Ziven

Newsletter · Jul 20, 2026 · 2 min read Your weekly edge on AI infrastructure and crypto stocks - performance, updates, and insights. Cindy Feng Over the last week, both the AI infrastructure and Bitcoin mining sectors posted significant loss. Leopold Aschenbrenner’s investment fund reflected this trend.

The headline number on a hyperscaler deal is built to impress. Recent announcements like $6.6B, $19B and $5.2B... All big contract revenue but this number tells you little about value to shareholders. Colocation Deals with Disclosed Sizes and Values Most people will use revenue, sales or EBITDA multiples to evaluate stocks, but these metrics often don’t work well for data center businesses. A colocation operator behaves far more like a landlord than a technology company.

Over the last week, both the AI infrastructure and Bitcoin mining sectors posted minor gains. Leopold Aschenbrenner鈥檚 investment fund reflected this trend.

A big thanks to our sponsor, Cango, for supporting this edition. Our views remain fully our own. For years, Michael Saylor's message never changed: buy Bitcoin, and don't sell. So when Strategy announced the sale of 3,588 BTC, a lot of people took it personally. "The promise has been broken", "the biggest bull has blinked"... some even called it the top. Strategy has sold 3,588 $BTC for $216 million to fund dividends on our Digital Credit securities.

Market Update Over the last week, both the AI infrastructure and Bitcoin mining sectors posted significant loss. Leopold Aschenbrenner鈥檚 investment fund reflected this decline.

Market Updates Over the last week, both the AI infrastructure and Bitcoin mining sectors posted significant loss. Leopold Aschenbrenner鈥檚 investment fund reflected these decline.

Over the last week, both the AI infrastructure and Bitcoin mining sectors posted meaningful gains. Leopold Aschenbrenner鈥檚 investment fund reflected these gains.

A big thanks to our sponsor, Cango, for supporting this edition. Our views remain fully our own. I have to admit that the topic of SpaceX's IPO is impossible to avoid at this point of time. The order book closed roughly four times oversubscribed at a $1.75 trillion valuation, which is peak FOMO by any definition. Yet at the same time, risk assets everywhere else have been getting hit. Crypto had one of its ugliest weeks of the year, and megacap tech hasn't been spared either.

We appreciate the support of our sponsor, Cango, in advancing our research and development. All views and analysis remain fully independent. If you don’t have the time to read through a 90+ page annual report, many of the key insights are also covered in podcast form.

This article was written by Valentin Rousseau ( X: @MuadDib_Pill), Lead Analyst and Researcher at Hashlabs. Former researcher for Cambridge Alternative Finance on the Cambridge Digital Mining Industry Report: Global Operations, Sentiment, and Energy Use.