저자: 미상 · 외국인
요약 보기
AI 버블 붕괴 우려(Michael Burry 경고 인용)에도 불구하고 AI 인프라(전력·데이터센터)는 구조적으로 안전하다고 주장. 반도체 지수는 15년 밸류에이션 고점 부근이라 언급. 이를 근거로 IREN(AI 클라우드 계약 확대, Nvidia 5년 계약), Core Scientific(CORZ, 콜로케이션 매출 성장·590MW 계약), Applied Digital(APLD, 1.4GW 계약 포트폴리오)을 조정 시 저평가된 진입점으로 제시하며 장기 보유를 권유.
다듬은 글
When Michael Berry speaks, the financial world stops to listen. The legendary investor who made millions selling stocks during the 2008 housing crisis has just issued his most ominous warning yet. The trade in artificial intelligence is a mass addiction that is on the verge of its end. Joker predicted death will probably cut stocks a thousand times.
The data supports his caution. The Philadelphia Semiconductor Index is currently trading at the absolute peak of its 15-year valuation range, and stocks of companies developing artificial intelligence chips are significantly outperforming the same cloud giants that fund them. But while reactionary retail investors panic and sell stocks at the first sign of a tech correction, the smartest players on Wall Street are doing something very different.
They are turning this inevitable bloodshed into a unique buying opportunity. The secret is to separate the short-term hype around software from the physical realities of the lgorithms cannot operate on hype. They require massive , uninterrupted power supplies and specialized data centers. Traditional developers are now stuck in brutal 3-5 year utility lines just to get connected to the grid.
The real wealth in this market will be created not by chasing overvalued chipmakers, but by owning rare digital landlords who already control ready-to- use gigawatt-scale infrastructure. Next, we'll look at a powerful trio of infrastructure titans that have completely bypassed network bottlenecks. Together, they control tens of billions of dollars in revenue from multi-year contracts, backed by elite partnerships with hyperscalers like Nvidia and Microsoft.
Recent market volatility has driven the valuations of these stocks down to pointless bargains, creating an elite entry point for active investors. These three stocks are independent of market sentiment. They possess a fundamental foundation without which AI literally cannot survive. Here's how they dominate the market and why they should be on your radar today.
Let's start with the first giant on our list, a company that is completely changing the paradigm from a traditional Bitcoin miner to an absolute AI infrastructure giant, IREN Limited. Trades under the ticker IREN. Although the recent market downturn has pushed the price of these stocks down more than 42% from mid- May highs to around $38 per share, Smart Capital recognizes this as a classic disconnect between short-term price action and explosive fundamental growth.
This company's core thesis has officially changed from fundraising to pure high-speed execution. Demand for their infrastructure is so high that management recently announced that all of their AI operations capacity is now fully contracted, aggressively moving negotiations toward a 2027 deployment .
The numbers describing this growth story are simply impressive. In its recent third-quarter results, the company reported an 839% year- over-year increase in AI cloud revenue to $33.6 million. More importantly, its annual contract recurring revenue rose sharply from $2.3 billion to $3.1 billion, largely driven by a massive $3.4 billion, 5-year cloud services deal with Nvidia to deploy 60 MW of high-speed, air- cooled capacity.
This brings their total secured power pipeline to an incredible 5 GW across North America and Europe, with the goal of connecting 150,000 GPUs and reaching an annual recurring revenue figure of $3.7 billion by the end of the year. The broader market has absolutely no understanding of how deeply integrated this business model has become .
The recent acquisition of Mirantis didn't just add huge software orchestration capabilities. It has infused 650 elite software engineers and established relationships with over 1,500 corporate clients directly into their ecosystem. This completely insulates them from the commercialization of data centers, turning them into a vertically integrated AI cloud platform .
Furthermore, the structural risk argument regarding funding has been completely erased by the recently secured $3.65 billion in investment-grade GPU funding. Total revenue is projected to grow significantly from $743 million in fiscal year 2026 to over $3 billion next year. At current compressed valuations, investors are paying a bargain price for infrastructure without which the AI ecosystem physically cannot survive.
Moving on from this scale of asset-laden infrastructure, our second stock is Core Scientific, trading under the ticker CORZ, which serves as a prime example of why the current market volatility creates an elite entry point. These stocks recently rebounded more than 26% from their June highs to around $21 per share.
