UBS LAUNCHES COVERAGE ACROSS AI DATA CENTER NAMES, ALL AT BUY $CORZ: BUY, $24 PT Says AMD-backed capacity should diversify Core Scientific’s tenant base and improve its risk profile. With ~1.9GW of AMD expansion options, CORZ has a path toward a ~3GW platform. Financing clarity and identifying the end customers for AMD capacity are the next key catalysts. $CIFR: BUY, $23 PT Sees upside from additional lease announcements and greater pipeline clarity. Cipher has already signed 493MW of IT leases with Fluidstack/Google and Amazon, while near-term leasing opportunities could create an estimated ~$12/share of additional value. $APLD: BUY, $38 PT Sees additional lease signings, improving tenant quality and refinancing as key catalysts. The firm expects APLD’s tenant mix to shift from entirely high-yield today to majority investment-grade by early 2028, with a potential REIT conversion providing further optionality. $WULF: BUY, $24 PT Highlights TeraWulf’s 840MW of signed AI/HPC leases with Core42, Fluidstack/Google and Anthropic. The firm estimates recent deals have created ~$12M of equity value per MW and sees further upside from leasing its development pipeline. $HUT: BUY, $143 PT Points to Beacon Point energization, initial capacity deliveries and additional lease announcements as upcoming catalysts. It estimates recent deals have created $12M-$14M of NAV per MW, with substantial upside potential from leasing the remaining development pipeline.

A school in Illinois made students exercise before class and accidentally discovered one of the most powerful learning drugs on earth. They made the kids run. The school was Naperville Central High School. Every morning, students would show up before their first class, put on heart rate monitors, and exercise hard enough to push their heart rates into a specific zone. Then they went straight to class. The results caught the attention of a Harvard psychiatrist named John Ratey. Because something strange was happening to these kids. They weren't just getting fitter. They were becoming better students. When Naperville students later took TIMSS, an international test used to compare math and science performance across countries, they scored among the highest in the world. Ratey spent years studying why. And the answer completely changed how I think about exercise. When you exercise, your brain releases a protein called BDNF. Ratey calls it "Miracle-Gro for the brain." It helps brain cells grow, strengthens the connections between them, and makes it easier for your brain to absorb new information. Exercise also increases dopamine, serotonin, and norepinephrine. The exact chemicals your brain uses for attention, motivation, and learning. Which means those students weren't exercising instead of learning. They were exercising so their brains could learn. I think most of us have this completely backwards. We treat exercise as the thing we do when the important work is finished like: > I'll work out after I study. > After I write. > After I finish this project. > After I get through my inbox. And when life gets busy, exercise is the first thing we remove because it feels like we're buying ourselves another hour. But Ratey's work suggests you're making a terrible trade. You're gaining an hour of time while making the brain that has to use those hours worse at learning. I've started thinking about exercise less like fitness and more like preparation. If I have something difficult to learn, write, or solve, movement shouldn't come after it. It should come before it. You're probably not too busy to exercise. You're too busy to learn slowly.