Aug 28, 2026/Friday briefing
IREN’s 10-K is the interconnection document, not the GPU brochure
The annual report landed Thursday. Capacity talk is cheap. The filing still runs through power, latency, and customer concentration.
AI data center briefing
GPU clouds, HPC hosts, miner conversions, power, permitting, financing, SEC filings. Sample archive — weekday desk voice.
Aug 27, 2026/Thursday briefing
Core Scientific keeps filing toward CoreWeave. Close is still a process.
Another 8-K, another stack of exhibits. The combination is real paper. It is not, yet, a converted campus.
Aug 26, 2026/Wednesday briefing
Nebius dropped another 6-K. The constraint is still not GPUs.
A foreign-issuer current report is not a capacity add. Nebius and CoreWeave still tell the Commission the same story in different forms.
Aug 25, 2026/Tuesday briefing
Lake Mariner is a power site first. The tenant question is second.
TeraWulf’s New York campus is the one investors can visit. The 10-Q does not turn a construction update into a contracted GPU cloud.
Aug 24, 2026/Monday briefing
Ellendale is still a sequencing problem: power, then hall, then tenant
Applied Digital’s North Dakota campus is the beat. The July 10-K describes development. It does not describe a finished offtake stack.
Aug 21, 2026/Friday briefing
Vertiv sells the room. It does not sell the megawatts.
Cooling and busway lead times are a real constraint. They are not a substitute for an interconnection agreement.
Aug 20, 2026/Thursday briefing
Hut 8’s mix shift is a disclosure, not a thesis
The Miami-domiciled operator still files as a miner that hosts. HPC language is in the deck. The 10-Q is still a power and concentration document.
Aug 19, 2026/Wednesday briefing
Renaming a subsidiary ‘Buzz’ does not move a queue
HIVE’s HPC branding is now explicit in the org chart. Interconnection and hydro contracts are what the 10-Q still prices.
Aug 18, 2026/Tuesday briefing
Cipher Mining is Cipher Digital. Texas has not noticed.
The legal name changed in the 10-K cycle. The West Texas interconnection and offtake questions did not.
Aug 17, 2026/Monday briefing
Shelf paper is not a raise. It is permission.
TeraWulf’s S-3ASR and IREN’s 424(b) supplements are capacity documents. Treating them as priced offerings is how the week gets marked wrong.
Aug 14, 2026/Friday briefing
The electrons have owners. Most GPU decks do not.
Vistra and Constellation are not ‘AI trades.’ They are the counterparties who can sign a multi-year load.
Aug 13, 2026/Thursday briefing
Bitfarms filed as Keel. The campuses did not relocate.
A Delaware rename does not change Quebec hydro or a LatAm conversion timeline.
Aug 12, 2026/Wednesday briefing
Hash-rate filings, AI footnotes
Riot and MARA still report as miners. The AI optionality language is in the slides. The 8-Ks are still about machines, sites, and liquidity.