While some short-sighted retail investors see the former Bitcoin miner as a difficult debt burden, institutional capital recognizes that this company is transforming into one of the most powerful digital landlords in the artificial intelligence sector. This entire thesis is based on the most serious bottleneck in technology – the huge global electricity shortage.
Industry reports predict that by 2030, the world will need approximately 100 gigawatts of brand new data center capacity, nearly doubling today's entire global capacity, with artificial intelligence consuming half of this load. Data center vacancy rates across North America have already fallen to an all-time low of less than 1% in leading data centers.
Core Scientific completely bypassed the industry's multi-year power supply queues by repurposing its massive existing power infrastructure directly into high-density colocation spaces. The underlying numbers show that this shift in resource structure is already well underway and delivering huge returns.
In the first quarter, the company's colocation revenue grew to $77.5 million, an incredible jump from $8.6 million in the same period last year. More importantly, this fast- growing segment achieved an impressive gross margin of 57%. In May, the company took advantage of this growth in a big way, completing a massive $3.3 billion senior secured bond offering to aggressively expand its total gross power portfolio to an impressive 4.5 gigawatts.
The primary catalyst driving this business model is a broad infrastructure partnership that encompasses 590 megawatts of customer-leased capacity across five high-performance computing sites. This colossal deal provides over $10 billion in projected revenue over a 12- year period, which equates to approximately $850 million in average annual colocation revenue.
With a current market cap of $6.9 billion, the company trades at a favorable valuation, representing just 0.7 times the total contract revenue portfolio and approximately eight times the contracted annual colocation ratio. Because of this, its valuation is incredibly undervalued compared to competitors that control similar megawatts of capacity.
Providing monumental access to electricity and multi-billion dollar order books just as tech giants face an unprecedented energy crisis, this player operates as a high-credit call option on the physical basis of the entire AI revolution . Following the same plan of turning energy- backed land into high-margin contracts, our third stock is Applied Digital Corporation, trading under the ticker AP LD, an absolute leader that perfectly demonstrates why the broader market correction has presented savvy investors with a huge opportunity at a discount.
These stocks have retreated more than 33% from their late-May peaks, falling to around $33 per share and creating a very profitable entry point. While impatient short-term traders struggle to understand why this asset commands a premium valuation, Wall Street's institutional elite recognize their basic strategy as a masterclass in frontal growth.
They are securing massive capital, entering into long-term utility agreements, and aggressively scaling infrastructure in anticipation of a wave of future cash flows starting in 2027. The impressive scale of this business model is due to their own franchise for artificial intelligence factories. Most recently, the company completed a critical power services agreement to supply up to 430 MW of raw power for its newest ultra-high density campus in North Dakota.
They back this up by securing a massive 210 MW lease with a first-class investment-grade hyperscaler in the US on a 15-year take-or- pay structure. This single phase guarantees a base revenue of $5.2 billion, which could grow to an impressive $12.7 billion if standard renewal options are exercised. This massive deal expanded their total contract portfolio to an incredible 1.4 GW of mission- critical IT workload, creating a monumental portfolio of $36 billion in underlying contract revenue.
Most importantly, the company has completely solved the problem of huge capital expenditures that keeps traditional developers in a difficult position. They recently secured a $350 million flexible revolving credit facility arranged by Goldman Sachs, while simultaneously issuing a stunning $1.59 billion senior secured bond offering with a stable fixed interest rate of 7% to finance 150 megawatts of high-performance computing capacity.
This ingenious institutional backing allows them to build huge facilities without diluting shareholders without constant dilution. With approximately 70% of their staggering $36 billion portfolio fully guaranteed by low- risk counterparties, this digital infrastructure leader has turned speculative tech hype into a win-win channel for future cash flows.
As they convert this locked network capacity into high-margin transactions, this asset represents the best long-term opportunity for active investors. While Michael Berry warns of an imminent AI apocalypse , the underlying data shows that the physical foundation of the technology is completely insulated from the short-term hype around the software.
By focusing on these three infrastructure titans, you position your portfolio to gain capitalization from true multi-billion dollar utility monopolies. Stay tuned, keep an eye on the data, and we'll see you in the next video.
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