{
  "report_id": "theme_power_scarcity_node_power_ready_campuses",
  "report_type": "theme_value_chain_node",
  "site_path": "themes/power-scarcity-and-grid-load/nodes/power-ready-campuses/index.html",
  "title": "Power-Ready Campuses",
  "as_of": "2026-07-02",
  "generated_at": "2026-07-04T00:00:00-07:00",
  "freshness": {
    "price_data_as_of": "2026-07-02",
    "daily_ohlc_latest": "2026-07-02",
    "static_setup_thresholds_as_of": "2026-05-22",
    "chart_interval": "weekly",
    "knowledge_reviewed_as_of": "2026-07-04",
    "earnings_dates_checked_as_of": "2026-06-13",
    "active_common_stocks": 5274,
    "filtered_coverage_count": 5008
  },
  "revision": {
    "version": 4,
    "updated_label": "Paper-led rerank from 1GT and SemiAnalysis grid constraints research",
    "metadata_path": "themes/power-scarcity-and-grid-load/nodes/power-ready-campuses/report.json",
    "curation_source": "themes/power-scarcity-and-grid-load/nodes/node-data.json",
    "manual_static_update": true,
    "generator_drift": "scripts/build_power_scarcity_nodes.py still emits visible setup paragraph stacks, table-based Basket sections, old setup tables, and an old setup evidence row. The static HTML and node report were updated without rerunning the stale generator."
  },
  "node": {
    "slug": "power-ready-campuses",
    "order": 8,
    "level": "L2 watch node",
    "depth_level": 2,
    "role": "Packages land, power access, interconnection, equipment plans, financing, and tenant commitments into deliverable AI/data-center campus capacity.",
    "description": "Power-ready campuses are large development sites assembled around land, electric service, interconnection work, permits, equipment procurement, site construction, financing, and tenant negotiations. The stack is used by AI and data-center customers that need usable megawatts before the ordinary utility queue, substation buildout, or colocation supply can deliver."
  },
  "ticker_baskets": {
    "core": [
      "DLR",
      "EQIX"
    ],
    "option": [
      "APLD",
      "CORZ",
      "CIFR",
      "FRMI"
    ],
    "watch": [
      "WULF",
      "IREN"
    ],
    "ranking": [
      "DLR",
      "APLD",
      "EQIX",
      "CORZ",
      "CIFR",
      "WULF",
      "IREN",
      "FRMI"
    ]
  },
  "basket_cards": [
    {
      "rank": 1,
      "ticker": "FRMI",
      "company": "Fermi Inc.",
      "knowledge_lane": "../../../../../knowledge/wiki/lanes/security/frmi.md",
      "market_cap": "$3.3B",
      "next_earnings": {
        "label": "Not confirmed",
        "status": "not_confirmed",
        "sources_checked": [
          "company IR/event-page and bounded web searches on 2026-06-13",
          "Nasdaq FRMI earnings calendar page, accessed 2026-06-13: https://www.nasdaq.com/market-activity/stocks/frmi/earnings"
        ]
      },
      "latest_quarter_revenue": {
        "label": "$0",
        "period": "Q1 2026, quarter ended March 31, 2026",
        "source": "FRMI security lane and March 31, 2026 Form 10-Q"
      }
    },
    {
      "rank": 2,
      "ticker": "APLD",
      "company": "Applied Digital Corporation",
      "knowledge_lane": "../../../../../knowledge/wiki/lanes/security/apld.md",
      "market_cap": "$11.8B",
      "next_earnings": {
        "label": "Not confirmed",
        "status": "not_confirmed",
        "sources_checked": [
          "company IR/event-page and bounded web searches on 2026-06-13",
          "Nasdaq APLD earnings calendar page, accessed 2026-06-13: https://www.nasdaq.com/market-activity/stocks/apld/earnings",
          "local APLD security lane states the exact Q4 report date was not verified"
        ]
      },
      "latest_quarter_revenue": {
        "label": "$126.6M",
        "period": "Fiscal Q3 2026, quarter ended February 28, 2026",
        "source": "APLD security lane, Q3 FY2026 filing, and Q3 release"
      }
    },
    {
      "rank": 3,
      "ticker": "IREN",
      "company": "IREN Limited",
      "knowledge_lane": "../../../../../knowledge/wiki/lanes/security/iren.md",
      "market_cap": "$20.3B",
      "next_earnings": {
        "label": "Not confirmed",
        "status": "not_confirmed",
        "sources_checked": [
          "company IR/event-page and bounded web searches on 2026-06-13",
          "Nasdaq IREN earnings calendar page, accessed 2026-06-13: https://www.nasdaq.com/market-activity/stocks/iren/earnings",
          "local IREN security lane lists FY26 Q4/full-year results as the next evidence without a confirmed date"
        ]
      },
      "latest_quarter_revenue": {
        "label": "$144.8M",
