{
  "report_id": "theme_ai_capex_node_financing_depreciation_roi_pressure",
  "report_type": "theme_value_chain_node",
  "site_path": "themes/ai-capex-cycle/nodes/financing-depreciation-roi-pressure/index.html",
  "title": "Financing, Depreciation, And ROI Pressure",
  "as_of": "2026-06-13",
  "generated_at": "2026-06-13T09:00:00-07:00",
  "freshness": {
    "price_data_as_of": "2026-06-12",
    "daily_ohlc_latest": "2026-06-12",
    "completed_week_as_of": "2026-06-05",
    "chart_interval": "weekly",
    "knowledge_reviewed_as_of": "2026-06-13",
    "active_common_stocks": 5274,
    "filtered_coverage_count": 4991,
    "limitations": [
      "Discovery daily_ohlc rows are current through 2026-06-12, but static setup thresholds in the HTML still use the completed week ending 2026-06-05 and must be refreshed before use as current trading evidence.",
      "CRWV, NBIS, and WYFI have fewer than 100 completed weekly bars, so their chart packages omit the 100W EMA.",
      "No credible company-confirmed next earnings date was found in the bounded 2026-06-13 company IR/news/calendar/web pass, so basket cards use Not confirmed.",
      "No company in the basket fully discloses an AI unit-economics bridge from infrastructure spending to incremental revenue, depreciation, utilization, margin, and free cash flow.",
      "Watch-tier rows need better contract-level returns, customer concentration, cancellation terms, covenants, receivable quality, useful-life assumptions, and project-finance detail.",
      "CORZ and HUT latest-quarter revenue values are source-backed through local security lanes that route to Q1 2026 filings and releases, but this review pass did not independently re-fetch those official filings; refresh the underlying filings before using them as newly current operating bases."
    ]
  },
  "revision": {
    "version": 3,
    "updated_label": "Latest node-page card format and stale setup caveat",
    "metadata_path": "themes/ai-capex-cycle/nodes/financing-depreciation-roi-pressure/report.json"
  },
  "node": {
    "slug": "financing-depreciation-roi-pressure",
    "order": 11,
    "level": "L3 core underwriting node",
    "role": "Tests whether AI infrastructure spending becomes owner cash after capex, depreciation, leases, interest, commitments, customer prepayments, and refinancing costs.",
    "description": "Financing, depreciation, and ROI pressure compares contracted AI compute, cloud growth, ad monetization, productivity software, and backlog conversion with the cash cost of building and financing capacity."
  },
  "ticker_baskets": {
    "core": [
      "CRWV",
      "ORCL",
      "NBIS",
      "APLD",
      "IREN",
      "META",
      "AMZN",
      "GOOGL",
      "MSFT",
      "CORZ"
    ],
    "option": [],
    "watch": [
      "WULF",
      "CIFR",
      "HUT",
      "WYFI"
    ]
  },
  "demand_origin_refs": [
    "MSFT",
    "GOOGL",
    "AMZN",
    "META",
    "ORCL",
    "CRWV",
    "NBIS",
    "APLD",
    "IREN",
    "CORZ"
  ],
  "ranking_method": {
    "subagent_process": "10 primary research agents plus 1 merge/select agent; the merge kept direct pressure ranking from CRWV, ORCL, NBIS, APLD, and IREN, kept platform funders below direct financing stress, and kept WULF, CIFR, HUT, and WYFI in watch because return proof is narrower or earlier.",
    "ranking_basis": [
      "directness of financing, lease, depreciation, interest, dilution, customer concentration, construction, and capex pressure",
      "clarity of collection route through RPO, backlog, ARR, leases, rent commencement, utilization, customer advances, cloud margin, advertising, productivity software, and free cash flow",
      "static setup thresholds from local discovery daily_ohlc through the completed week ending 2026-06-05, with live daily_ohlc freshness now through 2026-06-12",
      "availability of source-routed evidence in knowledge lanes and official filing or investor-relations routes"
    ],
    "rejected_or_comparable": [
      "DLR and EQIX are relevant data-center comparables but less direct pressure rows for this owner-return node.",
      "DELL, SMCI, CLS, JBL, HPE, and SANM belong in the servers, racks, EMS, and systems-integration cash-conversion route.",
      "BTDR is a relevant powered-capacity comparable but ranked below the watch basket for current source depth and node fit."
