Cycle on Jun 8, 2026

I will begin by listing the open threads of interest for this research topic to see what questions are currently prioritized and what watches are registered.

I will pull the public market view for Oracle (ORCL) to see its current market situation, valuation, and any recent news or metrics ahead of its Q4 FY2026 earnings on June 10, 2026.

Let's search for Oracle's upcoming Q4 FY2026 earnings expectations, and specifically details on "The Barn" Stargate Michigan groundbreaking (which was on June 1, 2026), "Project Jupiter", and any other updates related to AI capex, Oracle, and Microsoft/OpenAI. I will also look for what's happening around Equinix, Digital Realty, Vertiv, and power/utility agreements. First, let's do a search on Oracle's upcoming earnings, capex guidance, and "Project Jupiter" or "The Barn" to see what the latest news and analyst notes say.

Let's perform a web search to find more detailed and recent news or analysis regarding "Project Jupiter", Oracle's data center plans, and its upcoming Q4 earnings on June 10, 2026. I'll search for "Project Jupiter" Oracle and "Project Jupiter" New Mexico to see what this datacenter is about.

Let's fetch the page from Oracle's newsroom regarding Bloom Energy fuel cells, and also another page with details of the power plan overhaul. These seem highly relevant to the power and energy constraints angle, as well as Oracle's capex/datacenter infrastructure. Let's fetch: 1. `https://www.oracle.com/news/announcement/oracle-borderplex-and-bloom-energy-to-power-project-jupiter-with-fuel-cell-technology-2026-04-27/` 2. `https://sourcenm.com/2026/04/27/nm-project-jupiter-data-center-developers-announce-new-plans-for-generating-power/` Let's do these one by one or both. Let's do `web_fetch` for the Oracle/Bloom announcement.

This is a massive piece of news! Let's check Bloom Energy (BE)'s market view or search for other information on Bloom Energy to see if we can pull more specifics. First, let's pull Bloom Energy's stock ticker view (BE). Let's see if BE is listed. Yes, Bloom Energy is BE on NYSE. Let's call `market_view` for BE.

Bloom Energy (BE) has a TTM revenue of $2.45B, representing a massive 130.4% YoY growth! In its latest quarter ending 2026-03-31, it recorded $751.1M in revenue and $70.7M in net income, beating earnings expectations significantly ($0.44 vs $0.13 estimate). Let's see if we can find more about the "expanded partnership" between Bloom Energy and Oracle from April 2026. Let's search for the press release or articles on "Bloom Energy and Oracle Expand Strategic Partnership to Deploy up to 2.8 GW to Accelerate AI Infrastructure Build-Out". This is extremely relevant to our tracking of the power/energy angle and the utilities/microgrids signing long-term agreements.

Let's fetch the Bloom-Oracle strategic partnership announcement to understand the terms, capacity, and schedule. URL: `https://investor.bloomenergy.com/press-releases/press-release-details/2026/Bloom-Energy-and-Oracle-Expand-Strategic-Partnership-to-Deploy-up-to-2-8-GW-to-Accelerate-AI-Infrastructure-Build-Out/default.aspx` Let's fetch it.

This is an incredible development in the power and energy category! Let's write a note about this Bloom Energy / Oracle partnership and Project Jupiter's power plan overhaul. First, let's check what other threads or prior findings are there. We have the following prior findings: 1. `hyperscaler-capex-surge-2026-component-inflation` 2. `nvidia-data-center-revenue-marvell-optical-surge` 3. `stargate-michigan-groundbreaking-cost-escalation-openai-oracle` 4. `meta-nuclear-energy-deals-terrapower-oklo-vistra` 5. `softbank-france-five-gigawatt-ai-infrastructure-bet` The new development is that Oracle has contracted with Bloom Energy for up to 2.8 GW of fuel cell capacity, with an initial 1.2 GW contracted. Furthermore, on April 27, 2026, Oracle and BorderPlex announced that Project Jupiter (the massive $165 billion AI data center campus in Santa Teresa, Doña Ana County, New Mexico, which is part of the Stargate AI initiative with OpenAI) will be fully powered by up to 2.45 GW of Bloom fuel cells, replacing previously planned gas turbines and diesel generators to form a single microgrid campus. Let's do a web search to see if there is any other recent news on other hyperscalers' energy deals or nuclear energy updates in May/June 2026, or updates on Nvidia, AMD, Broadcom, TSMC, Intel, Marvell, Equinix, Digital Realty, or Vertiv. Let's run a search for "Vertiv" and "liquid cooling" or "AI data center" to see if there are any recent updates there. Let's also look up Vertiv's ticker (VRT). Let's call `market_view` for VRT.

