Power Pivot Compute Plays
Hussain@hussain
−25.0%
since Oct 6
The idea
I believe the real bottleneck in AI buildout isn't chips, it's energized sites, locked-in power contracts and grid connections that take years to secure, and bitcoin miners already have them. This basket owns that pivot in stages: companies with signed AI hosting deals already converting sites, miners holding cheap power that gives them the option to switch, and a smaller slice that have fully rebuilt around supplying compute. It's weighted toward the proven converters, with cash on the side for volatility, held with a multiyear view since these names swing hard.
What it owns
- These companies have already signed long-term AI hosting contracts on powered sites built for mining, proving the conversion works and gets paid. · IREN LimitedIt converted powered bitcoin mining sites into AI cloud capacity it sells directly, turning energized real estate into compute revenue., Core ScientificIt leased powered mining sites to AI tenants on long-term contracts, repricing those assets as data center capacity rather than mining hardware., Applied DigitalIt secured grid connections and powered sites, then leased them to AI customers, capitalizing on the scarcity of energized capacity., TeraWulfIt signed high-performance computing hosting contracts on powered sites, converting mining infrastructure into AI tenant revenue., Cipher MiningIt holds powered land with grid connections and AI hosting leases, converting remaining capacity from mining toward compute customers., Galaxy DigitalIt transformed its Helios mining campus into AI data center capacity under a long-term lease, repricing powered real estate for compute tenants.48%
- These companies control cheap, locked-in power and grid connections that took years to secure, giving them the option to pivot capacity toward AI compute if demand justifies it. · Hut 8It operates as a power company first with locked-in energy across multiple sites, creating optionality to redirect megawatts from mining to AI hosting., CleanSparkIt controls cheap, locked-in power across many sites, a scarce asset that gives it the option to pivot toward compute or hosting revenue., Riot PlatformsIt holds some of the largest energized sites and Texas power contracts, creating the option to monetize that capacity for AI or data center use., MARA HoldingsIt has acquired power generation and energized sites at scale, building the largest inventory of locked-in capacity available to pivot toward AI compute., Bitdeer TechnologiesIt controls powered sites across multiple countries, creating the option to pivot global capacity toward AI compute in markets where grid connections take years to secure.24%
- These companies have rebuilt their entire business around supplying GPU compute to AI customers, showing what a complete transition from mining looks like. · Nebius GroupIt operates as a pure-play GPU compute supplier built on green power sites, demonstrating the finished version of a miner's full pivot to AI infrastructure., HIVE Digital TechnologiesIt operates green power sites and is pivoting from mining into GPU cloud hosting, redirecting existing capacity toward AI workloads.13%
- Cash15%