    ]
  },
  "chart_artifacts": [
    {
      "chart_id": "chart-crwv",
      "ticker": "CRWV",
      "source_table": "daily_ohlc",
      "chart_interval": "weekly",
      "aggregation": "weekly bars grouped from daily rows by calendar week; open is first row, high is weekly max, low is weekly min, close is final row, volume is summed",
      "indicators": [
        "20w_ema",
        "weekly_volume",
        "20w_average_volume"
      ],
      "indicator_method": "20-week exponential moving average computed from weekly closes using full available weekly history before visible-window clipping; 100-week EMA unavailable until at least 100 weekly closes exist; weekly volume bars shown with a 20-week average volume line",
      "price_data_as_of": "2026-06-12",
      "completed_week_as_of": "2026-06-05",
      "visible_years": 3,
      "visible_start_date": "2025-03-28",
      "visible_end_date": "2026-06-05",
      "row_count_weekly": 63,
      "latest_close": 100.39,
      "ema20": 99.9,
      "ema100": null,
      "trigger": "Weekly close above $138.25.",
      "invalidation": "Weekly close below $67.15.",
      "rendering": "api_right_rail",
      "fallback_table": false
    },
    {
      "chart_id": "chart-orcl",
      "ticker": "ORCL",
      "source_table": "daily_ohlc",
      "chart_interval": "weekly",
      "aggregation": "weekly bars grouped from daily rows by calendar week; open is first row, high is weekly max, low is weekly min, close is final row, volume is summed",
      "indicators": [
        "20w_ema",
        "100w_ema",
        "weekly_volume",
        "20w_average_volume"
      ],
      "indicator_method": "20-week and 100-week exponential moving averages computed from weekly closes using full available weekly history before visible-window clipping; weekly volume bars shown with a 20-week average volume line",
      "price_data_as_of": "2026-06-12",
      "completed_week_as_of": "2026-06-05",
      "visible_years": 3,
      "visible_start_date": "2023-06-05",
      "visible_end_date": "2026-06-05",
      "row_count_weekly": 265,
      "latest_close": 213.68,
      "ema20": 184.48,
      "ema100": 179.7,
      "trigger": "Weekly close above $226.29.",
      "invalidation": "Weekly close below $134.57.",
      "rendering": "api_right_rail",
      "fallback_table": false
    },
    {
      "chart_id": "chart-nbis",
      "ticker": "NBIS",
      "source_table": "daily_ohlc",
      "chart_interval": "weekly",
      "aggregation": "weekly bars grouped from daily rows by calendar week; open is first row, high is weekly max, low is weekly min, close is final row, volume is summed",
      "indicators": [
        "20w_ema",
        "weekly_volume",
        "20w_average_volume"
      ],
      "indicator_method": "20-week exponential moving average computed from weekly closes using full available weekly history before visible-window clipping; 100-week EMA unavailable until at least 100 weekly closes exist; weekly volume bars shown with a 20-week average volume line",
      "price_data_as_of": "2026-06-12",
      "completed_week_as_of": "2026-06-05",
      "visible_years": 3,
      "visible_start_date": "2024-10-21",
      "visible_end_date": "2026-06-05",
      "row_count_weekly": 85,
      "latest_close": 227.81,
      "ema20": 155.16,
      "ema100": null,
      "trigger": "Weekly close above $233.73.",
      "invalidation": "Weekly close below $86.50, with earlier caution on a loss of the 20W EMA.",
      "rendering": "api_right_rail",
      "fallback_table": false
    },
    {
      "chart_id": "chart-apld",
      "ticker": "APLD",
      "source_table": "daily_ohlc",
      "chart_interval": "weekly",
      "aggregation": "weekly bars grouped from daily rows by calendar week; open is first row, high is weekly max, low is weekly min, close is final row, volume is summed",
