revenue streams.
CleanSpark’s First Big AI Lease
SPEAKER_03Yeah, no, interesting. You bring up the value per megawatt, also the fact that TerraWolf has this deal process pretty much on rinse and repeat. Uh Clean Spark on the other end of things, new to the deal space in terms of AI infrastructure. They just announced a deal, apparently new to TV interviews as well. Matt Schultz stating this is his first interview, but an interesting clip here, Anthony. I wanted to play and then get your thoughts. This is your first TV interview ever.
SPEAKER_01Indeed, it is.
SPEAKER_02So we have to be nice, apparently. Apparently, so we're going to try our best. All right. So um we've talked about some, and I listen, I want to be careful because TerraWolf, Cypher Mining, uh, Hunt 8's, you guys, you're similar, but also different. I want to make that very clear. We had the CEO of TerraWolf on a couple days ago, and I asked him about a deal they made and whether or not it reset the price of power for them. He said yes, the market agreed. Does this reset the price of power for you? Because if so, the bad math I'm looking at says it's still priced below where some of these other deals priced.
SPEAKER_01Yeah, that's that's correct. The you know, the some of the first movers in the Bitcoin mining space kind of reset the bar. They went through the re-rate, kind of caught the tailwinds, and we um we were a little bit more pragmatic in our in our approach. You know, we were one of the last Bitcoin miners to jump in and quickly became the biggest Bitcoin miner in North America. So, you know, we've looked at this transition as we wanted to first establish a relationship with a high investment grade tenant, mitigate the risk to the highest level we could, and then build our portfolio out from there. And we've been fortunate to do that. We signed a lease today, 20 years, $6.6 billion, um, with an option from the same tenant to acquire another 885 megawatts in Texas.
SPEAKER_02But 175 megawatts, 6.6 billion over 20 years, carry the one, do some long division. Those that price per megawatt is still below some of the other deals that we have seen recently.
SPEAKER_01It's correct. They're um, you know, I think that the re-rate is incoming. We feel like we're we're undervalued. Um, and I think that's that's still reflective of the the you know Bitcoin miner co connotation that that we've we've kind of borne for a while.
SPEAKER_03Yeah, and you can see in that clip, Anthony, pretty much putting Matt on the spot in terms of the value per megawatt. I wanted to get your thoughts here on his rebuttal and this initial deal for Clean Spark.
SPEAKER_00Yeah, I mean it wasn't switched. Rebusley accepted the fact that you know he wasn't getting the revenues that some of his peers are getting. Don't forget they've uh been doing this now for you know some of them you know getting close to 18 months to two years. Uh you know, Terra will sign their first deal in 20 in late 2024 and you know signed three subsequent deals since then. So you know they've been in this space a lot a lot longer. Clean Spark uh literally coming up to 12 months ago decided to uh change their their strategy and move towards uh HPC from away from the mining. Uh the previous CO was very much a pure play miner. Now the deal they've got there is still I think it's still a good deal. We highlighted it on the podcast this week. Yeah, the revenues, I think, 1.89 million dollars per uh megawatt, but actually most of the costs of this deal will go will pass through to the to the client. Um and so you know it's it's it's it's a it's a starting point. The other great thing about what Clean Spark do is is also when you look at the sites they've got, and they've got 33 sites um, you know, in in terms of you know, not all going to be suitable for HPC, but it what it tells you is when they get a site, they go into local area first and make sure they get the approval of the local community before they start building or or or doing anything. They want to make sure that they they bring them along for the journey, you know, they put things back into local community, they provide jobs, they provide taxation, they provide uh grants to to to schools, etc., like many of their peers do. And so, you know, when you see other companies out there and the and you and you start seeing uh there's been complaints and they want to stop um you know construction of sites because of noise, uh you don't tend to get that from CleanSpot. They do all their due diligence first. Now, my only concern with this is they've got an LOI with their company, they've not announced their um their high grade uh customer. And the other benefit of having a high grade customer is they don't have to pay to have all their their uh their financing uh proven because they've got such a high grade uh grade