TeraWulf
NASDAQ:WULFStructural picks-and-shovel position in the AI Semis supply chain, Layer 1. Tier C conviction with research from AI Master Research.
The full 1-page snapshot on TeraWulf.
What it physically does · the financial print · customer mix · competitive context · terminal risk · bull case · gap/bear case · optionality · the trade. ~358 words. Source: AI Master Research.
What WULF physically does — preview.
One-paragraph version of the Photoncap deep dive. Read the full essay for the complete treatment.
The thesis — preview.
The smaller-cap AI HPC pivot story — 60% of Q1 revenue is now from AI HPC versus zero a year ago, with $3.1B cash on the balance sheet to fund the build-out. Tier B because the Q1 EPS missed by 5x consensus, the financial mechanics are still ugly (D&A drag on capex), and execution risk on the ramp is severe. TeraWulf converts hydroelectric and nuclear-adjacent Bitcoin mining sites in upstate New York into AI HPC colocation capacity. The Lake Mariner facility is the flagship. The model is similar to IREN — depreciating crypto economics being converted into multi-year colo / GPUaaS ARR — but with a domestic-renewable angle that resonates with hyperscaler ESG sourcing.…