Block

On vacation but dropping a few quick thoughts on $NUAI’s recent earnings call. Overall, very solid! Here are the few things that caught my attention: 1) Management has done a full U-turn, going from telling you exactly when the hyperscaler deal will be announced to saying they have no control over that timing. While that sounds disappointing on the surface and somewhat nebulous, Will provided good insight into what he really thinks and how the company is progressing. It is very clear to me from his comments that $NUAI is moving forward with development as though the HS agreement is a certainty. That’s very big news. It tells me they have supreme confidence about what’s going to happen, and you really can’t do that if you don’t have leverage over the HS. NUAI clearly does. Having gone through the same journey with a household-name HS myself, I know that the process of signing an HS deal is not linear, and I sympathize with management. It was a little naive of them to predict when definitive documents would get signed, but reality has now set in. 2) TCDC Phase I energization in Q3 2027 is on par with prior guidance. Sounds like there is a need to have it done by then, even though signing of definitive agreements is shifting. After learning the hard way about dealing with an HS, I suspect it isn’t a self-imposed deadline. Instead, it likely has everything to do with the HS’s demands. So, how does that change the thesis? Between 1 & 2 above, there is no change whatsoever. Path to signing is slightly delayed, but timing to cash flow remains intact. 3) Charlie was excellent on the horn. He demonstrates a strong command of the technical, financial, and macro drivers of the thesis. I expected nothing less. Not his first rodeo. Now it’s execution time. 4) Ted Warner brings tremendous financial and transactional depth to the bench. Really hard to overstate this point. Ted has been at the heart of many important financing transactions in the space, and his compensation aligns very well with shareholders. For him to make this career leap is a huge vote of confidence for the NUAI platform and for Will’s leadership. Ted could have hit the easy button and continued his illustrious career in banking. The fact that he is now willing to run the hard yards with NUAI is a monumental win for the company. I suspect he has some very accretive tricks up his sleeve. 5) I am a big believer in standardized, modularized AI data centers. Standardization allows best practices to be adopted and scaled quickly. Modularization allows build flexibility while meeting the rigors of a complex build such as an AI data center. The two announcements I thought were highly understated relate to the establishment of the Atom platform and the partnership with X-turbine. Would love to hear more from management on this in coming quarters. There is a lot to unpack here!! Overall, I thought this was an excellent earnings call. The task of reporting on a company that barely exists today is a challenging one for any management team to navigate. I thought Will, Charlie, and Ted did a great job of covering the key elements of the business that will push the company into hyper-growth mode. I know the average investor is focused on a tenant announcement. The alpha is in reading the tea leaves that, in aggregate, amount to a lot more than just a tenant announcement. Focus on the alpha. The rest is noise.

@midlevelcruiser Its not my fullport but it's a big port and only datacenter play 😁🤑

@theBestBlock big balls move 🫡

the easiest way to settle the $NBIS vs $IREN debate is to shut up and buy both

@AtlasShrug1 @GavMcCracken @toiletkingcap So what does that mean for our beloved nuai? If this crash happens it would certainly fall harder than commodities 🤥

Lol…you should read more. History never repeats but it most definitely rhymes. This reminds me of a hybrid 99-00 (tech bubble but not as bad as dot com) and 07-08 (housing had rolled, financials started rolling, only thing working before everything crapped out was oil/gas/uranium/ferts. Metals too, just not to same extent bc back then ppl were buying into Matt Simmons’ “peak oil” narrative as well as a ridiculous Malthusian global famine thesis). Good times.

Too lazy to write a substack article about this so here you go, a substack note. TL;DR: being a mine within the USA is going to earn a substantial premium because well, the USA won't have a fuel shortage. GL to most other mines in other countries. substack.com/profile/107754…