      "indicators": [
        "20w_ema",
        "100w_ema",
        "weekly_volume",
        "20w_average_volume"
      ],
      "indicator_method": "20-week and 100-week exponential moving averages computed from weekly closes using full available weekly history before visible-window clipping; weekly volume bars shown with a 20-week average volume line",
      "price_data_as_of": "2026-06-12",
      "completed_week_as_of": "2026-06-05",
      "visible_years": 3,
      "visible_start_date": "2023-06-05",
      "visible_end_date": "2026-06-05",
      "row_count_weekly": 265,
      "latest_close": 39.62,
      "ema20": 34.72,
      "ema100": 20.81,
      "trigger": "Weekly close above $50.73.",
      "invalidation": "Weekly close below $20.00.",
      "rendering": "api_right_rail",
      "fallback_table": false
    },
    {
      "chart_id": "chart-iren",
      "ticker": "IREN",
      "source_table": "daily_ohlc",
      "chart_interval": "weekly",
      "aggregation": "weekly bars grouped from daily rows by calendar week; open is first row, high is weekly max, low is weekly min, close is final row, volume is summed",
      "indicators": [
        "20w_ema",
        "100w_ema",
        "weekly_volume",
        "20w_average_volume"
      ],
      "indicator_method": "20-week and 100-week exponential moving averages computed from weekly closes using full available weekly history before visible-window clipping; weekly volume bars shown with a 20-week average volume line",
      "price_data_as_of": "2026-06-12",
      "completed_week_as_of": "2026-06-05",
      "visible_years": 3,
      "visible_start_date": "2023-06-05",
      "visible_end_date": "2026-06-05",
      "row_count_weekly": 265,
      "latest_close": 54.35,
      "ema20": 48.81,
      "ema100": 30.63,
      "trigger": "Weekly close above $68.13.",
      "invalidation": "Weekly close below $30.76.",
      "rendering": "api_right_rail",
      "fallback_table": false
    },
    {
      "chart_id": "chart-meta",
      "ticker": "META",
      "source_table": "daily_ohlc",
      "chart_interval": "weekly",
      "aggregation": "weekly bars grouped from daily rows by calendar week; open is first row, high is weekly max, low is weekly min, close is final row, volume is summed",
      "indicators": [
        "20w_ema",
        "100w_ema",
        "weekly_volume",
        "20w_average_volume"
      ],
      "indicator_method": "20-week and 100-week exponential moving averages computed from weekly closes using full available weekly history before visible-window clipping; weekly volume bars shown with a 20-week average volume line",
      "price_data_as_of": "2026-06-12",
      "completed_week_as_of": "2026-06-05",
      "visible_years": 3,
      "visible_start_date": "2023-06-05",
      "visible_end_date": "2026-06-05",
      "row_count_weekly": 240,
      "latest_close": 593,
      "ema20": 627.85,
      "ema100": 597.13,
      "trigger": "Weekly close back above the 20W EMA at $627.85; full repair above $691.52.",
      "invalidation": "Weekly close below $520.26.",
      "rendering": "api_right_rail",
      "fallback_table": false
    },
    {
      "chart_id": "chart-amzn",
      "ticker": "AMZN",
      "source_table": "daily_ohlc",
      "chart_interval": "weekly",
      "aggregation": "weekly bars grouped from daily rows by calendar week; open is first row, high is weekly max, low is weekly min, close is final row, volume is summed",
      "indicators": [
        "20w_ema",
        "100w_ema",
        "weekly_volume",
        "20w_average_volume"
      ],
      "indicator_method": "20-week and 100-week exponential moving averages computed from weekly closes using full available weekly history before visible-window clipping; weekly volume bars shown with a 20-week average volume line",
      "price_data_as_of": "2026-06-12",