Vertiv (VRT) has an RSI of 24, indicating it is currently in oversold territory, and trades at $300.51 after a recent 11.6% monthly decline. Its YoY revenue growth is 30.1% ($10.84B TTM) and YoY earnings growth is an immense 135.7% ($1.17 EPS reported vs $1.01 estimated in its latest quarter ending 2026-03-31). Let's look up other companies mentioned in the brief to see if we have relevant tickers. Let's see: - Semiconductors: Nvidia (NVDA), AMD (AMD), Broadcom (AVGO), TSMC (TSM), Intel (INTC), Marvell (MRVL) - Hyperscalers: Microsoft (MSFT), Google (GOOGL), Amazon (AMZN), Meta (META), Oracle (ORCL) - Data center infrastructure: Equinix (EQIX), Digital Realty (DLR) Let's check the public market views for EQIX and DLR to see their current metrics and any recent news. Let's call `market_view` for EQIX and DLR. Let's do EQIX first.

Equinix (EQIX) has a TTM revenue of $9.53B (+12.1% YoY) and is trading at $1,080.95, near its 52-week high (92.6% of its high). Interestingly, its capital expenditures of $1.26B in the latest quarter ending March 31, 2026 exceeded operating cash flow of $717M, resulting in negative FCF of -$539M, which reflects the intensive capital investment required for data center expansion. Let's pull the market view for Digital Realty (DLR).

Let's search for Digital Realty's new project in Seattle and De Soto, Kansas. And let's search for the utility rate class structure changes mentioned (e.g., PPL Electric Utilities getting approval to introduce a new rate class structure for data centers). This is very relevant to utility and grid capacity concerns! Let's search for "PPL Electric Utilities" data center rate class structure. This represents utilities adapting to massive data center power demands. Let's do a search.

This is a great finding! Let's fetch the news page from Lehigh Valley News: `https://www.lehighvalleynews.com/business/ppl-rate-settlement-signals-new-cost-divide-between-households-and-data-centers` or the PA PUC press release `https://www.puc.pa.gov/press-release/2026/puc-issues-decision-in-ppl-electric-rate-proceeding-06042026` to understand the details of this new rate class structure and large load customer tariff for data centers. Let's fetch `https://www.lehighvalleynews.com/business/ppl-rate-settlement-signals-new-cost-divide-between-households-and-data-centers` first.

This is a fantastic and highly-detailed source! Let's summarize what we have here: 1. **PPL Electric Utilities (Pennsylvania)**: On June 4, 2026, the Pennsylvania Public Utility Commission (PUC) voted 5-0 to approve a settlement that creates a new "large-load" customer class specifically designed for data centers and other high-demand facilities to prevent infrastructure costs from being shifted onto residential customers. 2. **Key requirements for large-load data centers**: Under the approved settlement, large-load data center customers must commit to long-term service agreements of at least 10 years and minimum usage guarantees tied to their grid demand. 3. **Funding low-income assistance**: Starting in 2027, large-load customers will fund $11 million annually in low-income assistance through a non-bypassable charge. 4. **Local data center resistance and delays**: - In South Whitehall Township, the massive "Project Atlas" data center complex was recently scaled down from its original plan of six buildings totaling 5.038 million square feet to three data center buildings, one admin building, and one warehouse building. - In Allentown, the City Council held a marathon three-hour public hearing over data center regulations. - In Upper Macungie Township, the Zoning Board voted to deny a request to allow a massive data center at the former Air Products headquarters to move forward. This illustrates the grid capacity, regulatory, and ratepayer cost-shifting battles that are playing out in real-time. Let's do a search on other utilities and their data center rate structure actions, or general utility data center updates to see what else has happened recently. Let's search for "data center rate class" or "data center tariff" utility to see if there are other states doing this. For example, Ohio, Virginia, Georgia, or Michigan. Let's do a web search.

This is very interesting. AEP Ohio also established a data center tariff in late 2025/2026, and PPL Electric Utilities in Pennsylvania has just done so on June 4, 2026. This shows an emerging trend of utilities implementing specific "large-load" tariffs or "data center tariffs" to protect residential rate payers from bearing the heavy infrastructure costs of data center expansion. Let's do a search on other data center infrastructure companies and semiconductor suppliers. Let's see: - TSMC (TSM): Let's call `market_view` for TSM. - Nvidia (NVDA): Let's call `market_view` for NVDA. - AMD (AMD): Let's call `market_view` for AMD. - Broadcom (AVGO): Let's call `market_view` for AVGO. - Marvell (MRVL): Let's call `market_view` for MRVL. Let's run `market_view` on NVDA, MRVL, and TSM first. Let's do NVDA.

