Bank of America: $NBIS $310 PT is based on 8x our CY27E EV/Sales, at the high end of the cloud data center peer group at 5-8x, related to strong revenue growth.

China: Optical transceiver equipment market size to reach RMB30bn+ in 2026E, with 67% CAGR over 2025-28E $AAOI $LITE $COHR

Morgan Stanley expects a few lease deals over the next month including $RIOT Corsicana and potential $APLD lease expansions.

Bank of America’s bottom-up GW analysis sees ~212GW incremental capacity from 2026 to 2030 $BE $GEV $NUAI $SPCX

According to the Silicon Data H100 Rental Index, rental prices are more than 40% above the low despite Hopper GPUs being three generations old (if you count Rubin). $NVDA $AMD $SPCX $NBIS $IREN $CRWV

$NBIS: On-demand GPU rates increased ~17%-21% effective October 1st, 2026: Second hike in four months, bringing cumulative list rate increase to ~50%. B300 GPUs reaching $9.50/hour. Short- term capacity (six months or less) commanding $40-$50M/MW vs. $20-$25M/MW for 1-3 year contracts.

Morgan Stanley on PSPs: We view this as an opportunity to own stocks with the underlying, high quality value not reflected in current valuations. $WULF: $65 $CIFR: $51.50 $MARA: $10 $HUT: $275 $GLXY: $43 $APLD: $41 $RIOT: $35.50

Time to power bottleneck: US interconnection timelines increased from 1.5 years in 2005 to >5 years in 2025 Behind-the-meter (BTM) power has been pushed to 22% of data center projects under construction and 40% of the pipeline. $BE $NUAI $NBIS $CIFR $GEV $SLNH

Microsoft has committed at least more than ~$50 billion to neocloud capacity because Azure demand is still ahead of what it can build on its own. $MSFT $NBIS $SPCX $IREN $CRWV

$APLD CEO Wes Cummins purchased 55,803 shares at an average price of $18.04 on October 16th, 2026

$SLNH signed a definitive agreement with Applied Digital $APLD to form a joint venture for a planned 50 MW AI data center. The project would occupy Soluna's Dorothy 3 site near Silverton, Texas. Soluna is expected to contribute land and power-related assets, while Applied is expected to provide development capital. After closing, Applied is expected to own 51% and Soluna 49%. Closing is expected by year-end 2026, subject to county tax-abatement approval, title policies, corporate approvals and execution of operating, lease, power and other agreements.

$IREN to Advance Europe’s Sovereign AI Ambitions with 300MW Spanish Campus • Planned 300MW Badajoz campus provides foundation for European AI Cloud capacity; initial operations targeted for 2028 • IREN establishes IREN Europe, with Roberto Purcaro appointed as Executive Director for Europe, and the European board chaired by former Banco Santander CEO Ángel Corcóstegui • Campus designed for compatibility with NVIDIA DSX AI Factory Platform; IREN to offer managed AI cloud services for customers with data residency and operational requirements

$NBIS director Arne Grimme purchased 148 Class A shares on October 19, 2026, at $169.99 per share under a Rule 10b5-1 trading plan adopted June 15, 2026. The purchase was reported as a direct transaction. Grimme's directly held position after the purchase was 6,329 shares.

Bank of Nova Scotia reports 4.92% stake in $WULF The reported 4.92% position is below the 5% threshold, while the bank reports sole voting and dispositive power over the shares.

$SLNH raises authorized shares to 1 billion Soluna increased its authorized common stock from 375,000,000 shares to 1,000,000,000 shares through a charter amendment approved by stockholders and effective immediately on October 16, 2026. The proposal received 144,378,143 votes for, 13,309,538 against and 496,920 abstentions. Stockholders approved potential issuance of 20% or more of issued and outstanding common stock under the Standby Equity Purchase Agreement.

$BTDR September 2026 AI cloud update: • Capacity Expansion in Malaysia: Bitdeer AI recently announced data services agreements securing 67MW of capacity at A901 data center with full delivery planned for Q2 2027 and an additional 60MW of capacity at A103 data center with delivery planned for Q1 2028. • Contracting of A201 Facility in Malaysia: Bitdeer AI announced offtake commitments covering more than 70%of our ~21.7MW A201 data center in Johor Bahru, generating >$1.7 billion in expected revenue over 5 years and boosting total AI Cloud revenue backlog to ~$2.9 billion.

BofA projections have $CRWV generating ~$43.3B for FY2028