      "completed_week_as_of": "2026-06-05",
      "visible_years": 3,
      "visible_start_date": "2023-06-05",
      "visible_end_date": "2026-06-05",
      "row_count_weekly": 265,
      "latest_close": 246.03,
      "ema20": 243,
      "ema100": 214.74,
      "trigger": "Weekly close above $278.56.",
      "invalidation": "Weekly close below $199.14.",
      "rendering": "api_right_rail",
      "fallback_table": false
    },
    {
      "chart_id": "chart-googl",
      "ticker": "GOOGL",
      "source_table": "daily_ohlc",
      "chart_interval": "weekly",
      "aggregation": "weekly bars grouped from daily rows by calendar week; open is first row, high is weekly max, low is weekly min, close is final row, volume is summed",
      "indicators": [
        "20w_ema",
        "100w_ema",
        "weekly_volume",
        "20w_average_volume"
      ],
      "indicator_method": "20-week and 100-week exponential moving averages computed from weekly closes using full available weekly history before visible-window clipping; weekly volume bars shown with a 20-week average volume line",
      "price_data_as_of": "2026-06-12",
      "completed_week_as_of": "2026-06-05",
      "visible_years": 3,
      "visible_start_date": "2023-06-05",
      "visible_end_date": "2026-06-05",
      "row_count_weekly": 265,
      "latest_close": 368.53,
      "ema20": 342.11,
      "ema100": 249.31,
      "trigger": "Weekly close above $408.61.",
      "invalidation": "Weekly close below $272.11.",
      "rendering": "api_right_rail",
      "fallback_table": false
    },
    {
      "chart_id": "chart-msft",
      "ticker": "MSFT",
      "source_table": "daily_ohlc",
      "chart_interval": "weekly",
      "aggregation": "weekly bars grouped from daily rows by calendar week; open is first row, high is weekly max, low is weekly min, close is final row, volume is summed",
      "indicators": [
        "20w_ema",
        "100w_ema",
        "weekly_volume",
        "20w_average_volume"
      ],
      "indicator_method": "20-week and 100-week exponential moving averages computed from weekly closes using full available weekly history before visible-window clipping; weekly volume bars shown with a 20-week average volume line",
      "price_data_as_of": "2026-06-12",
      "completed_week_as_of": "2026-06-05",
      "visible_years": 3,
      "visible_start_date": "2023-06-05",
      "visible_end_date": "2026-06-05",
      "row_count_weekly": 265,
      "latest_close": 416.67,
      "ema20": 421.88,
      "ema100": 432.06,
      "trigger": "Weekly close back above the 100W EMA at $432.06; broader repair above $450.33.",
      "invalidation": "Weekly close below $356.28.",
      "rendering": "api_right_rail",
      "fallback_table": false
    },
    {
      "chart_id": "chart-corz",
      "ticker": "CORZ",
      "source_table": "daily_ohlc",
      "chart_interval": "weekly",
      "aggregation": "weekly bars grouped from daily rows by calendar week; open is first row, high is weekly max, low is weekly min, close is final row, volume is summed",
      "indicators": [
        "20w_ema",
        "100w_ema",
        "weekly_volume",
        "20w_average_volume"
      ],
      "indicator_method": "20-week and 100-week exponential moving averages computed from weekly closes using full available weekly history before visible-window clipping; weekly volume bars shown with a 20-week average volume line",
      "price_data_as_of": "2026-06-12",
      "completed_week_as_of": "2026-06-05",
      "visible_years": 3,
      "visible_start_date": "2023-06-05",
      "visible_end_date": "2026-06-05",
      "row_count_weekly": 174,
      "latest_close": 25.85,
      "ema20": 20.59,
      "ema100": 14.36,
      "trigger": "Weekly close above $28.19.",
      "invalidation": "Weekly close below $13.56, with earlier caution on a loss of the 20W EMA.",
