Wu says it has learned that asset management company VanEck has released its latest report, noting that as Bitcoin mining companies have made a large-scale shift toward artificial intelligence (AI) and high-performance computing (HPC) data centers, due to wide differences in companies’ financial disclosures and because AI cash flows are not yet mature, the market’s most core valuation metric at present is total power capacity brought into operation. In the report, VanEck proposes three key dimensions for assessing miners’ transition prospects: the shift from power brought into operation to actual delivery capability—so far, the entire industry has delivered only about 25% of the leased capacity; miners’ AI transition faces extremely stringent capital expenditure challenges, with a near-term funding gap of $50 billion and long-term capital needs approaching $221 billion; and tenant credit and governance levels determine the cost of capital.