customer. That's gonna save them money in the long run, then. That also might open doors to ranging cheaper finance as well. If this is a hyperscaler, and and by the sounds of it, it's going to be you know very much a hyperscaler, and we don't really know who it is at the moment, but suggesting it could be you know uh a hyperscaler, that's gonna get them cheaper finance uh throughout this deal. It's a 20-year deal, not a 15-year deal there. And uh, my only concern is is with the remaining power in Texas that could deliver another 400, slightly more than 400 megawatts of compute power. Are they then reliant on getting the same type of revenues or do they have an opportunity to negotiate um a high figure, you know, based like other companies have managed to do on their subsequent deals themselves? Um, that's the sort of that's the challenge that's facing Matt there. But I think shareholders will be quite happy in terms of they've landed the first deal and it's a decent sized deal as well: 175 compute uh megawatts for their clients with the potential to you know to add another 400 to 410 megawatts of compute power based on a very much similar PUE that they're operating on. I think 1.43 was a puE at their current site. And and if you look at Texas, we've already seen a number of deals there between 1.4, 1.45, heading towards 1.5. I think it'd be very much a similar PUE. The further south you go in the US, uh, the hotter it gets, and therefore the more additional power you require for cooling to make sure those GPs don't burn out. But um, you know, I think Matt handled himself um relatively well in his first TV interview. We've had him on the podcast numerous times. Um, he's always he's always good for uh you know uh you know to let us know you know how the business is doing there. Uh and finally, Bryce on the clean spark story there. Cancer again have come out with an overweight uh rating and a target of $26. And this is after hosting Matt Schultz and the team to go through the key takeaways from um their their recent uh contract sign there. So uh everything's looking positive today. The share price is lower than $13. So again, um, you know, Canter putting this out today um suggests that you know there may be some value in that clean spot. Stop Bryce.
SPEAKER_03Yeah, I sure think there is uh for a lot of these companies. We have a few more price targets to come now.
Keel Repositions Power For HPC
SPEAKER_03Keel infrastructure, we reported on Tuesday in relation to their Sherbrooke site. So this is an additional site to those three that Ben has committed to leasing over the summer. Uh 96 megawatt site, and they've actually now uh put out an official press release essentially talking about what we talked about on Tuesday. So I'll let you walk through uh the plans here, Anthony. It sounds like consolidating three of their existing Bitcoin mining sites, taking that power, and now purchasing a new site to use those 96 megawatts on uh for AI HPC.
SPEAKER_00Yeah, you're quite right. So the Sherbrooke projects uh, you know, based you know uh in Quebec, the city itself has approved the 96 megawatt power transfer from their three Bitcoin mining sites and also approved the land purchase for the data centre itself. They'll consolidate these into one campus um in the city of Sherbrooke. And um they've also approved a Hydro Sherbrooke agreement to combine power from, like I say, the three existing mining sites, which is now pending uh Quebec uh MEIE review. Now, Bitcoin to HPC AI recategorization has also been approved, and you know, the fact they're going to now use this 96 megawatts to deliver HPC, converting uh existing capacity towards this high value workload. Uh, there's no more additional power requested, so this is going to maximize their current uh level of power there. And the land uh, as I say, land of purchase agreement has been signed 100 miles east of Montreal, subject to inspections and municipal approvals, and expected to close in Q1 2027.
SPEAKER_03There you go. So New York doesn't want the data centers. We'll take them up here in Canada happily, Anthony. And you can see uh based on their portfolio of sites, scrubgrass yet to come online. That's the big one, the 1.3 gigawatt. So a lot of potential catalysts in the pipeline for Keel.
New Targets Plus Security And Hiring
SPEAKER_03Another one that caught our attention in terms of company and share price here, share in AI. So we had Matt Siegel on the channel recently. He talked about share and AI as a competitor to Iron, also based in Australia. They came out with a price target at Cantor, $116. And this one's interesting, Anthony. You did some digging, essentially looking at their existing deals, a CSP player similar to Iron. And if you do the math, very similar to the Childress Microsoft contract in terms of number of GPUs.
