AI Infra Weekly Recap

Research evidence excerpt

AI Infra Weekly Recap

May 17, 2026

but on its earnings call, management flagged interest at a number of sites in what it

is referring to as a potential "portfolio deal." This could include its two Texas locations

(path to 900 MW) that it recently acquired, its Wyoming site (110 MW), Jackson (60

MW), Washington (86 MW), College Park (50 MW), and its Sandersville site (250 MW).

Should management execute this "portfolio" deal, it would be one of the largest AI/

HPC leases we have seen to date. Ultimately, while CLSK has yet to cross the rubicon

and land its first deal (which we did not expect this quarter), we do believe it is getting

closer.

NBIS (Earnings Recap). It was a strong quarter, with the company reporting a 6.5%

revenue beat and 31% adjusted EBITDA beat vs FactSet consensus. NBIS left its full-

year revenue guide and year-end ARR guide unchanged ($7-9bn), while raising its

capex guidance to $20-25bn from $16-20bn, as it looks to get ahead of demand

for 2027. We believe a key takeaway from the print is that demand, unsurprisingly,

remains extremely strong. NBIS has increased pricing and is still selling out, and, at one

point, stated that for every GPU of capacity they have, four customers want it. From

a capacity perspective, NBIS recently broke ground on a 1.2 GW campus in Missouri,

is actively building a 300 MW campus in Alabama, and at earnings, it announced a

new 1.2 GW campus in Pennsylvania. In total, the company now expects to end the

year with more than 4 GW of contracted capacity, while it left YE26 connected power

targets of 800–1,000 MW unchanged (which is largely why guidance was reiterated).

We would note that management referenced several times that capacity ramp will be

back-half weighted, as we suspect most of Vineland capacity is a 2H26 event.