🟦未开始租赁负债 $182.88B · 表外租赁/数据中心 Capex 1Q26: In addition to the lease liabilities that are included on our balance sheet, we have operating and finance leases that have not yet commenced as of March 31, 2026. These lease obligations were a
🟦与三星/SK 达成 Stargate 战略采购协议 · HBM 产能/Stargate OpenAI announced strategic agreements with Samsung and SK Group as part of its Stargate initiative to dramatically expand advanced memory production for AI infrastructure. The companies described plan
Meta Capex 效率 · 2 atoms
🟦▲BofA 估算 $22B/GW 远低于行业 $40-45B · Capex 效率/数据中心成本 BofA doing this type of math on META saying roughly 7GW at $155B capex this year = $22B/GW, a lot lower than than the typical $40-$45B assumed.
🟥▼BofA 估算不包含表外租赁 · Capex 效率/表外租赁 Well then it's not all inclusive "capex". Cash outlay will differ but it's not $22B/GW
智能手机 DRAM 需求 · 1 atoms
🟦年消耗量 · DRAM 需求对比 12.5 亿部手机消耗约 15 exabytes DRAM 远超 20GW AI 数据中心的 1.1 exabytes
AI 数据中心 DRAM 需求 · 1 atoms
🟦年消耗量 · DRAM 需求对比 20 GW 新 AI 基础设施仅需约 1.1 exabytes 安装 DRAM
智能手机 DRAM 假设 · 1 atoms
🟥▼12GB/手机假设过激 · DRAM 需求估算 反驳：12GB/手机假设过激，实际或仅 3-4 exabytes
🟥▲周期性 vs iPhone 涨价永久性 · 利润率/定价权 Memory is cyclical, but iPhone price increases will be permanent = future margin accretion
OpenAI 锁定 60% 全球 HBM 供应 · 1 atoms
🟥▼无可靠证据 · HBM 供应/叙事拆解 I have not found reliable evidence supporting a confirmed figure that OpenAI secured 60% of global HBM or DRAM supply. That specific percentage should therefore be treated cautiously.
CBRS (Cerebras) · 1 atoms
🟥▲能运行 GPT 5.6 且速度优秀 · 模型推理/竞争格局 anyone warming up to $CBRS now that they are able to run gpt 5.6 - and according to guys who have tested it, at great speeds. doesn't that put them in the big boy category?
🟥▲JPM 预测 2026-2029 年装机量 · 产能预测/Starlink We estimate SpaceX will end 2026 with ~2.0GW, then add ~2.2GW in 2027, ~3.5GW in 2028, & ~1.2GW in 2029, reaching ~8.9GW
Meta 广告业务 · 1 atoms
🟦增长从 22% 反弹至 32% · 广告增长/营收 Their ad business growth was dropping to 30% to 22% and even more and then they print 32% growth.
Meta 广告 ROI · 1 atoms
🟥▲增量 Capex ROI 计算 · Capex ROI/广告变现 Incremental 10-12% on a $200B run rate is a $20B ROI on $40B incremental capex.
AMZN 债券发行 · 1 atoms
🟦需求疲弱 · 债券市场/融资环境 Amazon had to sweeten the terms, offering 18 to 21 basis points of extra yield on its longest bonds. Yet even with sugar on top, Amazon's debt offering drew the weakest demand with orders at just 2.5