Clifford

THE COMPUTE CAPACITY BOTTLENECK $GOOGL just admitted Google Cloud is leaving revenue on the table because it cannot build capacity fast enough with shifts the bottleneck to companies with the power, real estate & operational scale to deploy AI compute: 1. $NBIS building the AI-native cloud layer through vertically integrated GPU clusters & software optimized for training + inference. $NVDA just wrote wrote a $2B check & Nebius now has a $46B contracted backlog, anchored by ~$19B $MSFT deal & ~$27B Meta partnership through 2032. 2. $IREN building the renewable-powered AI compute layer by turning low-cost power into GPU cloud capacity. The pivot to AI cloud is now backed by a ~$10B $MSFT contract, 2.9 GW of grid-connected power expanding to 4.5 GW+ & targeted 140K GPU buildout that could drive $3.4B of ARR by year-end 2026. 3. $DOCN building the agentic inference cloud layer for developers & long-tail AI workloads. AI customer ARR is up 150% YoY to $120M, over 70% comes from inference services & $1M+ customer ARR is up 123% to $133M. 4. $CRWV building the dedicated AI cloud platform for frontier model developers. The company has ~$67B of contracted revenue backlog (nearly $88B including Anthropic) with major commitments from OpenAI & Meta. 5. $CIFR building the Google-backed AI data center layer through contracted power & hyperscale leases. Barber Lake has 300 MW fully contracted with Fluidstack (Google backstops $1.4B with a ~5% equity stake) and AWS signed a separate $5.5B 15-year deal for another 300 MW of capacity. 6. $WULF building the power-backed AI compute layer through long-term data center leases. Lake Mariner has 360 MW tied to Fluidstack backed by a $3.2B Google guarantee & new Abernathy JV adds 168 MW over 25 years representing $9.5B in contracted revenue with $1.3B of Google lease support. 7. $APLD building the purpose-built AI data center layer through its Polaris Forge 1 campus in North Dakota. The full 400 MW critical IT load is contracted to CoreWeave under ~15-year leases worth ~$11B in expected revenue with first 100 MW delivered in Q4 2025 & another 300 MW targeted through 2027.

PALANTIR $PLTR Q1’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $1.63B (Est. $1.54B) 🟢; +85% YoY 🔹 Adj. EPS: $0.33 (Est. $0.28) 🟢 🔹 Adj. EBITDA: $990.3M (Est. $886.7M) 🟢; 61% margin 🔹 U.S. Revenue: $1.282B; +104% YoY / +19% QoQ 🔹 U.S. Commercial Revenue: $595M; +133% YoY / +18% QoQ 🔹 Rule of 40 Score: 145% Q2 Guide: 🔹 Revenue: $1.797B - $1.801B (Est. $1.68B) 🟢 🔹 Adj. Income From Operations: $1.063B - $1.067B FY Guide: 🔹 Raises Revenue: $7.650B - $7.662B (Est. $7.68B) 🟡 🔹 U.S. Commercial Revenue: In excess of $3.224B; at least +120% YoY 🔹 Adj. Income From Operations: $4.440B - $4.452B 🔹 Adj. FCF: $4.2B - $4.4B 🔹 GAAP Operating Income & Net Income: Expected in each quarter this year Segment Performance: 🔹 U.S. Revenue: $1.282B; +104% YoY / +19% QoQ 🔹 U.S. Commercial Revenue: $595M; +133% YoY / +18% QoQ 🔹 U.S. Government Revenue: $687M; +84% YoY / +21% QoQ Other Metrics: 🔹 Deals Closed: 206 deals of at least $1M 🔹 Deals Closed: 72 deals of at least $5M 🔹 Deals Closed: 47 deals of at least $10M 🔹 TCV: $2.41B; +61% YoY 🔹 U.S. Commercial TCV: $1.176B; +45% YoY 🔹 U.S. Commercial RDV: $4.92B; +112% YoY / +12% QoQ Financials: 🔹 Adj. Income From Operations: $984M; 60% margin 🔹 Adj. Net Income: $856.5M 🔹 Cash From Operations: $899M; 55% margin 🔹 Adj. FCF: $925M; 57% margin 🔹 Cash, Cash Equivalents & Short-Term U.S. Treasury Securities: $8.0B Commentary: 🔸 “Palantir's Rule of 40 score has soared to 145%.” 🔸 “We have shattered the metric, a feat matched only by other fellow AI infrastructure companies: NVIDIA, Micron and SK hynix.” 🔸 “Momentum surged as we grew 85% last quarter—our highest-ever year-over-year growth rate—by more than doubling our U.S. business, and now we are raising our full-year revenue guidance to 71% growth, 10 points ahead of our guidance from last quarter, driven by our confidence in an accelerating U.S. market.”

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