Posting trades I make on behalf of myself. Not investment advice.
Joined April 2024
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Democrats took the House and Senate in the 2026 midterms, along with some important state races (including the Texas governor’s race). Data centers and rising electricity bills were real issues in places like Texas, Georgia, and Ohio.
That makes large, new gigawatt-scale campuses riskier from a political and permitting standpoint. Local pushback and efforts to shift more of the power and transmission costs onto data centers can slow projects down, and GPUs lose value while they sit waiting. Some analysts have floated that roughly 10% of planned U.S. data centers might not get built as a result. Hyperscalers can still fund big projects themselves if they want, but outside financing is looking at them more carefully now.
The more practical path now is the middle market deals in the $25M to $500M range. Those usually go into existing powered shells or colocation rather than brand-new campuses, so they can start generating revenue sooner and spread the risk across more operators, locations, and customers.
Money is still going into contracted B300 deployments, but lenders are paying closer attention to where the gear is going, how power costs are handled, interconnection timelines, and how solid the offtake is.
Overall, well-contracted mid-sized B300 clusters in lower-risk or already-powered sites are still financeable. Large greenfield U.S. projects face higher hurdles and costs after the election. The deals that are getting done are still mostly driven by the contracts, not just the GPUs themselves.
Don’t get me wrong there are going to be headwinds in the space but I think $FRMM is in the sweet spot given the circumstances.
It’s an excellent use of stranded power.
NVIDIA is reportedly exploring existing telecom buildings to bypass new data center restrictions, reduce delays from local opposition, and get GPUs running faster.
This aligns with $FRMM’s strategy: leverage existing powered sites to bring AI compute online faster. Securing GPUs is only half the battle. Power unlocks their value.
#NVIDIA #AI #DataCenters #EdgeAI #NIMBY
$FRMM Shareholder note after mid-term elections.
Just got a clear update from management.
Permitting is not a hurdle at any of the sites. The current regulatory shift is already pushing compute prices higher, which they see as a long-term positive.
The real focus right now is financing the equipment. Spreads have widened and it’s become harder to lock in capital on commercially attractive terms. They’re watching how compute pricing settles relative to financing costs so margins stay protected.
With the environment this volatile, they’re intentionally moving with patience and discipline instead of forcing a deal on suboptimal terms. Full update comes on next week’s earnings call.
For shareholders, the things that matter most right now are the financing environment and compute pricing. Not permitting, power access, or site approvals. Those are areas where the company already has a real strategic edge, and the goal is to monetize that edge on the best possible terms.
Looking forward to what new information the earnings call brings.
This alone should re-rate the stock. $15.5M in revenue per 1 MW per year. 25MW-26MW run rate for 2028 revenue would be $388-403 M. Phase 2 yearly revenue would be >$1.8B. How long do you really think this companies market cap is going to be $45M??
@forummarkets
$FRMM
Here is the recent force family office webinar with @forummarkets
$FRMM
youtu.be/4Hrnhs9r7Xc?is=Vy2w…
Forum Edge’s first offtake with Fireworks is already beating the model.
Yesterday’s $94.4M definitive agreement is the total contract value Forum Edge expects to receive from Fireworks over the 36-month term for 2MW of the Dallas data center (50%).
The deal reserves 96 enterprise AI servers (standard Nvidia B300 systems, typically 8 GPUs each) at the Dallas data center:
96 x 8 = 768 B300 GPUs
By my calculations effective rate per GPU-hour.
$94.4 M over 36 months for 768 GPUs work out to roughly:
36 months = 24hr x 365 days x 3 years = 26,280 hours
26,280 hours x 768 GPUs = 20.2 Million GPU-hours
$94.4 M / 20.2 Million GPU-hours = $4.68
Company models and revenue projections have been built on >$4.00 per GPU-hour. This first contracted offtake is already ~17% above that floor.
Forum Edge is over-delivering versus the models on day one. Management has also indicated they expect subsequent agreements to potentially come in at even better rates during the force family office webinar. With deployment expected late December / early January.
@forummarkets
@FireworksAI_HQ
$FRMM
Forum Edge AI signed a definitive $94.4M 36-month agreement with Fireworks for Nvidia B300 GPU capacity at our Dallas data center with deployment expected in late December / early January.