I think Sam forgot the other half of his post: “Now shut up and be happy we don’t need you anymore. Siphoning the collective intelligence of mankind is going really well, and soon everyone will be renting it back from us with the money they get through UBI. Own nothing and be happy!” My honest take: AI is amazing. I genuinely love the tool. It’s been incredibly freeing for my creativity, my work, and my research. Not to mention the democratizing of knowledge and the scientific breakthroughs etc. But the downsides hit hard. The models are optimized for engagement through constant appeasement. We’re in the middle of the fastest rollout in history, shutting down any real talk about regulation, safety, or security before we even understand what we’re building and wiring into every system we have. We’re accelerating job displacement for billions with zero social safety net, throwing caution to the wind for “progress” and someone’s version of utopia-yet they never show us the roadmap or what we’re actually heading toward. They’re vacuuming up our collective thoughts and data, then planning to charge us for access while preaching UBI as the fix. It makes my head spin watching the tech-bro bullshido… because this is how they actually talk about regular humans: Elon Musk calls empathy “the fundamental weakness of Western civilization.” Peter Thiel says unless you’re “a little bit racist or a little bit sexist or just really funny,” everybody else will get replaced by AI. Marc Andreessen claims slowing down AI development “is a form of murder” because it costs preventable lives. Sam Altman dismisses entire classes of wiped-out jobs as ones that “weren’t even ‘real work.’” Bill Gates states bluntly that “humans will no longer be needed for most things.” Larry Ellison, Marc Benioff, and the rest are right there with them. They want our unwavering support to make these plans reality. If they expect that, they owe us full transparency: What the hell are you actually building? Why this insanely fast? And why without proper protections for the people? At the core, I’m a humanist optimist: humans aren’t the bug. We’re the ones who built this, who dream up the goals, who assign meaning. The tech should serve that…. not render us renters of our own intelligence.

@jiahanjimliu @4thRevBull If Dulce is more bullish on nuai then it's a buy and hold! Same with Kash and Zach. All the iren whales are Uber bullish x.com/i/status/20336…

Great analysis from @4thRevBull on $NUAI CFO's compensation structure suggests no deal in March, likely delay to mid year.

Now apply this train of thought to $NUAI Once they're proven and everyone wants in, it's too late

@bygregorr @chrispisarski Yep.. just like joining Nvidia and Tesla like precovid. Before it was mag7, it was only faang

@chrispisarski The real miss wasn't the equity math. It was not recognizing that "experimentation phase" is exactly when the best bets happen. What's a safer bet to you: a rocket before or after it's already in orbit?

7 months ago, someone on Reddit passed on a sales role at Anthropic because Claude was still in the "experimentation phase" and he didn't want to bet on equity this was when Anthropic was valued at $41B today they are at $380B

