Daily Alpha · Substack
· Post-Market Alpha · by Buzzberg Research
Long-form analysis focuses on the infrastructure implications of new AI models and the pivot of Bitcoin miners to AI data centers.
Themes on this desk
Miner to Neocloud Pivot
Bitcoin miners unlocking massive valuations by leasing power to hyperscalers.
CleanSpark signs $6.6B AI data center lease
CleanSpark signed a 20-year, $6.6B triple-net lease for 175 MW of capacity with a confidential tech company, with an exclusivity option on an additional 885 MW in Texas.
The deal shifts CleanSpark from a pure-play Bitcoin miner to an AI data center landlord, potentially re-rating the stock to higher EV/sales multiples.
Watch Conversion of the 885 MW Texas exclusivity window into a definitive contract.
Source →Kimi K3 hardware requirements favor high-end infrastructure
Kimi K3 is so large it requires GB300-class hardware (e.g., NVL72, B300) to load weights, reinforcing demand for high-end inference infrastructure.
Increased competition at the model layer may drive token consumption (Jevons paradox), shifting margin capture to the infrastructure layer (NVIDIA, hyperscalers).
Watch Continued capital expenditure by hyperscalers despite potential model commoditization.
Source →