      "rendering": "api_right_rail",
      "fallback_table": false
    },
    {
      "chart_id": "chart-wulf",
      "ticker": "WULF",
      "source_table": "daily_ohlc",
      "chart_interval": "weekly",
      "aggregation": "weekly bars grouped from daily rows by calendar week; open is first row, high is weekly max, low is weekly min, close is final row, volume is summed",
      "indicators": [
        "20w_ema",
        "100w_ema",
        "weekly_volume",
        "20w_average_volume"
      ],
      "indicator_method": "20-week and 100-week exponential moving averages computed from weekly closes using full available weekly history before visible-window clipping; weekly volume bars shown with a 20-week average volume line",
      "price_data_as_of": "2026-06-12",
      "completed_week_as_of": "2026-06-05",
      "visible_years": 3,
      "visible_start_date": "2023-06-05",
      "visible_end_date": "2026-06-05",
      "row_count_weekly": 265,
      "latest_close": 24,
      "ema20": 19.04,
      "ema100": 10.89,
      "trigger": "Weekly close above $27.26.",
      "invalidation": "Weekly close below $13.02, with earlier caution on a loss of the 20W EMA.",
      "rendering": "api_right_rail",
      "fallback_table": false
    },
    {
      "chart_id": "chart-cifr",
      "ticker": "CIFR",
      "source_table": "daily_ohlc",
      "chart_interval": "weekly",
      "aggregation": "weekly bars grouped from daily rows by calendar week; open is first row, high is weekly max, low is weekly min, close is final row, volume is summed",
      "indicators": [
        "20w_ema",
        "100w_ema",
        "weekly_volume",
        "20w_average_volume"
      ],
      "indicator_method": "20-week and 100-week exponential moving averages computed from weekly closes using full available weekly history before visible-window clipping; weekly volume bars shown with a 20-week average volume line",
      "price_data_as_of": "2026-06-12",
      "completed_week_as_of": "2026-06-05",
      "visible_years": 3,
      "visible_start_date": "2023-06-05",
      "visible_end_date": "2026-06-05",
      "row_count_weekly": 265,
      "latest_close": 22.45,
      "ema20": 18.17,
      "ema100": 11.29,
      "trigger": "Weekly close above $25.56.",
      "invalidation": "Weekly close below $11.72, with earlier caution on a loss of the 20W EMA.",
      "rendering": "api_right_rail",
      "fallback_table": false
    },
    {
      "chart_id": "chart-hut",
      "ticker": "HUT",
      "source_table": "daily_ohlc",
      "chart_interval": "weekly",
      "aggregation": "weekly bars grouped from daily rows by calendar week; open is first row, high is weekly max, low is weekly min, close is final row, volume is summed",
      "indicators": [
        "20w_ema",
        "100w_ema",
        "weekly_volume",
        "20w_average_volume"
      ],
      "indicator_method": "20-week and 100-week exponential moving averages computed from weekly closes using full available weekly history before visible-window clipping; weekly volume bars shown with a 20-week average volume line",
      "price_data_as_of": "2026-06-12",
      "completed_week_as_of": "2026-06-05",
      "visible_years": 3,
      "visible_start_date": "2023-06-05",
      "visible_end_date": "2026-06-05",
      "row_count_weekly": 265,
      "latest_close": 112.24,
      "ema20": 77.57,
      "ema100": 41.34,
      "trigger": "Weekly close above $126.65.",
      "invalidation": "Weekly close below $42.06, with earlier caution on a loss of the 20W EMA.",
      "rendering": "api_right_rail",
      "fallback_table": false
    },
    {
      "chart_id": "chart-wyfi",
      "ticker": "WYFI",
      "source_table": "daily_ohlc",
      "chart_interval": "weekly",
      "aggregation": "weekly bars grouped from daily rows by calendar week; open is first row, high is weekly max, low is weekly min, close is final row, volume is summed",
