Data Center Revenue

Riot Platforms, a Bitcoin miner, has secured a $9 billion, 20-year compute deal with AI firm Anthropic. This agreement positions Riot as an AI infrastructure provider, leasing 191 megawatts of power at its Texas campus to Anthropic. This strategic shift leverages Riot’s substantial power capacity and data center facilities, attracting investors by offering a pathway to capitalize on AI demand independent of Bitcoin price volatility. The move also aligns with a broader trend of Bitcoin miners diversifying into AI infrastructure due to declining mining profitability.

Atlassian’s (TEAM) stock surged over 28% after the company beat fiscal Q3 expectations, driven by strong cloud and data center growth. Adjusted EPS was $1.75, revenue hit $1.79 billion. Despite “SaaS-pocalypse” concerns, CEO Mike Cannon-Brookes expressed optimism, citing customer strength. The company revised full-year guidance upwards, with analysts highlighting its strategic use of AI integration and the Teamwork Collection as a competitive advantage.

Nvidia’s stock is surging, driven by massive demand for its AI chips from tech giants. The company boasts a $1 trillion GPU order backlog through 2027, with data center revenue now dominating its business. Recent announcements at GTC, including new chip architectures and a focus on quantum computing, further solidify its industry leadership. Nvidia also denied acquisition rumors concerning PC manufacturers.

Marvell Technology (MRVL) shares fell 15% after a weaker-than-expected data center revenue report and cautious Q3 outlook, despite exceeding EPS estimates. While Q2 revenue grew 58% YOY, driven by AI demand, Q3 revenue guidance of $2.06 billion fell short of expectations. Investors are seeking clarity on customer engagements, and Bank of America downgraded MRVL’s stock, citing concerns about near-term AI growth. The company anticipates a stronger Q4, attributing Q3’s flatness to “nonlinear growth” in custom AI chips.