10/8/26 :: VROCKSTAR :: 
CORZ
str8 to the core of it
– on the same day the world worries the pub key math is the risk (not quantum lol)… because OAI is spectacular at math problems. we also find out they can’t communicate or calculate (or worse, both) their own revenue figures. ironic. signs of the end times. i digress.
– from BK to hero to… “what do we do here with the picks and shovels and everything in between”. I’ll only write about the name (if there are two i’ll post twice) that is most interesting from a long perspective (even if it’s not a buy) and cover the other “comps”.
– so let’s start with the powered land/ DC developers
$corz… from BK bitcoin miner to hero to ??… we saw their shareholders give a tall finger in the middle to crwv (their biggest customer lol), and since then AMD has come to the table and become more spotlighty. so now we have to follow the AMD bonds *sigh*. 100 bps is about $1/shr for rough napkin math. then we have some ERCOT stuff coming early Dec. my base case here is about $17-20/shr (you guys and gals know i’m conservative). so it’s the only one of the group that’s actually a buy here and i re-entered today for 2.5% position (shares only). would use leverage closer to $11-12 if we get some sort of whack sell off
– then there’s 
WULF and 
CIFR which i swear are the same company (they’re not) but they always seem to trade exactly the same. same analyst views, similar fundamental figures, v similar sizes etc.
– CIFR has the better tenant (amzn and fluidstack/ googl); massive TX stack (helpful when the rest of the states can’t decide if DCs are good or bad lol), but overpx’s > $10/shr
– WULF exposed to a NY governor that wants you to put on clown makeup and dance to do business. tough. doesn’t touch existing permits, but let’s be honest… perp overhang for now, still awaiting financing re anthropic and honestly, they’ll probs get it inside YE, but it’s still TBD, a day like today doesn’t help “sentiment” (whatever that even means anymore idk)
– i’d probably need a way bigger discount to care about this one vs. CIFR which i already think is inferior to CORZ
then there’s $apld. i’ve trolled it in the past. in earnest, they’ve done a nice job and probably i’d buy it ahead of CIFR (not yet), ND is a bit more business friendly, which is great. but also 
ORCL exposed (if orcl is going to work.. i’d rather just own that one, it’s way more liquid/ controversial etc.)
– now $dgxx… love the cerebras link (which i bot today, welcome back to the port 
CBRS)… smol… lotto tix tough in this tape, insiders net buyers “good”, rates okay… (lol CBRS you overpaid!) anyway, radar but “too complicated” while rest of tape, notably CORZ is way more obvious and under my NAV est.
– finally $keel. like the team. but the promised three leases… permits running late… but we need a tenant bois. again, when there are more obvious buys (corz) then this one just is not important or big enough to care. in tapes like this one, you focus on the 1 or MAYBE 2 names that are best. don’t spray and pray until we hit bull take off
– have like 16 categories of these ai-linked names guys. so will post a new set ever day or so. today i decided to do the “closest to the power but not IPPs” set. DC and powered land day lol.
hope it helps, happy to dive deeper in comments if there is any interest on my math, additional logic. spent a few hours on this today and updated a bunch of older models :)
V