# data center revenue — X 热门讨论 (2026-10-08 17:21 UTC)
## @CKCapitalxx (CK Capital) · 10-08 15:03 · ♥87 ↻7 💬23 $QCOM is one of the most underappreciated trades in the market.
The fundamentals are genuinely amazing, and we’ve seen it stuck in this range for some time now.
June: Investor Day. FY29 non-handset revenue target raised from $22B to $40B. Data center alone is $15B of that. $META signed on as launch customer for their data center CPUs. $MSFT committed to deploying their compute across Azure.
September: $AMZN deal. Multi-generation custom AI chips for AWS, already in production, revenue starting this quarter. Amazon got warrants on 25M shares that only vest as they pay Qualcomm, up to $60B. Amazon doesn't structure a deal like that for a supplier they plan to use once. Also bought Modular for $4B so they own the software layer too.
So you have $META, $MSFT and $AMZN all signed in one summer, a $65B auto design win pipeline, and the stock trades at a discount to so many other names. https://x.com/CKCapitalxx/status/2108211759269941530
## @ragingbullcap (Dylan Marrello) · 10-08 15:57 · ♥34 ↻0 💬1 Endless instances of this dynamic right now where stocks are trading like a tokenized bet on some KPI endlessly moving up and to the right, failing which there is simply no price low enough to be interested. $MIAX is the perfect example imo.
Share price, already down substantially, gets nuked on volume update noting RPC compression and implying ~18% sequential decline net transaction revenue for Options.
Setting aside the oddity of the market being surprised by that (you can literally track volumes daily and the fee changes effective July were publicly disclosed) and the questionable prioritization of that as the crucial KPI -- transaction revenues are the lowest value revenue stream for the business and are by definition a race to the bottom in equity options, it's a constant push/pull between share and price -- $30/share takes a single optically poor month and extrapolates a terminal collapse in the equity value.
Market cap at $30 is $3.24B, cash ~$700m now, so EV = $2.54B.
Q3 tx revenue will be $70m. Access + data (the real profit center) running at $40m quarterly assuming no growth. Options opex + G&A ~$43 --> $265m EBITDA annualized, 9.6x EBITDA.
The business has no debt, way more cash than it will ever need, substantial cash flow generation even if volumes were to decline meaningful more, and there is huge option across the rest of the business.
Rothera stake valued at $200m drops the multiple to ~8x
Remarkable lack of patience for the Futures investments, but even if you see zero prospects for it, the vertically integrated stack of infrastructure and licenses (FCM/Dorman, DCM, and DCO) has meaningful value. Standalone DCM and DCO licenses have been transacting for $100m sums. Another $200m of value if divested, and the options multiple drops below 8x.
A week ago MIAX announced nearly tripling the capital at Dorman Trading, an asset few seem to know MIAX even owns and perhaps the most embedded call option of the bunch. That's the distribution piece of the Futures business but also a separate business that can service customer's futures trades outside of the MIAX exchange ecosystem. The new capital balance supports >$500m of customer margin with a conservative buffer, facilitating meaningful float income potential with elevated interest rates if they can scale. I.e. they already have a cheap audience for news listings (e.g. the fertilizer contracts alluded to on the last call). Unit economics on Ag listing shows how valuable incremental additions can be.
Then you have a nascent Listings business (theoretically highest multiple asset) already doing $8m EBITDA.
~$15m quarterly decline of the lowest multiple revenue stream nevertheless being capitalized like its game over. Maybe I'm just a moron > 引用 @ragingbullcap: 🎯 https://x.com/ragingbullcap/status/2108225256783536226
## @JCOOPsolutions (JCOOP) · 10-08 14:28 · ♥33 ↻0 💬2 $ZONE JUST REMOVED A MAJOR ROADBLOCK TO ITS AI AMBITIONS!
What if the biggest takeaway from today's announcement isn't what Zone Frontier sold, but what it no longer has to fund?
The company is shedding its legacy cleaning business, potentially eliminating approximately $3 MILLION in annual cash burn!
WHY THIS IS SIGNIFICANT: 🔹 $3M Cash Burn Relief: Less capital consumed by legacy operations.
🔹 $3.35M Secured Note: Creates a contractual payment stream over 18 months.
🔹 AI Infrastructure Focus: More attention on its Texas and Minnesota data center developments.
🔹 Cerebras Connection: A major AI computing relationship supporting its infrastructure strategy.
This isn't simply a business sale. It's a capital allocation decision that could strengthen ZONE's ability to execute its AI strategy.
The question is no longer WHY Zone Frontier is pivoting. It's HOW FAST management can turn that strategy into revenue.
Communicated - Disclaimer: https://t.co/3aEpNSO3iY https://x.com/JCOOPsolutions/status/2108202975206265009