        "period": "Fiscal Q3 2026, quarter ended March 31, 2026",
        "source": "IREN security lane, Q3 FY2026 10-Q, and Q3 results release"
      }
    },
    {
      "rank": 4,
      "ticker": "CORZ",
      "company": "Core Scientific, Inc.",
      "knowledge_lane": "../../../../../knowledge/wiki/lanes/security/corz.md",
      "market_cap": "$7.3B",
      "next_earnings": {
        "label": "Not confirmed",
        "status": "not_confirmed",
        "sources_checked": [
          "company IR/event-page and bounded web searches on 2026-06-13",
          "Nasdaq CORZ earnings calendar page, accessed 2026-06-13: https://www.nasdaq.com/market-activity/stocks/corz/earnings"
        ]
      },
      "latest_quarter_revenue": {
        "label": "$115.244M",
        "period": "Q1 2026, quarter ended March 31, 2026",
        "source": "CORZ security lane and Q1 2026 Form 10-Q"
      }
    },
    {
      "rank": 5,
      "ticker": "WULF",
      "company": "TeraWulf Inc.",
      "knowledge_lane": "../../../../../knowledge/wiki/lanes/security/wulf.md",
      "market_cap": "$11.5B",
      "next_earnings": {
        "label": "Not confirmed",
        "status": "not_confirmed",
        "sources_checked": [
          "company IR/event-page and bounded web searches on 2026-06-13",
          "Nasdaq WULF earnings calendar page, accessed 2026-06-13: https://www.nasdaq.com/market-activity/stocks/wulf/earnings",
          "local WULF security lane says Q2 2026 earnings are expected in August 2026 by normal cadence, not confirmed"
        ]
      },
      "latest_quarter_revenue": {
        "label": "$34.0M",
        "period": "Q1 2026, quarter ended March 31, 2026",
        "source": "WULF security lane, Q1 2026 release, and Q1 2026 Form 10-Q"
      }
    },
    {
      "rank": 6,
      "ticker": "CIFR",
      "company": "Cipher Digital Inc.",
      "knowledge_lane": "../../../../../knowledge/wiki/lanes/security/cifr.md",
      "market_cap": "$8.4B",
      "next_earnings": {
        "label": "Not confirmed",
        "status": "not_confirmed",
        "sources_checked": [
          "company IR/event-page and bounded web searches on 2026-06-13",
          "Nasdaq CIFR earnings calendar page, accessed 2026-06-13: https://www.nasdaq.com/market-activity/stocks/cifr/earnings",
          "local CIFR security lane says Q2 2026 results are estimated for August 2026, not confirmed"
        ]
      },
      "latest_quarter_revenue": {
        "label": "$34.838M",
        "period": "Q1 2026, quarter ended March 31, 2026",
        "source": "CIFR security lane, Q1 2026 Form 10-Q, and Q1 business update"
      }
    }
  ],
  "demand_origin_refs": [
    "MSFT",
    "AMZN",
    "GOOGL",
    "META",
    "ORCL",
    "CRWV"
  ],
  "chart_artifacts": [
    {
      "chart_id": "chart-dlr",
      "ticker": "DLR",
      "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": "2026-07-02",
      "visible_years": 3,
      "visible_start_date": "2023-07-02",
      "visible_end_date": "2026-07-02",
      "rendering": "report_api_right_rail",
      "fallback_table": false,
      "api_route": "/api/securities/DLR/chart?frequency=weekly&window=3y&as_of=latest",
      "static_setup_source_as_of": "no refreshed static setup row; added in paper-led rerank"
    },
    {
      "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": "2026-07-02",
      "visible_years": 3,
      "visible_start_date": "2023-07-02",
      "visible_end_date": "2026-07-02",
      "rendering": "report_api_right_rail",
      "fallback_table": false,
      "api_route": "/api/securities/APLD/chart?frequency=weekly&window=3y&as_of=latest",
      "static_setup_source_as_of": "no refreshed static setup row; added in paper-led rerank"
    },
    {
      "chart_id": "chart-eqix",
      "ticker": "EQIX",
      "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": "2026-07-02",
      "visible_years": 3,
      "visible_start_date": "2023-07-02",
      "visible_end_date": "2026-07-02",
      "rendering": "report_api_right_rail",
      "fallback_table": false,
      "api_route": "/api/securities/EQIX/chart?frequency=weekly&window=3y&as_of=latest",
      "static_setup_source_as_of": "no refreshed static setup row; added in paper-led rerank"
    },
    {
      "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": "2026-07-02",
      "visible_years": 3,
      "visible_start_date": "2023-07-02",
      "visible_end_date": "2026-07-02",
      "rendering": "report_api_right_rail",
      "fallback_table": false,
      "api_route": "/api/securities/CORZ/chart?frequency=weekly&window=3y&as_of=latest",
