Apr. 14 at 3:10 PM
PickAlpha Midday:
Fluidstack is reportedly in talks to raise about
$1B at an
$18B valuation, a huge step-up from the roughly
$7.5B level discussed earlier this year. The real takeaway is that private markets are still aggressively repricing AI infrastructure builders, not just model companies. 
Tickers:
$DLR $EQIX
Our view is this is bullish for the AI infrastructure trade because it says capital is still rewarding the builders of compute, not only the owners of models. If investors are willing to mark up a data-center operator this fast, the message is that the market still sees bottlenecks in AI capacity as premium assets, not commoditized ones.