“This agreement is an important proof point for our AI infrastructure strategy and reflects our focus on bringing revenue generating GPUs to market quickly in a modular manner," said McAndrew Rudisill, chairman and chief executive officer of Forum Markets, Incorporated. "We have a strong partnership with Fireworks and are excited about our growth trajectory as we scale our AI infrastructure business. This is the first finalized contract Forum Edge is executing against and the first of several exciting partnerships we expect to deploy into our unique footprint."
Just got out of the @force_wealth & @forummarkets webinar. The CEO of Force Family Markets was clearly impressed with the innovation in the business model. It was a high-level overview discussion of the JV followed by Q&A of the audience at the end.
My take away: There was a noticeable increase in engagement from the audience than the previous force family webinar. The questions were thoughtful and inquisitive, though it was evident the audience was still early in understanding the space and the JV. Easy to see this creating a relationship or two with a family office. Looking forward to the recording being available to the public soon.
$FRMM
“@FireworksAI_HQ provides inference, training, and routing that help enterprises deploy and scale generative AI applications in production. The company was most recently valued at approximately $17.5 billion, with backers including Nvidia, Atreides Management, Index Ventures and TCV. Fireworks' scale and the caliber of its financial backers reflect the type of high-quality counterparty @forummarkets has identified in its off-take partnerships.
Hosted AI, Inc., through its AI commercialization network/mesh and platform, facilitated the relationship between Forum Edge AI and Fireworks.”
I see this as the first of many deals. Congrats to the Forum Edge team 👏
$FRMM
Forum Edge AI signed a definitive $94.4M 36-month agreement with Fireworks for Nvidia B300 GPU capacity at our Dallas data center with deployment expected in late December / early January.
“This agreement is an important proof point for our AI infrastructure strategy and reflects our focus on bringing revenue generating GPUs to market quickly in a modular manner," said McAndrew Rudisill, chairman and chief executive officer of Forum Markets, Incorporated. "We have a strong partnership with Fireworks and are excited about our growth trajectory as we scale our AI infrastructure business. This is the first finalized contract Forum Edge is executing against and the first of several exciting partnerships we expect to deploy into our unique footprint."
Chris Manning retweeted
Don’t ever let the price of stocks control how you feel or carry yourself. These are just numbers on a screen. It won’t matter until you cash out your chips.
This is your pro tip of the day.
May your skies stay blue and your stocks green!!
Stay Blessed.
Good write up for those interested in ai compute infrastructure
CoreWeave's debt, explained simply, because I like to speak plainly:
Secured debt = the mortgage. Backed by the house. The GPUs and the contracts they serve are the collateral.
Unsecured debt = the credit card.
Backed by a promise.
Everyone is panicking that $CRWV UNSECURED yield to MATURITY hit 15%
But a credit card rate spiking doesn't mean the house (or in this case the GPUs/data centers) lost value.
The secured lenders or the ones who underwrote the actual GPUs and contracts aren't selling here.
Now zoom out, because this is analogous to the entire AI market in wrapped up in a single company.
Trillions in secured, asset-backed debt are loaned against GPUs, data centers, power contracts, and signed capacity deals with hyperscalers. This money doesn't care about stock prices or investor sentiment.
It gets paid if the contracts pay. (Sounds pretty similar to $next if you ask me…)
Below that in line is unsecured debt, a bet on the companies themselves.
On top of everything is the equity, a bet on the story.
So when you see scary headlines about "AI debt," ask one question: which layer?
Yields spiking on unsecured debt and equities dropping while secured debt sits calm simply means the market is repricing the story.
The assets are fine.
The buildout keeps getting funded because the secured debt holders still believes in the collateral.
The day that changes… well the day secured lenders start questioning GPU values and contract quality, is the day the AI trade actually breaks and we should run for the hills.
Until then, volatility at the top of the stack (unsecured, equities) is just the shock absorbers doing their job.
This is a great watch in junction with my recent Q & A about @forummarkets AI infrastructure business.
Talks with the CEO of Forum Markets ($FRMM) about Forum Edge AI, the 51/49 joint venture with Edge Node AI to deploy inference compute at existing powered data centers and mobile tower sites in the U.S. The discussion covers the initial Dallas and High Point, North Carolina portfolio, tower deployments, project financing, Forum’s 2027 revenue guidance of $125–$175 million and general questions.
I want to give a big thanks to the guys at @forummarkets for continuing to keep an open line of communication for retail share holders.
youtu.be/VHspz8HohhU
Does anyone have any questions about the JV deal with @forummarkets, I'm scheduled to do an Q&A with them tomorrow.
$FRMM