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GLXY has been underperforming data center peers because of two reasons
Their data center is tied to CRWV. The market does not trust CRWV or their long term solvency and would prefer a hyperscaler deal.
They are making money with crypto. Data center cash will not arrive until 2026, and 2025 has been a bear market for crypto.
In my opinion, this is creating a buying opportunity.
The CRWV deal is not crucial. If CRWV failed their contractual obligations, the capacity would get contracted by a hyperscaler instantly. All data centers that can be used for AI will be used for AI, it is that simple.
Secondly, when crypto stops being a headwind and becomes a tailwind, and the data center cash starts entering the balance sheet, the market will be all over GLXY.
The market is a game of patience.