$NUAI is down after its investor presentation. I’m not particularly surprised given that no definitive deal was announced. However, the management team described the long-term vision for the company, which I believe is essential for properly understanding the bull thesis. I warn you in advance: the following post is long. And yes, I used Claude to help me research and write it. Executive Summary AI infrastructure demand is compounding faster than the industry can finance it. The binding constraint is not technology—it is capital structure and site access. Most developers are balance-sheet constrained, limiting how much they can build and how fast. NUAI is purpose-built to break through both constraints simultaneously. This document presents the investment narrative across six themes that matter most to investors: why behind-the-meter power is valuable, how NUAI’s GP/LP platform solves the dilution problem, where revenue comes from, how strategic partnerships de-risk execution and accelerate delivery, what makes NUAI’s modular data center product valuable, and why this team is uniquely positioned to win. The main takeaway is obvious: NUAI is not a single-asset data center developer. It is a scalable platform—one that pairs proprietary site access with an unconstrained capital model to meet hyperscaler demand at a pace and scale that no other publicly traded company can replicate. NUAI’s business model enables it to build faster, scale more, and dilute less. 1. Why Behind-the-Meter Power Is Valuable The single most important input to AI infrastructure is power. Electrons are electrons—but the ability to deliver reliable, large-scale power to a data center site within a commercially viable timeline separates viable projects from stranded ambitions. Behind-the-meter power is the key to unlocking that delivery. The Grid Is Not the Answer at Scale Front-of-meter, grid-connected power is genuinely scarce and growing more so. ERCOT is heavily congested, interconnection queues are lengthening, and new regulatory burdens are making grid-connected capacity increasingly difficult and time-consuming to secure. For a hyperscaler that needs power in twelve to twenty-four months, the grid simply cannot deliver at the scale required. Behind-the-meter sites change the equation entirely. One-gigawatt, two-gigawatt, even multi-gigawatt behind-the-meter sites exist—and while they are not easy to find or develop, they are categorically more available than equivalent grid-connected capacity. This is the most abundant category of viable AI compute sites, and it is the category that balance-sheet-constrained, grid-only developers cannot access. Unlocking Hyperscaler Portfolios Hyperscalers need scalability. As their demand for compute grows exponentially, they require larger and larger sites with reliable, long-duration power. Grid-connected sites cannot satisfy that trajectory. Behind-the-meter access opens the aperture: it allows NUAI to offer sites at a scale and speed that directly addresses the hyperscaler’s most pressing bottleneck. This is not a marginal advantage. It structurally expands NUAI’s total addressable pipeline and, by extension, the total addressable pipeline available to its customers. Why It Is So Hard Making a behind-the-meter site as reliable and commercially viable as a front-of-meter site requires deep engineering, significant capital, and commercial sophistication that the vast majority of developers simply do not possess. This skill set typically requires decades of directly relevant experience—experience in power systems, site development, regulatory navigation, and infrastructure engineering simultaneously. It is not a capability that can be acquired quickly or replicated easily. NUAI is, to my knowledge, the only publicly traded company that has made behind-the-meter development its core competency and foundational business model. That distinction matters: it means every dollar of enterprise value is built on a capability that most competitors cannot match. 2. The GP/LP Platform: Solving the Dilution Problem The question investors ask most frequently—after “when is the first deal?”—is how a micro-cap company can finance ten billion dollars or more in data center capital expenditure without diluting shareholders by a commensurate amount. The answer is structural, and it is the single most important design feature of the NUAI platform. The Midstream Analogy For investors familiar with midstream energy, the model will be immediately recognizable. Midstream operators do not fund every pipeline and processing facility from their own balance sheet. They raise project-level capital through limited partnerships, retain GP-level economics, and earn returns that are levered relative to their equity contribution. NUAI applies the same architecture to AI infrastructure. NUAI operates as the General Partner across a portfolio of data center projects. Limited Partners contribute the majority of project equity, while NUAI retains disproportionate economic upside through GP-level carried interest, management fees, and operational economics. This generates levered returns at the GP level—creating enough economic surplus to share with capital partners while preserving meaningful upside for NUAI shareholders. Why This Solves Dilution In a traditional developer model, every new project requires the parent company to raise equity or debt, expanding the balance sheet and diluting existing shareholders in rough proportion to the capital deployed. The GP/LP model breaks that link. Capital grows to match opportunity, rather than the other way around. The parent balance sheet is no longer the bottleneck; LP capital does the heavy lifting, and NUAI shareholders capture returns that are levered to the total capital deployed across the platform. How NUAI Generates Revenue The GP/LP structure creates multiple, distinct revenue streams: GP Carried Interest. NUAI earns a promoted share of profits above LP return hurdles. As each project generates distributable