We break down how AI infrastructure demand is reshaping valuations across Bitcoin miners, using Dell’s blowout quarter as a real-time signal that the data center build-out is accelerating. We then compare signed HPC deals across the sector and run a sensitivity model on what Keel could be worth if it lands multiple contracts while capex and labour costs rise. 

• Bitcoin’s short-term volatility and why miners still care even with HPC narratives 
• Dell’s earnings as a read-through for AI server demand, cash flow strength, and backlog 
• Why racks, networking, cabling, and deployment speed are the “glue” between GPUs and data centers 
• Sector heat map, options expiration noise, and the case for taking profits after big runs 
• BitFuFu’s earnings mix, cloud mining scale, and the slow path toward any HPC pivot 
• HUT 8 price target upgrades, Beacon Hill economics, and how re-rates happen before sites are finished 
• Deal-by-deal comparison of contracted compute megawatts versus market caps across key names 
• Keel’s three-site setup and a sensitivity analysis for revenues, EBITDA margin, capex per megawatt, and multiples 
• Labour and electrical labour inflation as a near-term bottleneck that can change project economics 

Let us know in the comment section below how the portfolio is looking, your top pick in the sector currently, and if you've been taking any profits over the course of the week!

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