Emerging AI Infra: The ‘third party capacity‘ trade has legs - continue to see strong deal traction and execution

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Emerging AI Infra: The ‘third party capacity‘ trade has legs - continue to see strong deal traction and execution

23 July 2026

Global Digital Assets

Emerging AI Infra: The 'third party capacity' trade has legs -

continue to see strong deal traction and execution

Emerging AI Infra stocks (former crypto miners) continue to see strong investor interest Gautam Chhugani

+91 226 842 1416 with a series of new deals announced in recent weeks. Our industry deals tracker for miners

gautam.chhugani@bernsteinsg.com has seen a new deal every week in July, with combined deals standing at over 7.5GW

contracted equivalent to $150Bn multi-year contracts. Investors debate the durability of

Mahika Sapra ‘third party capacity’ as hyperscalers/AI labs build their own capacity. We believe, the ‘time

+91 226 842 1408

mahika.sapra@bernsteinsg.com to power’ and GW-scale power pipeline (with future energization schedules extending

till 2028-2030) is even more valuable given the supply constraints amid rising political

Sanskar Chindalia backlash to data centers - majority of miner capacity in red states such as Texas. We argue

+91 226 842 1445 further, Bitcoin miners are not given enough credit for execution - we are seeing a pattern

sanskar.chindalia@bernsteinsg.com

of on-time delivery driven by years of experience in managing construction, labour and

the power equipment supply chain. We are overweight on the sector, although, we are

Harsh Misra

+91 226 842 1457 watching closely for which management teams break out on execution and durable client

harsh.misra@bernsteinsg.com relationships.

Recent co-location deals have seen improving economics for infra developers, through

a combination of better revenue yield and high margin conversion (triple net structure).