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Equal-weight “Neocloud” ETF:
1. $GLXY
2. $WULF
3. $CIFR
4. $APLD
These were the most compelling to me based on four metrics:
1. Counterparty quality (likelihood of cashflows)
2. Secured -> Energized gap & schedule (when does it start paying?)
3. EV / Total Secured MW
4. Balance sheet capacity
It's very hard to pick a clear sector winner since every name ranks differently:
> WULF are top for the Secured -> Energized schedule but have the weakest balance sheet.
> Similarly, GLXY has the best balance sheet w/ low dilution risk, but they have some counterparty risk due to 100% concentration on $CRWV.
> Then you've got $APLD who built around their CoreWeave exposure w/ a more diversified book now i.e. 200 MW hypserscaler agreements.
That's basically the reasoning for constructing an ETF.
Then looking into H2'26 and 2027+, my thinking is that the sector should continue to outperform since lease revenue flows around then. Which is where the cash flow becomes contracted + longer-dated, which warrants AI infra multiples rather than lower miner multiples.
Will be fun to track how the ETF performs over time though (dollar amount is for illustrative purposes only).
Disclosure:
The ETF forms a fairly small portion of my wider portfolio given how violent the betas are.
If we see significant dips (>10%) then I'll buy more, if not, I'll let it compound. If I need cash for more compelling/higher conviction buys (e.g. a $SNDK / $MU dip), then I'll likely trim the ETF.
Paradis Labs@ParadisLabs
Doing extensive analysis on the wider neocloud ecosystem. I'm curious: which one of these names is your favourite? Ranked by market cap: $HUT @ $13.38B $GLXY @ $13.01B $WULF @ $12.91B $APLD @ $12.20B $CIFR @ $10.02B $CORZ @ $8.77B $CLSK @ $4.23B $SHAZ @ $1.04B $HIVE @ $1.38B CAD $WYFI @ $953M Any others I should look into? Other than the obvious $NBIS / $CRWV / $IREN type names. Disclosure: - I personally hold positions in a lot of these companies from 2025. - Current research is to identify the ones to increase concentration in / start new positions in.
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