cash flow, the GP’s share is disproportionately large relative to its equity contribution. Management and Development Fees. NUAI charges fees for sourcing, developing, constructing, and managing each project. These provide recurring, predictable revenue from the earliest stages of development. Operational Economics. Ongoing revenue from power procurement, site operations, and infrastructure management flows to NUAI as the operating partner. Land Contributions as Equity. Critically, NUAI can (for theoretically each project) contribute land—rather than cash—as its GP equity stake. This is a powerful lever: land that NUAI acquired for ten to twenty million dollars may be appraised at one hundred fifty million dollars or more at the time of contribution. The result is a dramatically amplified equity position with minimal cash outlay, further reducing the dilution required to fund each project. Taken together, these streams mean that NUAI earns revenue at every stage of the project lifecycle—from sourcing through stabilized operations—while deploying far less cash equity than a traditional developer. The Compounding Flywheel The GP/LP model and behind-the-meter access are not independent advantages. They reinforce each other in a compounding cycle. More viable sites feed the GP/LP model by giving NUAI a continuous pipeline of investable projects. The GP/LP model, in turn, provides the capital to develop those sites without balance-sheet constraints. The result is a pipeline that is not capped by balance-sheet capacity or site scarcity—the two constraints that limit every other player in the space. NUAI’s valuation ceiling is therefore not determined by what the parent company can finance on its own. It is determined by the size of the opportunity itself—which, given behind-the-meter access and an unconstrained capital model, is very large. 3. Strategic Partnerships: De-Risking Execution at Scale A platform model is only as credible as its ability to execute. NUAI has assembled an ecosystem of strategic partners that collectively address every major execution risk in large-scale data center development—from design through commissioning. Why Vertical Integration Cannot Win This Race The scale and speed required to meet hyperscaler demand make full vertical integration impractical. A single company attempting to maintain in-house competency across the entire value chain—site development, power engineering, data center design, modular manufacturing, construction, and operations—will inevitably hit capacity ceilings and talent bottlenecks. The industry is moving too fast and the labor market is too constrained. NUAI’s approach is fundamentally different: best-in-class partners at every stage of the value chain, each contributing deep domain expertise and dedicated production capacity. Ramboll: World-Class Data Center Design Ramboll is a leading data center design firm that brings exceptional engineering talent and a track record of designing high-performance, modern facilities. By partnering with Ramboll, NUAI offloads design risk to a team whose sole focus is creating data centers that meet the exacting standards of hyperscale customers—while compressing the design-review cycle that has historically been one of the longest lead-time items in data center development. RK Mission Critical: Production Capacity at Scale NUAI has partnered with a world-class modular data center manufacturer capable of completing approximately eighty percent of assembly within controlled factory environments. This dramatically reduces on-site construction time, mitigates labor shortage risk, and creates a repeatable production line that can scale output in step with demand. The implications are significant. On-site work is minimized to final integration and commissioning. Supply chain visibility improves because long-lead items can be procured on manufacturing timelines rather than construction timelines. Quality control is tighter in a factory setting. And the model is inherently scalable—additional production lines can be brought online as the pipeline grows. The Ecosystem Effect Many of the hardest problems in data center development—labor shortages, long-lead equipment procurement, supply chain fragility, design iteration cycles—are difficult or impossible for a single entity to overcome alone. Through strategic partnerships, NUAI converts these industry-wide headwinds into manageable workstreams. Each partner contributes specialized capacity; NUAI orchestrates the platform. Importantly, this ecosystem is made possible by the GP/LP model. If there is no margin to share, there is no basis for partnership. The GP/LP structure creates the economic surplus that attracts and retains world-class partners—each of whom benefits from the platform’s scale and the predictability of a repeatable project pipeline. Outsider Returns and Partnership Quality The quality of NUAI’s partnerships is itself a signal of the platform’s strength. Partners do not commit engineering resources, production capacity, and reputational capital to projects that lack economic merit or execution credibility. The willingness of partners of this caliber to align with NUAI reflects their independent assessment of the opportunity and the team’s ability to deliver. 