      "static_setup_source_as_of": "no refreshed static setup row; added in paper-led rerank"
    },
    {
      "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": "2026-07-02",
      "visible_years": 3,
      "visible_start_date": "2023-07-02",
      "visible_end_date": "2026-07-02",
      "rendering": "report_api_right_rail",
      "fallback_table": false,
      "api_route": "/api/securities/CIFR/chart?frequency=weekly&window=3y&as_of=latest",
      "static_setup_source_as_of": "no refreshed static setup row; added in paper-led rerank"
    },
    {
      "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": "2026-07-02",
      "visible_years": 3,
      "visible_start_date": "2023-07-02",
      "visible_end_date": "2026-07-02",
      "rendering": "report_api_right_rail",
      "fallback_table": false,
      "api_route": "/api/securities/WULF/chart?frequency=weekly&window=3y&as_of=latest",
      "static_setup_source_as_of": "no refreshed static setup row; added in paper-led rerank"
    },
    {
      "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": "2026-07-02",
      "visible_years": 3,
      "visible_start_date": "2023-07-02",
      "visible_end_date": "2026-07-02",
      "rendering": "report_api_right_rail",
      "fallback_table": false,
      "api_route": "/api/securities/IREN/chart?frequency=weekly&window=3y&as_of=latest",
      "static_setup_source_as_of": "no refreshed static setup row; added in paper-led rerank"
    },
    {
      "chart_id": "chart-frmi",
      "ticker": "FRMI",
      "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": "2026-07-02",
      "visible_years": 3,
      "visible_start_date": "2023-07-02",
      "visible_end_date": "2026-07-02",
      "rendering": "report_api_right_rail",
      "fallback_table": false,
      "api_route": "/api/securities/FRMI/chart?frequency=weekly&window=3y&as_of=latest",
      "static_setup_source_as_of": "no refreshed static setup row; added in paper-led rerank"
    }
  ],
  "links_out": [
    "theme_power_scarcity_and_grid_load",
    "theme_power_scarcity_node_new_power_demand",
    "theme_power_scarcity_node_utilities_grid_recovery",
    "theme_power_scarcity_node_merchant_power_capacity_markets",
    "theme_power_scarcity_node_electrical_equipment_bottlenecks",
    "theme_power_scarcity_node_grid_delivery_services",
    "theme_power_scarcity_node_fuel_inputs",
    "theme_power_scarcity_node_cooling_backup_power_quality"
  ],
  "knowledge_sources": [
    "../../../../../knowledge/wiki/concepts/themes/power-scarcity-and-grid-load.md",
    "../../../../../knowledge/wiki/concepts/themes/ai-capex-cycle.md",
    "../../../../../knowledge/wiki/concepts/themes/funding-dependency-and-duration-tolerance.md",
    "../../../../../knowledge/wiki/concepts/themes/energy-input-cost-pass-through.md",
    "../../../../../knowledge/wiki/concepts/risks/market-fragility-amplification.md",
    "../../../../../knowledge/wiki/concepts/risks/selective-credit-broadening.md",
    "../../../../../knowledge/wiki/lanes/sector/real-estate.md",
    "../../../../../knowledge/wiki/lanes/sector/information-technology.md",
    "../../../../../knowledge/wiki/lanes/security/frmi.md",
    "../../../../../knowledge/wiki/lanes/security/apld.md",
    "../../../../../knowledge/wiki/lanes/security/iren.md",
    "../../../../../knowledge/wiki/lanes/security/corz.md",
    "../../../../../knowledge/wiki/lanes/security/wulf.md",
    "../../../../../knowledge/wiki/lanes/security/cifr.md",
    "../../../../../knowledge/wiki/lanes/security/dlr.md",
    "../../../../../knowledge/wiki/lanes/security/eqix.md"
  ],
  "external_sources": [
    {
      "kind": "bounded_web_search",
      "label": "Company IR/event-page and financial-calendar searches for next earnings dates",
      "accessed_on": "2026-06-13",
      "sources_checked": [
        "Nasdaq FRMI earnings calendar: https://www.nasdaq.com/market-activity/stocks/frmi/earnings",
        "Nasdaq APLD earnings calendar: https://www.nasdaq.com/market-activity/stocks/apld/earnings",
        "Nasdaq IREN earnings calendar: https://www.nasdaq.com/market-activity/stocks/iren/earnings",
        "Nasdaq CORZ earnings calendar: https://www.nasdaq.com/market-activity/stocks/corz/earnings",
        "Nasdaq WULF earnings calendar: https://www.nasdaq.com/market-activity/stocks/wulf/earnings",
        "Nasdaq CIFR earnings calendar: https://www.nasdaq.com/market-activity/stocks/cifr/earnings",
        "Company IR/event-page searches where reachable"
      ],
      "result": "No company-confirmed next earnings dates found for FRMI, APLD, IREN, CORZ, WULF, or CIFR."