      "indicators": [
        "20w_ema",
        "weekly_volume",
        "20w_average_volume"
      ],
      "indicator_method": "20-week exponential moving average computed from weekly closes using full available weekly history before visible-window clipping; 100-week EMA unavailable until at least 100 weekly closes exist; weekly volume bars shown with a 20-week average volume line",
      "price_data_as_of": "2026-06-12",
      "completed_week_as_of": "2026-06-05",
      "visible_years": 3,
      "visible_start_date": "2025-08-07",
      "visible_end_date": "2026-06-05",
      "row_count_weekly": 44,
      "latest_close": 23.27,
      "ema20": 20.43,
      "ema100": null,
      "trigger": "Weekly close above $33.19.",
      "invalidation": "Weekly close below $10.51.",
      "rendering": "api_right_rail",
      "fallback_table": false
    }
  ],
  "links_out": [
    "theme_ai_capex_cycle",
    "theme_ai_capex_node_ai_cloud_capacity_financing",
    "theme_ai_capex_node_hyperscaler_cloud_capex_budgets",
    "theme_ai_capex_node_servers_racks_ems_systems_integration",
    "theme_power_scarcity_and_grid_load",
    "theme_memory_and_component_scarcity",
    "risk_market_fragility_amplification"
  ],
  "knowledge_sources": [
    "../../../../../knowledge/wiki/index.md",
    "../../../../../knowledge/wiki/concepts/themes/ai-capex-cycle.md",
    "../../../../../knowledge/wiki/concepts/themes/funding-dependency-and-duration-tolerance.md",
    "../../../../../knowledge/wiki/lanes/sector/information-technology.md",
    "../../../../../knowledge/wiki/lanes/sector/communication-services.md",
    "../../../../../knowledge/wiki/concepts/themes/power-scarcity-and-grid-load.md",
    "../../../../../knowledge/wiki/concepts/themes/memory-and-component-scarcity.md",
    "../../../../../knowledge/wiki/concepts/risks/market-fragility-amplification.md",
    "../../../../../knowledge/wiki/lanes/security/crwv.md",
    "../../../../../knowledge/wiki/lanes/security/orcl.md",
    "../../../../../knowledge/wiki/lanes/security/nbis.md",
    "../../../../../knowledge/wiki/lanes/security/apld.md",
    "../../../../../knowledge/wiki/lanes/security/iren.md",
    "../../../../../knowledge/wiki/lanes/security/meta.md",
    "../../../../../knowledge/wiki/lanes/security/amzn.md",
    "../../../../../knowledge/wiki/lanes/security/googl.md",
    "../../../../../knowledge/wiki/lanes/security/msft.md",
    "../../../../../knowledge/wiki/lanes/security/corz.md",
    "../../../../../knowledge/wiki/lanes/security/wulf.md",
    "../../../../../knowledge/wiki/lanes/security/cifr.md",
    "../../../../../knowledge/wiki/lanes/security/hut.md",
    "../../../../../knowledge/wiki/lanes/security/wyfi.md"
  ],
  "external_sources": [
    {
      "kind": "official_source",
      "label": "CoreWeave Q1 2026 results release",
      "url": "https://investors.coreweave.com/news/news-details/2026/CoreWeave-Reports-Strong-First-Quarter-2026-Results/default.aspx"
    },
    {
      "kind": "official_source",
      "label": "CoreWeave Q1 2026 SEC earnings exhibit",
      "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000220/coreweave1q26earningspress.htm"
    },
    {
      "kind": "official_source",
      "label": "Oracle Q3 FY2026 results release",
      "url": "https://investor.oracle.com/investor-news/news-details/2026/Oracle-Announces-Fiscal-Year-2026-Third-Quarter-Financial-Results/default.aspx"
    },
    {
      "kind": "official_source",
      "label": "Nebius Meta AI infrastructure agreement",
      "url": "https://nebius.com/newsroom/nebius-signs-new-ai-infrastructure-agreement-with-meta"
    },
    {
      "kind": "official_source",
      "label": "Applied Digital fiscal Q3 2026 results release",