SPEAKER_00Yeah, if you add up all the sort of deals that uh Shaz have done up to now and look at the amount of GPUs and the amount of uh of power there, it represents probably about 8% of the deal that um Iron have signed with Microsoft for Horizon 1 to 4. Um, you know, around about 1.55 billion revenues, iron are going to get 1.9 billion there. Um, you know, uh iron of 76 uh thousand GPUs. This one here is about 60,000 GPUs there. So again, you know, there. And so when you look at that and you look at we've already mentioned sort of like you know, value today of iron, um, bear in mind iron have got best part of you know six gigawatts of power, they're giving a valuation of 12 billion. If you look at today's valuation as Shaz with all these deals that they've signed, and they're signing, you know, deals fast and furious at the moment, uh, their valuation at the moment's two billion dollars. Um, and so you know, maybe you know, uh Cancer's come out there with a with a you know uh a reasoning that you know this has probably been overlooked a little bit in terms of the amount of deals they've signed and the value they've been given at the moment. So one to keep your eye on. Uh we don't cover Sharon Air a lot, but uh our good friend Matt Siegel mentioned, and we saw the update come out today. We just thought we'd include it for your own for your own benefit. Um do a little bit more due diligence to us. Put in the comments if you've been buying the stock um or you have some in of in your portfolio and let us know what you think about the stock. Maybe try and get uh one of the team to come on the channel uh for an interview in the near future.
SPEAKER_03There you go. Yeah, going into earnings season, we've been scheduling interviews fast and furious as well. And uh I will say with Iron, perhaps at the moment they've got that 76,000 contract, but they've got six gigawatts worth of power or near near six gigawatts. We expect those GPU numbers and contracts to increase exponentially here over the next few quarters. Speaking of IRIN, they've also made a key uh hire chief information security officer. So we know they purchased Mirantis, they're getting more into the software, full vertical integration, CSP model, security paramount in the digital world, especially when you're handling this amount of data.
SPEAKER_00Yeah, they've made some real key appointments um, you know, lately, and this is just another one there. Eric Howersley is chief information security officer, it's going to further strengthen the executive leadership of the company, expands into AI Cloud Platform. Now, what does Eric bring with him to the company? He brings more than 20 years of cybersecurity experience, joining from New Zealand's where he served as Vice President of Engineering and Chief Product Security Officer. He's also held senior security leadership roles at Nvidia and within the US defense sector. Now, at Iron itself, he'll oversee security across the company's data center compute and software platforms, reinforcing its commitment to delivering secure enterprise-grade AI, cloud infrastructure for global customers. So another big addition. Remember, we talked earlier about these companies moving into this different type of strategy, you know, using their power for HPC. You've got to make sure you've got the experience at the top there to help you lead and deliver these strategies.
SPEAKER_03You're exactly right. Human capital is a huge piece of these companies. And speaking of, Soluna, uh, not left out either. They've now hired Ryan Carver, Chief Development Officer, and a pretty interesting track record here with Microsoft on the resume.
SPEAKER_00Yeah, they've they they they've announced the appointment today, Ryan Carver as Chief Development Officer to lead the end-to-end development of its renewable power AI HPC data center platform. Now he's going to report directly to John Belazaire, the CEO, and he'll oversee site acquisition, power procurement, design, construction, commissioning, and operations. So he's got a pretty much a whole bailiwick of um of stuff to do for the company. Now he joins from extensive experience at Microsoft, where he managed multi-billion dollar AI data center developments, bringing extensive hyperscale infrastructure expertise. And again, his appointment strengthens Saluna's execution capabilities as it accelerates the expansion of its behind-the-meter AI infrastructure strategy powered by renewable energy. And remember, in our previous podcast, uh, we talked about uh Soluna's update for the month of June. And in that update there, it suggests they've got an LOI in place now uh with a client uh for Cati 2, which is potentially a 300-350 megawatt site there uh being developed in in the near not too distant future.
