Day: November 12, 2025

Futurum Equities Research initiates AI semiconductor coverage today.

We anticipate $10T in AI infrastructure spend through 2030 as the semiconductor stack becomes the operating leverage layer of the AI economy.

The full initiation report, models, and ongoing coverage live can be found below

https://futurumequities.com/institutional-access/

$NVDA is still the most important company in the AI infrastructure buildout because it controls the compute platform, networking stack, software ecosystem, system roadmap and supply chain capacity everyone else is trying to access.

Tonight is about proving the cycle is still

$TE is up over 25% today as the market starts recognizing T1 Energy’s push to become a scaled U.S. solar manufacturing platform.

The market is starting to treat domestic solar capacity as part of the AI power buildout, not just another clean energy trade.

$ZETA is an AI-powered marketing intelligence platform built for a world where AI makes basic marketing content easier to create.

As content gets commoditized then the bottleneck shifts to knowing who to target, what to say, when to say it and how to automate the full customer

"In the case of $ZETA, AI is actually making the data and identity layer a lot more important."

The intelligence layer behind how brands understand and monetize customers is the bull case, not the ad tech narrative.

Full breakdown on the Q1 print: the 7x jump in Athena agentic interactions and how the OpenAI relationship evolved from model provider to advertising client.

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The $GOOGL & $BX neocloud news validates how tight AI compute supply still is with the new platform reportedly targeting 500MW by 2027.

If Google is contributing TPUs, software & services while Blackstone brings billions in equity then it shows power access & cost of capital are

$ZETA matters in the AI era because AI can generate campaigns but it still needs to know who the customer is.

As cookies disappear & marketing gets more automated then Zeta’s SuperGraph & Athena become more valuable by helping brands identify, target & personalize at scale.

"The biggest bottleneck right now in AI is no longer just the models or the GPUs."

Power, data centers, cooling, interconnect, time to compute. The bull case for $IREN sits on the physical layer.

Full breakdown of the $IREN print: 5 GW secured power, the $3.7B AI cloud ARR target, and why $NBIS got the strategic re-rating while $IREN didn't.

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