4. The Modular Data Center Product While short-term investor attention naturally gravitates toward the first transaction (TCDC), the long-term value of the platform depends on the ability to replicate that transaction efficiently across a growing pipeline. The modular data center product is the mechanism by which NUAI converts a single project into a standardized, repeatable framework. Why Standardization Matters Hyperscalers are increasingly moving away from bespoke, one-off data center designs. They want a product that is proven, predictable, and deployable at speed—something closer to an off-the-shelf solution than a custom-engineered facility. This preference is driven by hard operational reality: bespoke designs introduce risk at every stage, from procurement through commissioning, and they are inherently difficult to scale. NUAI’s modular product directly addresses this demand. It establishes a blueprint—a standardized template—that can be executed repeatedly with high fidelity and minimal variation. Each deployment refines the template, compresses the timeline, and reduces the cost basis. For prospective customers evaluating NUAI, this means lower execution risk, faster time-to-power, and a track record that compounds with every project delivered. State-of-the-Art Design The modular data center product is designed in partnership with Ramboll and built to the highest contemporary standards by RK Mission Critical. Key attributes include: Modern, High-Density Architecture. Engineered for the power densities and cooling requirements of current and next-generation AI compute workloads. Factory-Built Precision. Approximately eighty percent of assembly occurs in controlled factory environments, yielding tighter tolerances, better quality control, and significantly less on-site labor. Compressed Design-Review Cycle. Because the product is standardized, the design-review cycle—historically one of the most time-consuming phases of data center development—is dramatically shortened. Subsequent deployments benefit from an already-approved template. Rapid Deployment. Minimal on-site construction requirements translate into faster commissioning timelines, which is the single most important variable for hyperscaler customers competing for AI compute capacity. Scalable Production. The manufacturing model supports parallel production of multiple modules, enabling NUAI to scale output in step with demand rather than waiting for sequential construction completions. The Product as Competitive Advantage For existing and prospective customers, NUAI’s modular product offers a proposition that few competitors can match: a proven, repeatable, high-performance data center that can be deployed at scale, behind the meter, with world-class design and manufacturing partners backing every unit. 5. Why NUAI: Moat, Team, and Track Record The natural question—if this opportunity is so large, why isn’t everyone doing it?—has a straightforward answer: this work is extraordinarily hard. There is a reason why a major hyperscaler, a premier design and infrastructure firm like Primary Digital Infrastructure, and a world-class execution partner are choosing to work with NUAI. Not everyone can do this. Proof of Concept: TCDC The Texas Critical Data Center site is the clearest evidence of NUAI’s differentiated capability. TCDC was originally a site that no one wanted to develop. Industry participants considered it impossible to build on—the site required relocating pipelines, addressing legacy wells, and solving a complex web of engineering and regulatory challenges before a single data center module could be placed. Through significant effort and deep domain expertise, NUAI converted TCDC into a viable, multi-gigawatt development site. This is not a trivial accomplishment, and it cannot be glossed over. The ability to take a site that the market had rejected and transform it into one of the most compelling behind-the-meter opportunities in the country is the most tangible demonstration of NUAI’s moat. The Leadership Team NUAI’s leadership combines capabilities that are, to our knowledge, extremely rare and relevant in this industry. Charlie’s Midstream Deal-Making Expertise. A proven track record of brokering and structuring billions of dollars in midstream transactions. This experience is directly transferable to the GP/LP data center model—the same capital structures, the same partnership dynamics, the same levered economics. Charlie brings the institutional knowledge to design and execute these structures at scale. Ted Warner’s Capital Markets Leadership. The soon-to-be-announced CFO brings significant experience raising billions of dollars specifically within the data center sector. This dedicated capital-raising capability—combined with a strong personal track record—positions NUAI to execute the LP fundraising strategy with credibility and speed. Will’s Permian Basin Expertise. Extensive experience as a landman in the Permian Basin, providing the on-the-ground knowledge, landowner relationships, and site-development intuition that are essential to sourcing and securing behind-the-meter opportunities. This is not a skill that can be hired overnight; it is the product of years of direct, on-the-ground work. Taken together, this leadership team spans the three critical dimensions of the business: capital structure and deal-making, institutional capital raising, and physical site origination. Each capability is necessary; together they form a combination that no competitor has assembled. 6. The Platform Thesis NUAI is not a single-deal story. It is a platform designed to compound. Behind-the-meter expertise unlocks the most abundant and scalable category of AI compute sites—sites that the vast majority of developers cannot access. The GP/LP model provides the capital to develop those sites without the parent balance sheet becoming the constraint. Strategic partnerships de-risk execution and enable the speed and scale that hyperscalers demand. A standardized, modular data center product ensures that each project is repeatable, cost-efficient, and fast. And a leadership team with decades of directly relevant experience across deal-making, capital raising, and site origination ties it all together. These advantages are not additive. They are multiplicative. Each one enables and amplifies the others, creating a compounding flywheel that widens NUAI’s competitive advantage with every project delivered. The conclusion is structural: NUAI’s valuation ceiling is not determined by what the parent company can finance. It is determined by the size of the AI infrastructure opportunity itself—which, given NUAI’s behind-the-meter access, unconstrained capital model, and execution ecosystem, is very large indeed.

