Technology

Report by Arete Research

CORZ moves sharply higher in Arete’s AI infrastructure rankings following a major expansion in its long-term power roadmap, with them now modelling 3.6GW of IT load and $6.3bn of NOI by 2032 - up from prior estimates of 1.9GW and $3.7bn, respectively. Arete argues demand for AI compute remains “off-the-charts”, while CORZ is becoming increasingly attractive to hyperscalers through the expansion of its Pecos and Muskogee campuses into gigawatt-scale AI data centre sites. Importantly, the company has leveraged its existing CoreWeave contract into $3.3bn of financing, giving it sufficient capital to begin pre-building new facilities before signing additional leases, which Arete views as a key competitive advantage. With leasable power expected to nearly triple over the next few years, Arete raises their TP to $55 (100% upside) and now ranks CORZ alongside Applied Digital as a top pick in colocation infrastructure.

Report by MYST Advisors

MYST’s buyside events continue to draw impressive attendance while consistently delivering strong results. This Forum was notable for highlighting several foreign companies with imminent US listings (Ashtead, Guardian Metal Resources, SK Square) as well as Healthcare stocks (Cigna, Qiagen). Other ideas presented include:

Boise Cascade (BCC) - trough multiple at cycle bottom with potential business split under new CEO. TP $207 (145% upside).
Core Scientific (CORZ) - robust HPC pipeline not reflected despite buildout running ahead of schedule. TP $34 (95% upside).
Ralliant (RAL) - cyclical inflection masked by “one-time” cost headwinds. TP $60 (35% upside).
VSE (VSEC) - compelling entry point for “transformational” aerospace story. TP $300 (35% upside).

Report by 10x Research

Bitcoin's explosive +160% rally since January 2024 has exposed the fragile economics of Bitcoin miners, with most struggling to keep pace. 10x Research reveals that only a few miners, such as Core Scientific, which achieved +187% gains, have outperformed Bitcoin, while others face rising costs and declining profitability. In contrast, Coinbase offers a more compelling opportunity, with a clear correlation between its stock price and Bitcoin, making it a better play in the current market; their regression with Bitcoin analysis reveals a potential upside of +45%. The team also recommend a spread trade: long Bitdeer vs short Marathon Digital. As Wall Street eyes crypto IPOs worth $100 billion, the stakes have never been higher for the crypto industry.

Report by MYST Advisors

The majority of stocks presented at MYST’s latest buy-side event had very near-term (<6 months) catalysts to unlock value either through business transformations, fundamental business inflections, M&A / spin-off activities, or “technical” tailwinds. Ideas included:

Core Scientific (CORZ) - Bitcoin mining conversion provides “shortcut” to new data centre capacity. TP $18 (85% upside).
Golar LNG (GLNG) - “Orphan stock” nearing closure of multiple lucrative long-term FLNG vessel contracts. TP $75 (145% upside).
Jacobs Solutions (J) - Long-awaited exit from “deal purgatory” to finally showcase fundamental strength. TP $180 (30% upside).
Teck Resources (TECK) - Coal divestiture creates significant re-rate potential / M&A optionality. TP $65 (35% upside).