Episode Details

We break down how AI infrastructure is pulling attention and capital, from token-priced AI subscriptions to hyperscaler demand for long-term compute capacity. We compare how different players finance data center builds and then walk through a detailed valuation model for Applied Digital’s contracted megawatts. 

• Bitcoin’s price action tied to macro risk and tech sentiment shifts 
• AI subscriptions moving toward token billing and utility-style pricing 
• SpaceX compute targets used to frame demand and valuation expectations 
• Heat map takeaway showing AI-linked stocks outperforming Bitcoin 
• Financing toolkit explained: senior secured notes vs converts vs dilution 
• HUT 8 Beacon Point terms and what investment grade tenants unlock 
• Keel’s convertible raise, cap call cost, and why the client matters 
• Keel pipeline upside, deal timing, and why one contract can re-rate a stock 
• Applied Digital’s contracted portfolio through 2028 and revenue per megawatt 
• Applied’s 7% senior secured notes and how contract quality affects capital costs 
• Applied valuation analysis and what might already be priced into shares 

Let us know in the comments section below if you're currently holding shares of applied and what you thought about today's episode!

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