    },
    {
      "kind": "financial_news_context",
      "label": "MarketWatch FRMI customer/revenue context",
      "url": "https://www.marketwatch.com/story/this-ai-power-companys-trump-named-power-project-still-has-no-customers-in-sight-8ad766b3",
      "accessed_on": "2026-06-13"
    },
    {
      "kind": "financial_news_context",
      "label": "Barron's APLD Q3 FY2026 revenue context",
      "url": "https://www.barrons.com/articles/applied-digital-earnings-stock-price-a3389b5d",
      "accessed_on": "2026-06-13"
    },
    {
      "kind": "financial_news_context",
      "label": "MarketWatch IREN Q3 FY2026 revenue context",
      "url": "https://www.marketwatch.com/story/irens-stock-soars-as-a-major-nvidia-investment-overshadows-revenue-shortfall-c286cdb8",
      "accessed_on": "2026-06-13"
    },
    {
      "kind": "financial_news_context",
      "label": "Barron's WULF Q1 2026 revenue context",
      "url": "https://www.barrons.com/articles/terawulf-earnings-stock-price-752336a6",
      "accessed_on": "2026-06-13"
    },
    {
      "kind": "financial_news_context",
      "label": "Barron's CIFR hyperscaler lease context",
      "url": "https://www.barrons.com/articles/cipher-digital-stock-hyperscaler-deal-ai-demand-6169f3d2",
      "accessed_on": "2026-06-13"
    },
    "../../../../papers/power-grid/article_power-grid-upgrades.md",
    "../../../../papers/power-grid/US Grid Constraints_ Towards 40GW+ of Behind-The-Meter Datacenter by 2028_.md"
  ],
  "discovery_sources": [
    {
      "kind": "duckdb_readonly_query",
      "label": "Power-Ready Campuses daily_ohlc coverage through latest local date",
      "query_ref": "discovery:duckdb:daily_ohlc:power-ready-campuses:2026-07-02"
    },
    {
      "kind": "duckdb_readonly_query",
      "label": "Power-Ready Campuses market caps from instruments",
      "query_ref": "discovery:duckdb:instruments.market_cap:power-ready-campuses:2026-06-13"
    },
    {
      "kind": "status",
      "label": "FRMI local coverage",
      "query_ref": "discovery:status:FRMI:2026-06-13"
    },
    {
      "kind": "lineage_status",
      "label": "Daily OHLC lineage checks for FRMI, APLD, IREN, CORZ, WULF, and CIFR",
      "query_ref": "discovery:lineage-status:daily_ohlc:power-ready-campuses:2026-06-13"
    }
  ],
  "shared_file_updates_deferred": [
    "Static setup thresholds remain stale and should be regenerated before using this node as a live trading table.",
    "themes/power-scarcity-and-grid-load/report.json and themes/power-scarcity-and-grid-load/index.html already route to this node and keep matching counts: core 0, option 1, watch 5, chart_count 6. No routing or count update is required; a coordinator may add parent-level freshness/revision metadata only if the broader batch standardizes parent dates.",
    "sitemap.json may need a later batch refresh if node-level sitemap records are maintained separately from the parent theme entry.",
    "scripts/build_power_scarcity_nodes.py should be modernized before rerun; it still emits visible setup paragraph stacks, table-based Basket sections, article-body setup tables, inline_svg chart metadata, and a chart-timing confirmation row."
  ]
}