新兴AI基础设施：第三方算力交易具有持续性，交易和执行持续强劲

Emerging AI Infra: The 'third party capacity' trade has legs -continue to see strong deal traction and execution Emerging AI Infra stocks (former crypto miners) continue to see strong investor interestwith a series of new deals announced in recent weeks. Our industry deals tracker for minershas seen a new deal every week in July, with combined deals standing at over 7.5GWcontracted equivalent to $150Bn multi-year contracts. Investors debate the durability of‘third party capacity’ as hyperscalers/AI labs build their own capacity. We believe, the ‘timeto power’ and GW-scale power pipeline (with future energization schedules extendingtill 2028-2030) is even more valuable given the supply constraints amid rising politicalbacklash to data centers - majority of miner capacity in red states such as Texas. We arguefurther, Bitcoin miners are not given enough credit for execution - we are seeing a patternof on-time delivery driven by years of experience in managing construction, labour andthe power equipment supply chain. We are overweight on the sector, although, we arewatching closely for which management teams break out on execution and durable clientrelationships. Gautam Chhugani+91 226 842 1416gautam.chhugani@bernsteinsg.com Mahika Sapra+91 226 842 1408mahika.sapra@bernsteinsg.com Sanskar Chindalia+91 226 842 1445sanskar.chindalia@bernsteinsg.com Harsh Misra+91 226 842 1457harsh.misra@bernsteinsg.com Recent co-location deals have seen improving economics for infra developers, througha combination of better revenue yield and high margin conversion (triple net structure).WULF’s deal with Anthropic stands out with average annual revenue of $2.4Mn per ITMW, indicating a 30% improvement on the industry average ($1.8Mn per IT MW). CLSK’sand HUT’s deal (~$1.9Mn/MW) stand out with 100% NOI margin structure, essentiallyconverting full revenue into EBITDA. Beyond the contracted orderbook, miners are demonstrating their ability to managesupply chain, labour force and community relationships amid political challenges to datacenter build-out. Players like (WULF, GLXY and RIOT) have energized initial phases of theircontracted capacities on time. We expect delivery pace to pick up in H2’26 with WULF(delivering 378 IT MW to Fluidstack), CORZ (scaling to 450 IT MW with CoreWeave) andCIFR starting phased delivery of AWS and Fluidstack contracts. IREN has upgraded their CY26e ARR guidance from $3.7Bn to over $4Bn. 85% of theARR is already contracted, while IREN remains in active customer discussions acrossits entire 2026 and 2027 expansion pipeline. For IREN’s recent AI cloud contracts, weestimate a 20-25% pricing improvement vs initial contracts. Further, IREN managementindicated customers prepaying upto 45% of GPU capex. Beyond long term contractswith Microsoft and NVIDIA, IREN’s cloud customers now include a broader list of clientsPerplexity, Fluidstack, Fireworks, Figure AI (robotics) etc. BERNSTEIN TICKER TABLE INVESTMENT IMPLICATIONS Emerging AI Infra stocks remain well positioned to solve ‘time to compute’ given their planned 30GW power portfolio andoperating ability to deliver ‘warm powered shells’ in time. Over the past two years, miners have contracted 7.5 GW of powercapacity to hyperscalers, neoclouds and AI-chip manufacturers across 20+ deals worth over $150Bn. We rate WULF Outperform (PT$36), CIFR Outperform (PT$32), CORZ Outperform (PT$32), CLSK Outperform (PT $24), RIOTOutperform (PT $30) and MARA Market-Perform (PT $17). We continue to like IREN as a vertically integrated neocloud. We rateIREN Outperform (PT $100). DETAILS Interconnect queue based on ERCOT’s July 2025 status updateSource: ERCOT, company presentation, Bernstein analysis EXHIBIT 5:Political and regulatory constraints to data centers AI COLOCATION - GROWING ORDERBOOK, IMPROVING ECONOMICS AND ON TRACK EXECUTION Emerging AI infra players (former crypto miners!) have so far contracted ~7 GW of gross power for long-term AI colocationleases to multiple customers including hyperscalers, neoclouds, enterprises and high investment grade tenants. Based onthe names we track, the industry AI colocation orderbook stands at ~$135Bn (excluding the expansion options). So far in July,miners have contracted 1.2GW gross power across 3 colocation leases, securing $35Bn in total contract value. We share keytakeaways from recent deals: (i) Strong deal momentum across new and existing customers:Our emerging AI infrastructure players (former Bitcoinminers) continue to sign new colocation deals with both existing and new customers. In our view, a growing new customerbase and expanding relationship with existing tenants benefits both established infrastructure players (like HUT, WULF) andnew entrants like (CLSK). Recently, WULF signed a $19Bn deal with Anthropic (link), CLSK signed a $6.6Bn deal with globaltechnology company (link) and HUT signed another $9.8Bn deal with an existing high investment grade client. Repeat contractsare a strong indicator of imp