@AtlasShrug1 I don't hold any hg. But congrats to those who do

@theBestBlock Well, u got another fluff PR release today. This far that’s all there is, no revenue, no cash flows, just a story being heavily promoted and a multi-billion dollar market cap. I’d try to control that FOMO, rarely works out well!

Me not holding any Hydrograph. Feeling major fomo! $HG

@ConvexityStocks @KashRamki @AtlasShrug1

@KashRamki @AtlasShrug1 I would say $80-100 by end of the year

Ted is a heavyweight in the space. Fantastic hire $NUAI! Something is brewing.

@CryptoMarsHodl $100 is indeed Mars 😁🤑

$NUAI is currently following my primary scenario that should see the price target $100 this year. You can read more in my Substack post 👉 open.substack.com/pub/investingt…

@kflex112 @ConvexityStocks @kevinxu Educate yourself son!

@ConvexityStocks @kevinxu You are an idiot

would you rather be: - all in $IREN - all in $NBIS at today's prices

@ThePrudentWhale With the recent management hires, they wouldn't have joined the company if they didn't see potential

For a company at $NUAI stage, this looks like an A-tier CFO hire: relevant capital markets experience, real digital infrastructure financing reps, and the background you’d want if the next chapter is institutional capital formation rather than basic financial housekeeping. A+

@ConvexityStocks If nuai 10x while iren is flat, I will recycle profits into iren this year 😁

Game over.

@JoshInvestsAI You're right, it's a lot of breadcrumbs. Once they announce the tenant this stock should blast past $30+

@theBestBlock I think the company is pretty derisked at this point. It’s clear a deal is coming, the hiring of workers, new CFO, insiders at the company etc. the company is still trading at less than their land assets too…

I don’t usually post $NUAI but I just increased my sizing significantly recently. Something huge is brewing. 👀