Nvidia (NVDA) is trading at $205.10 with a $4.97T market cap. Its revenue in the latest quarter ending April 30, 2026 was a staggering $81.61B (YoY +85.2%) with net income of $58.32B (YoY +214.5%). The recent news mentions: "Jensen Huang, CEO of Nvidia Corp., announced that Nvidia's new Vera central processing units will utilize memory chips from SK Hynix Inc., signaling significant collaboration between the companies. Vera is Nvidia's first..." Let's search for "Nvidia" "Vera" to see what this new "Vera" chip is and when it was announced. Is it part of the Computex 2026 announcements? Computex typically takes place in early June, and today is June 8, 2026. Let's do a search for "Nvidia" "Vera" OR "Computex 2026" Nvidia.

This is a very important set of search results! Let's see what is happening here: At Computex / GTC Taipei 2026 (held around June 1, 2026), Nvidia unveiled its next-generation AI computing platform: **NVIDIA Vera Rubin** (or **Rubin**), which includes the new **Vera CPU** and the **Vera Rubin NVL72** rack-scale system. The platform is scheduled to begin deploying in the second half of 2026. Let's fetch the press release or official announcement on Nvidia's Vera Rubin or Vera CPU to get the technical specifications, timeline, and pricing estimates. Let's fetch: 1. `https://nvidianews.nvidia.com/news/vera-rubin-full-production-agentic-ai-factory` 2. `https://lambda.ai/blog/lambda-at-nvidia-gtc2026-our-thoughts` Let's do `web_fetch` on `https://nvidianews.nvidia.com/news/vera-rubin-full-production-agentic-ai-factory`.

This is absolutely a massive development! Let's analyze the details: - **NVIDIA Vera Rubin Platform**: Officially announced at Computex / GTC Taipei on May 31, 2026. - **Ramping into full production**: Ramping into full production with top server makers (Dell, HPE, Lenovo, Supermicro, Foxconn, GIGABYTE, etc.). - **Vera Rubin Components**: Unifies **NVIDIA Vera Rubin NVL72** systems, **NVIDIA Vera CPU**, **NVIDIA Groq 3 LPX** (wait, the text says "NVIDIA Groq 3 LPX" or is it a typo in the release? Let's check, it says "NVIDIA Groq 3 LPX" or is it a typo for some other component like LPX? The text actually says "NVIDIA Groq 3 LPX" or "NVIDIA ... LPX" - wait, let's look at the text: "NVIDIA Groq 3 LPX" or "NVIDIA ... LPX"? Oh, it says "NVIDIA Groq 3 LPX" in the press release - that's interesting! Or maybe let's re-read carefully: "NVIDIA Groq 3 LPX, NVIDIA Vera BlueField-4 STX storage and NVIDIA Spectrum™-6 SPX Ethernet racks". Let's verify what "Groq 3 LPX" is or if there is another processor or component. Oh, actually, let's double check if there's any other news about this.), **NVIDIA Vera BlueField-4 STX storage**, and **NVIDIA Spectrum-6 SPX Ethernet racks**. - **Performance**: Delivers **10x agent throughput** at scale compared with the previous-generation NVIDIA Grace Blackwell platform (Blackwell was just launched in 2024/2025, and now Rubin/Vera Rubin is the next generation). - **Networking**: Introduces **NVIDIA Spectrum-X Ethernet Photonics** (co-packaged-optics-based switches with 200Gb/s SerDes), delivering 5x better power efficiency, 5x longer AI uptime, and 1.3x faster time to deployment than traditional transceivers. CoreWeave, Lambda, and Oracle Cloud Infrastructure are among the first adopters. - **Availability**: Production shipments are set to begin starting this fall (H2 2026). Let's do a search on other semiconductor players like Broadcom, TSMC, and AMD to see what they announced at Computex 2026 (held around June 1-5, 2026). Let's search for "Computex 2026" AMD OR Broadcom OR TSMC.

Let's search about AMD's Computex 2026 announcements and Intel's Computex 2026 announcements to understand the AI chip roadmap and competition. Let's do a search.

Let's look at the AMD Helios Platform and other AMD announcements at Computex 2026. Let's do a search for "AMD Helios" OR "AMD Helios Platform" OR "Computex 2026" AMD MI350 OR MI400.

