AI Infra & Data centers: The Semis guys have your back - CORZ, HUT new deals with AMD, NVDA

Research evidence excerpt

AI Infra & Data centers: The Semis guys have your back - CORZ, HUT new deals with AMD, NVDA

30 July 2026

Global Digital Assets

AI Infra & Data centers: The Semis guys have your back - CORZ,

HUT new deals with AMD, NVDA

Core Scientific announced 530MWs of colocation deals - 377MW with AMD and 152MW Gautam Chhugani

+91 226 842 1416 with a neocloud (with credit support by AMD). HUT announced a 704MW with a single

gautam.chhugani@bernsteinsg.com tenant (reported by FT to be Nvidia - link). AMD has also reserved 200MW capacity with

RIOT. We are seeing deal structures evolve to direct master leases with investment grade

Madison Rezaei tenants (both hyperscaler and Semis). We share our takeaways across the ecosystem of AI

+1 917 344 8622

madison.rezaei@bernsteinsg.com infra developers, Neoclouds and Semis.

In contrast to the neoclouds, the Emerging AI infra names are building physical facilities but Stacy A. Rasgon, Ph.D.

+1 213 559 5917 not acquiring hardware. Miners are the landlords with approved power grid connections

stacy.rasgon@bernsteinsg.com and are in the business of providing powered shells. Miners are better placed with

counterparty risk directly with investment grade tenants (such as hyperscalers or Semis)

Mahika Sapra even though the eventual operators might be frontier labs or neoclouds. We view the +91 226 842 1408

mahika.sapra@bernsteinsg.com direct deal structure with investment grade tenants superior to prior deal structures with

neoclouds or frontier labs (with a credit guarantee from an investment grade tenant - e.g

Sanskar Chindalia Fluidstack/Google). We would expect direct master leases would further lower financing

+91 226 842 1445 cost vs. the prior credit guarantee structure.