SPEAKER_03Yeah, and I actually emailed John. We're gonna try and have him on the podcast in the next week or so to talk about that update. Now, closing thoughts, Anthony, I wanted to ask you a question to kind of tie things up here.
Why Prices Fall On Good News
SPEAKER_03We talk about share price, just absolute bloodbath, 30% down across the board. But every news piece we've talked about today, whether these are key appointments, new hires, increased price targets, even the New York Data Center moratorium, that just means the data centers are going to go somewhere else. All the news is positive. What's your take on this?
SPEAKER_00You know, this is this is uh you know, the whether it's people just taking you know some money off the table and moving out of the space, whether it's you know, short selling. We know a lot of these stocks have a lot of short uh short short sellers around them, TerraWolf, uh Cypher, you know, Iron, you know, a lot of these stocks have a lot of you know, Clean Spark as well's had its had its fair share of short sellers. These are people they're trying to keep that share price down there, um, you know, at the near bottom there, and and that's the challenge that you face. Um, all the news is is is generally positive. These these contracts have been exceptionally good. You know, Matt might think, you know, yes, he's not got on paper initial initial look at. We're only looking at high-level numbers. We don't know all the detail um until they start bringing out their earnings and no, and the earnings will highlight whether they're delivering that contract to specification and whether they're getting the full amount of revenue and whether they're having to pay some of it back in terms of penalties. So, you know, what sounds good in a in a headline might look very different in two years' time when we're seeing these numbers coming through every quarter from these deals. But I don't think Clean Spark was a bad deal at all. I think the fact that you know they're able to pass through the majority of cost of the client there uh through that type of lease they've got there, the same lease that Hut Ace have got, and and nobody was moaning about that particular contract there. And yes, it's not as high in terms of revenues, but you've got all look at the cost as well. It's not just about revenues, it's costs. And if they've signed a you know, a hyperscaler for that for that deal there, that's going to open all the doors for them financing. So, you know, what sounds challenging, you know, oh, it's it's it's a bit less than what Terra Wolf got last week. Well, it might be that you know they benefit from from some back-end savings in terms of financing, in terms of you know being able to you know do deliver deliver things there and pass you know a lot of the costs through that other companies will be part of their cost structure and their earnings report. So I think um you know the the booze is positive. I don't know why. And then you see Cancer, we could have put about half a dozen other um uh price targets up there, and they're all positive price targets. You know, there's so many coming out every day. I just happen to get the cancer one sent to me by email as soon as an update comes out. So uh, you know, grateful to to Brett there, who's uh one of their senior analysts, that you know, I just seem to get an email on a daily basis. As soon as the news update comes out, he sends out the uh the price target. So they're on top of things that way. Um any any if any other um you know competitors to Cancer out there are issuing price targets and watch the podcast, drop me a note and we'll we'll use yours as well there. But uh, you know, we're not we haven't got any sort of connection with with Canter. They're just one of you know 30 Wall Street companies that you know that are out there providing these. Uh we do get to meet some on occasions. We were very fortunate a couple of years ago we went down to course scientific on a bus with about 30 on the bus there. So we got to meet them all. And believe you me, um, you know, they most of them are watching the podcast. So if you are watching out there, you know, drop us a note and we'll we'll gladly show your price targets too.
SPEAKER_03There you go. I could use them, always make for
Newsletter Plug And Final Questions
SPEAKER_03a good tweet. Uh, tomorrow's Friday, you guys, newsletter coming out. We're featuring Bit The Earth Soluna among many other companies in there. So make sure you sign up at the website poweranalysis.io. And if you want to catch up on the Matt Siegel interview or any of the others we've had recently, you can do that uh as well. So let us know your thoughts in the comment section below, specifically on the New York piece of news and how that impacts your outlook on the sector. If you're holding any Shaz Clean Spark, let us know. We'll see you back here tomorrow. Thanks so much for watching.