Morgan Stanley on PSPs like $WULF: "𝙋𝙎𝙋𝙨 𝙖𝙧𝙚 𝙨𝙞𝙢𝙥

Patient Investor2026/10/25 21:44:14

Morgan Stanley on PSPs like $WULF: "𝙋𝙎𝙋𝙨 𝙖𝙧𝙚 𝙨𝙞𝙢𝙥𝙡𝙮 𝙡𝙖𝙣𝙙𝙡𝙤𝙧𝙙𝙨" So I ran the bank's powered shell model like a landlord would. 17.6% yield on cost. Put the 7% cap rate from their $WULF base case on it and each $1 built comes out near $2.50 of value once leased. Chips stay the tenant's problem. At Lake Mariner that's Fluidstack, with $GOOGL backing part of the rent.

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