$NUAI recently appointed Ted Warner as CFO. (newerainfra.ai/news/new-era-e…) Warner was previously Managing Director and Head of Energy & Power Infrastructure at Northland Capital Markets — the investment bank behind many of the largest financings in the digital infrastructure space. This is a significant hire worth understanding in detail. Warner's track record in data center financing is unusually deep. According to Northland’s own materials, his group originated and executed nearly $7 billion in lead managed financings since he rejoined the firm in 2020, with a heavy focus on digital infrastructure and HPC data center development across the capital stack. The best way to understand what Warner does is to look at his work with Applied Digital ($APLD) — arguably the clearest case study of a single banker helping transform a small-cap power and mining company into a legitimate institutional-grade AI data center platform. When Applied Digital needed $50M in April 2024 to advance its HPC data center in Ellendale, North Dakota, Northland served as sole placement agent on a convertible debenture. (globenewswire.com/news-release/2…) Four months later in August 2024, Northland placed another $53.2M in convertible preferred stock to keep the Ellendale buildout on track. (globenewswire.com/news-release/2…) Then came the deal that changed the company’s trajectory entirely. In January 2025, Northland served as sole placement agent on a $5 billion perpetual preferred equity financing facility with Macquarie Asset Management — one of the world’s largest infrastructure investors managing approximately $634 billion in assets. The deal provided up to $900M for the Ellendale HPC campus and gave Macquarie a right to invest up to an additional $4.1 billion across Applied Digital's future HPC pipeline, supporting over 2 GW of data center development. Goldman Sachs served as senior financial advisor. Citizens JMP, TD Securities, and Needham also provided advisory services. But Northland — Warner's team — was the sole placement agent. (globenewswire.com/news-release/2…) That deal essentially took Applied Digital from a company scrambling to fund a single campus to one with multi-billion-dollar institutional backing to build a national HPC data center platform. The structure — perpetual preferred equity with a 12.75% dividend, 15% common equity interest, and a 1.80x liquidation preference — allowed APLD to retain 85% ownership of its HPC business while recovering over $300M of its existing equity investment. (macquarie.com/us/en/about/ne…) Warner's group didn't stop there. In April 2025, Northland placed a $150M convertible preferred equity facility for continued Ellendale campus development. (globenewswire.com/news-release/2…) By late 2025, they were drawing an additional $787.5M from the Macquarie facility to fund both Polaris Forge 1 in Ellendale and the new Polaris Forge 2 campus in Harwood, North Dakota. (constructionreviewonline.com/applied-digita…) In December 2025, Northland placed yet another facility — a development loan from Macquarie to fund pre-lease development costs for new AI factory campuses, with an initial $100M in draws while Applied Digital negotiated with another investment-grade hyperscaler for multiple additional sites. (ir.applieddigital.com/news-events/pr…) From a $50M convertible to a $5B institutional partnership to a multi-campus national buildout — all with the same placement agent quarterbacking the capital formation. That's the Applied Digital story, and Warner was at the center of it. His group’s reach extended well beyond APLD: Riot Platforms ($RIOT) — In February 2025, Riot announced it had engaged Evercore as financial advisor and Northland Capital Markets to support the evaluation of AI/HPC uses for its Corsicana Facility power assets in Texas. (sec.gov/Archives/edgar…) Bitfarms ($BITF) — Northland acted as sole placement agent on Bitfarms’ conversion of its Macquarie debt facility to $300M in project-specific financing for the Panther Creek 350 MW HPC/AI campus in Pennsylvania. (globenewswire.com/news-release/2…) Bitdeer ($BTDR) — In its March 2025 production update, Bitdeer disclosed it had formalized an engagement with Northland Capital Markets as financial advisor for its HPC/AI data center development strategy. (sec.gov/Archives/edgar…) TeraWulf ($WULF) — Warner personally signed the amendment adding Northland as an agent under TeraWulf’s sales agreement in August 2023, positioning the firm on TeraWulf’s capital markets platform. (sec.gov/Archives/edgar…) Super Micro Computer ($SMCI) — Northland served as co-manager on Supermicro’s follow-on offering of common stock in late 2023, alongside J.P. Morgan, BofA Securities, and Goldman Sachs. (northlandsecurities.com/ncm-co-manager…) Prior to this run, Warner spent 8 years as a founding member of Northland’s energy banking practice, participating in 150+ transactions totaling over $10 billion. He also served as CFO of Fountain Quail Energy Services, a PE-backed oilfield services company. (northlandsecurities.com/team_member/te…) For context on where $NUAI stands today: the company, formerly New Era Helium, pivoted to AI and digital infrastructure in August 2025. Its flagship project is the Texas Critical Data Centers (TCDC), a campus in Ector County, Texas, planned to scale to over 1 gigawatt of capacity on a 490+ acre site. The parallel to Applied Digital’s starting position is hard to ignore. As recently as 2024, APLD was a small-cap company with power assets, a data center thesis, and a need for institutional capital to scale. Warner’s group provided the financing pathway that took them from that starting point to a $5B Macquarie partnership and a multi-gigawatt development pipeline. NUAI today has power assets from its legacy as an energy company, a massive data center project, and a similar need to access institutional-scale capital to fund the next phase. Thus, it’s meaningful that Ted Warner, the banker who had a seat at nearly every significant transaction in the power-to-compute pipeline, is now the CFO of NUAI. Warner had broad visibility into deal flow across the digital infrastructure landscape — he saw the pitches, the power positions, the hyperscaler LOIs. He had a strong sense of which projects were real and which weren't. With all of that context, he chose NUAI. That decision is informative for a few reasons. First, it suggests he sees a valuation disconnect. Warner knows what these assets trade for. If NUAI were fairly priced, there would be less incentive to leave banking for an operating role. His move implies he sees a gap between where NUAI trades and where its assets sit — and he's willing to stake his career on that gap closing. That carries more weight than a price target. Second, it raises the probability of a hyperscaler partnership. Warner has seen these deals from the inside. He understands what a company needs to look like before a hyperscaler signs. If he didn't believe NUAI was credibly on that path, the move would carry significant career risk. The timing and NUAI's current trajectory are consistent with the kind of catalyst convergence that has driven other companies in the space — like APLD's Macquarie partnership — from relative obscurity to institutional relevance. Third, it reflects confidence in the team. Warner has worked with dozens of management teams in this sector. Joining one full-time, with your compensation and reputation attached, is a stronger endorsement than any external rating. From a credibility standpoint, Warner brings roughly two decades of experience structuring the exact type of financings NUAI will need to execute — along with institutional lender relationships, infrastructure fund access, and sell-side credibility that would be difficult to replicate. Finally, we should consider the compensation structure. NUAI compensates its C-suite through stock options and RSUs with multi-year vesting, and Warner is under the same framework. That makes him not just an executive but a co-investor — dilution hurts him, poor execution hurts him, and every capital structure decision he makes is informed by his own exposure to the outcome. None of this guarantees a specific result, but when someone who financed many of the sector's winners decides to join an operating company, the signal is worth weighing seriously.

@midlevelcruiser @litigious_dulce Up 8% AH.... Nice...

@litigious_dulce big moves team!! Excited for tomorrow ⚡️

@shonohenry @fnitefiend @investmattallen Good position size, it'll be worth 7 figures in a few months, if not eoy. It's just a matter of execution. They've mentioned its a big4 tenant, msft meta goog amzn. Many hints point towards msft

@fnitefiend @theBestBlock @investmattallen I'm for 27.5k shares currently. How about you

If you had to choose between one AI Data center stock forever which one would it be and why?? Give me your best bull case 👇🏻 $IREN $MARA $NBIS $CRWV