      "url": "https://ir.applieddigital.com/news-events/press-releases/detail/148/applied-digital-reports-fiscal-third-quarter-2026-results"
    },
    {
      "kind": "official_source",
      "label": "Applied Digital PF3 lease milestone release",
      "url": "https://ir.applieddigital.com/news-events/press-releases/detail/152/applied-digital-reaches-significant-milestone-surpassing-1"
    },
    {
      "kind": "official_source",
      "label": "IREN Q3 FY2026 business update",
      "url": "https://iren.gcs-web.com/news-releases/news-release-details/iren-business-update-and-q3-fy26-results"
    },
    {
      "kind": "official_source",
      "label": "Amazon Q1 2026 results release",
      "url": "https://ir.aboutamazon.com/news-release/news-release-details/2026/Amazon-com-Announces-First-Quarter-Results/default.aspx"
    },
    {
      "kind": "official_source",
      "label": "Amazon Q1 2026 10-Q",
      "url": "https://www.sec.gov/Archives/edgar/data/1018724/000101872426000014/amzn-20260331.htm"
    },
    {
      "kind": "official_source",
      "label": "Alphabet Q1 2026 earnings exhibit",
      "url": "https://www.sec.gov/Archives/edgar/data/1652044/000165204426000043/googexhibit991q12026.htm"
    },
    {
      "kind": "official_source",
      "label": "Meta Q1 2026 results release",
      "url": "https://investor.atmeta.com/investor-news/press-release-details/2026/Meta-Reports-First-Quarter-2026-Results/"
    },
    {
      "kind": "official_source",
      "label": "Microsoft FY2026 Q3 results release",
      "url": "https://www.microsoft.com/en-us/investor/earnings/fy-2026-q3/press-release-webcast"
    },
    {
      "kind": "official_source",
      "label": "Core Scientific Q1 2026 10-Q",
      "url": "https://sec.gov/Archives/edgar/data/1839341/000162828026031396/core-20260331.htm"
    },
    {
      "kind": "official_source",
      "label": "TeraWulf Q1 2026 results release",
      "url": "https://investors.terawulf.com/news-events/press-releases/detail/140/terawulf-reports-first-quarter-2026-results"
    },
    {
      "kind": "official_source",
      "label": "Cipher Mining Q1 2026 report",
      "url": "https://investors.cipherdigital.com/node/11376/pdf"
    },
    {
      "kind": "official_source",
      "label": "Hut 8 Q1 2026 10-Q",
      "url": "https://sec.gov/Archives/edgar/data/1964789/000110465926055891/hut-20260331x10q.htm"
    },
    {
      "kind": "official_source",
      "label": "Hut 8 Q1 2026 results release",
      "url": "https://www.hut8.com/news-insights/press-releases/hut-8-reports-first-quarter-2026-results"
    },
    {
      "kind": "official_source",
      "label": "WhiteFiber Q1 2026 results release",
      "url": "https://www.prnewswire.com/news-releases/whitefiber-inc-reports-first-quarter-2026-results-302771681.html"
    }
  ],
  "market_cap_sources": [
    {
      "kind": "duckdb_readonly",
      "label": "Local discovery instruments.market_cap for ranked basket",
      "accessed_at": "2026-06-13",
      "tickers": [
        "CRWV",
        "ORCL",
        "NBIS",
        "APLD",
        "IREN",
        "META",
        "AMZN",
        "GOOGL",
        "MSFT",
        "CORZ",
        "WULF",
        "CIFR",
        "HUT",
        "WYFI"
      ],
      "query_ref": "discovery:duckdb:instruments.market_cap:ranked-basket:2026-06-13"
    }
  ],
  "earnings_date_sources": [
    {
      "kind": "bounded_web_search",
      "label": "Company IR/news/calendar and web searches for next earnings dates",
      "accessed_at": "2026-06-13",
      "tickers": [
        "CRWV",
        "ORCL",
        "NBIS",
        "APLD",
        "IREN",
        "META",
        "AMZN",
        "GOOGL",
        "MSFT",
        "CORZ",
        "WULF",
        "CIFR",
        "HUT",
        "WYFI"
      ],
      "result": "No credible company-confirmed next earnings date found; all basket cards use Not confirmed."