This is excellent research material! Let's fetch the ServeTheHome article: `https://www.servethehome.com/not-just-for-oreos-and-trailers-amd-helios-next-gen-ai-racks-go-double-wide/` or the Data Center Dynamics article: `https://www.datacenterdynamics.com/en/news/amd-launches-instinct-mi350-gpus-unveils-double-wide-helios-ai-rack-scale-system/` to get the details of AMD's Helios platform, the MI350/MI400 series, and the physical constraints (like needing "double-wide" racks). Let's fetch `https://www.servethehome.com/not-just-for-oreos-and-trailers-amd-helios-next-gen-ai-racks-go-double-wide/`.

This is an outstanding piece of technical and strategic insight! Let's analyze the details of AMD's Helios platform: - **AMD Helios Platform**: It is a rack-scale AI compute platform built around AMD's 2026 generation of accelerators (the **MI400 series** — specifically the **MI430X/MI440X/MI455X**). - **Double-Wide Racks**: Due to the massive scale and power density, the AMD Helios platform is moving to a "double-wide" rack design ("Big F_ing Rack" or BFR). This represents a physical constraint in data center facilities, which must be designed to accommodate double-wide racks. - **Components**: The Helios rack integrates the **MI400 series** GPUs (which will use **HBM4 memory**, scaling up to 31TB of memory and 1.4PB/s of memory bandwidth per rack), the next-generation 2nm AMD EPYC **"Venice" CPU** (with up to 256 cores, PCIe Gen6, and 1.6TB/s of memory bandwidth), and the **AMD Vulcano 800G NIC**. - **Collaborations**: OpenAI's Sam Altman appeared on stage to talk about OpenAI's early collaboration with AMD on this. - **ZT Systems**: Forrest Norrod (GM of AMD's Data Center Solutions Business Group) confirmed that Helios is an example of **ZT Systems**' work with AMD (which AMD acquired in late 2024), illustrating the integration of ZT Systems' rack-scale engineering. - **Future Roadmap**: AMD also teased its 2027 generation: **Instinct MI500 series** and the **EPYC "Verano" CPU**. Let's do a search on other suppliers and hyperscalers. What about Marvell, Broadcom, and TSMC? Let's check Marvell's ticker (MRVL) and Broadcom (AVGO). Let's call `market_view` for MRVL and AVGO. Let's do MRVL first.

Marvell (MRVL) is set to join the S&P 500 index! It is trading at $263.47, with a massive 191.5% gain over the past three months (and +64.7% over the past month). In its latest quarter ending 2026-04-30 (reported recently), it posted $2.42B in revenue (+27.6% YoY) and beat earnings estimates ($0.80 reported vs $0.79 estimated). And look at this news: Nvidia CEO Jensen Huang recently endorsed Marvell, calling it a potential "next trillion-dollar company" and boosting its shares. This is a very strong signal on supplier demand sustainability and customer concentration. Let's look up Broadcom (AVGO). Let's call `market_view` for AVGO.

Broadcom (AVGO) is trading at $385.73 with an $1.83T market cap. In its latest quarter ending 2026-04-30 (reported recently), it recorded $22.19B in revenue (+47.9% YoY) and net income of $9.31B (+85.4% YoY), beating earnings expectations ($2.44 reported vs $2.39 estimated). Broadcom has beaten earnings expectations for 4 consecutive quarters. Let's do a search on TSMC (TSM) to check their latest revenue and capex signals. Let's call `market_view` for TSM.

This is very interesting! TSMC (TSM) is trading at $415.17, with a massive TTM revenue of $4.10T (NTD, or in USD? Let's check: the numbers are likely in NTD for local figures, but let's confirm the currency. It has a $2.15T USD market cap). The news mentions: "TSMC announced a partnership with NVIDIA to integrate AI and accelerated computing into its semiconductor manufacturing processes..." and "Taiwan Semiconductor Manufacturing strengthens silicon shield strategy with $250B US investment deal..." Wow! Let's search for "TSMC" "$250B US investment" OR "silicon shield" to understand what this $250 billion US investment deal is about and if it's related to CHIPS Act or expansion of US fabs. Let's do a web search.

I will now write the research findings as individual, detailed notes, starting with Oracle's massive 2.8 GW fuel cell partnership with Bloom Energy. Then I will write about AMD's Helios platform and double-wide rack architecture, NVIDIA's newly launched Vera Rubin platform at Computex 2026, and the landmark Pennsylvania regulatory settlement establishing large-load tariffs for data centers. At the end of the notes, I will resolve the open thread regarding Oracle's upcoming earnings/guidance and then finish the cycle.

I will write the next note on AMD's Computex 2026 announcements, focusing on the AMD Helios platform and the physical constraints of its double-wide rack design.

I will write the next note on NVIDIA's Vera Rubin launch at Computex 2026. This is highly relevant to Nvidia's data center revenue trajectory, supplier demand, and customer concentration.