Al Infra及数据中心：半导体厂商提供支持

Al Infra & Data centers: The Semis guys have your back - CORZ,HUT new deals with AMD, NVDA with a neocloud (with credit support by AMD).HUT announced a 704MW with a singletenant (reported by FTto be Nvidia -link).AMD has also reserved 20OMW capacity withRiOT. We are seeing deal structures evolve to direct master leases with investment gradetenants (bothhyperscalerand Semis).Weshareourtakeaways acrosstheecosystemofAlinfra developers, Neoclouds and Semis. +91226842 1416gautam.chhugani@bernsteinsg.com +19173448622madison.rezaei@bernsteinsg.com In contrast to the neoclouds, the Emerging Al infra names are building physical facilities butnot acquiring hardware.Miners arethelandlords with approved power grid connectionsand are in the business of providing powered shells.Miners are better placed withcounterparty risk directly with investmentgradetenants (such as hyperscalers orSemis)eventhoughtheeventualoperatorsmightbefrontierlabsorneoclouds.Weviewthedirect dealstructure with investment grade tenants superiorto prior deal structures withneoclouds orfrontierlabs (withacredit guarantee froman investment gradetenant-e.gFluidstack/Google).We would expect direct master leases would further lower financingcostvs.the prior credit guarantee structure.It alsoreduces developer counterparty riskforlongtermleases withduration now extendingto15 years or20years in some recent deals.Refer Exhibit 1-Exhibit 3 for deal structures across the Al infra landscape. +12135595917stacy.rasgon@bernsteinsg.com +912268421408mahika.sapra@bernsteinsg.com Sanskar Chindalia+912268421445sanskar.chindalia@bernsteinsg.com Harsh Misra+91226 842 1457harsh.misra@bernsteinsg.com Neocloudsdon'thavethebalancesheetstobuildtheirownfacilitiesatscale,nordodevelopers (including Emerging Al nfra providers) want to take the risk on themfor a 15-yearleaseterm...enterNVDAand AMD.The semis manufacturers are increasingly steppingin to support neocloud leasing.This hasbeen true forquite some time in privateguarantordeals, and obviously via NvDA's equity stake in several neoclouds,but it is making newwaves withthedirect Semi's involvement. Alrick Shaw+1917344 8454alrick.shaw@bernsteinsg.com Arpad von Nemes+1917344 8461arpad.vonnemes@bernsteinsg.com Foroursemiplayers (likeNvDAandAMD)investors havehadgrowing concerns overso-called“circular" deals, which have run the spectrum from equity stakes and cross-investmentstowarrantstobackstops.Inthesecasesthough(inanenvironmentwherecompute demand is off the charts but the powered shells and land to put it in are superscarce)the above deals feel a bit gentler to us as our companies use their credit ratingsand (someof)their strongbalance sheets hereto ensurethat customersclamoring todeploy compute have somewhereto locate it (and if it encourages thatcomputetobuildoutaround their own products and ecosystem, so much the better).And risks around the terms Eva Zhang+12128457839eva.zhang@bernsteinsg.com Nancy Wu+19173448545nancy.wu@bernsteinsg.com INVESTMENTIMPLICATIONS EmergingAlInfrastocksremainwell positionedtosolvetimetocompute'giventheirplanned3oGWpowerportfolioandoperating ability todeliver'warmpowered shells'in time.Over the pasttwo years,miners havecontracted 8 Gw of powercapacity to hyperscalers,neoclouds and Al-chipmanufacturers across 20+deals worth over $160Bn. WerateWULFOutperform (PT$36),CIFROutperform (PT$32),CORZOutperform (PT$32),CLSKOutperform (PT$24),RIOTOutperform (PT $3O) and MARA Market-Perform (PT $17).We continue to like IREN as a vertically integrated neocloud.We rateIREN Outperform (PT $100). NVDA (Outperform, $315 PT): The datacenter opportunity is enormous, and stll early, with material upside stll possible. AMD (Outperform,$6ooPT):Expectationsremainhigh, but exposureto Aldemand driving botha CPUand GPUstory canprovide substantial growth. AVGo (Outperform,$550PT):Astrong 2026Altrajectoryseemssettoaccelerate into2027and beyond,bolstered bysoftware, cash deployment, and superb margins &FCF. CRWV: (Underperform, $67 PT): We dislike the fundamentals of CRWV, believing the company will struggle to remaincompetitive as theGPUaaS space evolves and legacy power assets are leased. Our $67 price target is based on an EnterpriseValue calculated as 28.4xour 2027EAdj.EBITper share of $5.81. CORZQ2UPDATES-1.1GWCONTRACTED,437MWDELIVEREDAND2GW+POWERPIPELINE CORZ has announced infrastructurepartnershipwithAMD TheCORZ-AMDpartnershipis anchored by~53oITMWcapacitycontractedacross5CoreScientific sites,representing$14Bnof revenue over 15 years.The partnership is structured as a combination of directleasewithAMD for377ITMW anda neocloud(name notdisclosed) foranother 152 ITMW.Key deal terms include: (i)Scale:The initial partnership includes530ITMW contracted against $14Bn revenueover15 years.The tenants alsohavethree 5-year extension options. The partnership provides a significant monetization runway with AMD having options to contractadditional 1.9 IT GW (cumulative 2.5GW of leasable capacity). (ii) Re