    }
  ],
  "latest_quarter_revenue_sources": [
    {
      "ticker": "CRWV",
      "period": "Q1 2026",
      "revenue": "$2.078B",
      "source": "CoreWeave Q1 2026 results release and SEC earnings exhibit"
    },
    {
      "ticker": "ORCL",
      "period": "FY2026 Q4",
      "revenue": "$19.18B",
      "source": "MarketWatch June 10, 2026 earnings coverage; official Q4 page unavailable in bounded pass"
    },
    {
      "ticker": "NBIS",
      "period": "Q1 2026",
      "revenue": "$399.0M",
      "source": "Nebius security lane and company release routing"
    },
    {
      "ticker": "APLD",
      "period": "FY2026 Q3",
      "revenue": "$126.6M",
      "source": "Applied Digital fiscal Q3 2026 results release"
    },
    {
      "ticker": "IREN",
      "period": "FY2026 Q3",
      "revenue": "$144.8M",
      "source": "IREN Q3 FY2026 business update"
    },
    {
      "ticker": "META",
      "period": "Q1 2026",
      "revenue": "$56.311B",
      "source": "Meta Q1 2026 results release"
    },
    {
      "ticker": "AMZN",
      "period": "Q1 2026",
      "revenue": "$181.5B",
      "source": "Amazon Q1 2026 results release and 10-Q"
    },
    {
      "ticker": "GOOGL",
      "period": "Q1 2026",
      "revenue": "$109.896B",
      "source": "Alphabet Q1 2026 earnings exhibit"
    },
    {
      "ticker": "MSFT",
      "period": "FY2026 Q3",
      "revenue": "$82.886B",
      "source": "Microsoft FY2026 Q3 results release"
    },
    {
      "ticker": "CORZ",
      "period": "Q1 2026",
      "revenue": "$115.244M",
      "source": "Core Scientific security lane routed to Q1 2026 10-Q; colocation revenue was $77.539M, or 67% of total revenue"
    },
    {
      "ticker": "WULF",
      "period": "Q1 2026",
      "revenue": "$34.0M",
      "source": "TeraWulf Q1 2026 results release"
    },
    {
      "ticker": "CIFR",
      "period": "Q1 2026",
      "revenue": "$35M",
      "source": "Cipher Mining Q1 2026 report"
    },
    {
      "ticker": "HUT",
      "period": "Q1 2026",
      "revenue": "$71.0M",
      "source": "Hut 8 security lane routed to Q1 2026 10-Q and results release; segment revenue was Compute $66.0M, Power $3.7M, and Digital Infrastructure $1.3M"
    },
    {
      "ticker": "WYFI",
      "period": "Q1 2026",
      "revenue": "$21.9M",
      "source": "WhiteFiber Q1 2026 results release"
    }
  ],
  "discovery_sources": [
    {
      "kind": "cli_status",
      "label": "Discovery CLI status for CRWV, ORCL, and WYFI",
      "query_ref": "python -m discovery.cli status --ticker CRWV|ORCL|WYFI"
    },
    {
      "kind": "duckdb_readonly",
      "label": "daily_ohlc coverage for expanded basket",
      "query_ref": "discovery:duckdb:daily_ohlc:CRWV|ORCL|NBIS|APLD|IREN|META|AMZN|GOOGL|MSFT|CORZ|WULF|CIFR|HUT|WYFI:2026-06-12"
    },
    {
      "kind": "duckdb_readonly",
      "label": "Weekly OHLC aggregation with 20W and 100W EMA checks",
      "query_ref": "discovery:duckdb:daily_ohlc_weekly_aggregation_20w_100w_ema:financing-depreciation-roi-pressure:2026-06-12:completed-week-2026-06-05"
    }
  ]
}