A Message From Brownstone Research
Jeff Brown is the former tech executive who called the rise of Bitcoin, Tesla, and Nvidia years in advance. He's now predicting Elon Musk is about to open a new wealth window. Click here to see the details or read more below because the last three times this window opened, those who acted had a chance to walk away with generational wealth.
Dear Reader,
Have you seen this new Elon Musk project?
He called it "the most epic AI project in history…"
Because it could help him secure 50 times MORE computing power than the entire rest of the world.
This is all part of Elon Musk's $320 trillion masterplan…
A blueprint to completely dominate the entire AI industry.
And I'm pretty sure this is keeping executives at Amazon, Microsoft, and Google up at night.
But what does this mean for you?
Well, Elon is predicting this could be 180 times bigger than the SpaceX IPO.
That IPO minted 4,400 millionaires overnight.
If this is 180 times bigger…
Just imagine how many more Americans will become millionaires.
Will you be one of them?
Or will you just watch others get rich from the sidelines?
Click here to see the details and decide for yourself.
We have so much to look forward to,
Jeff Brown
Founder & CEO, Brownstone Research
This Week's Featured News
Riot's $28B Lease Shows Why Location and Contracts Matter in AI
Reported by Chris Markoch. Date Posted: 11/6/2026.
Key Points
- Riot Platforms signed a $28 billion data center lease, giving it long-term contracted revenue even as Texas faces uncertainty over future development approvals.
- IREN has major Texas facilities and substantial customer contracts, but parts of its Sweetwater expansion remain subject to grid approvals and future customer demand.
- Nebius and Applied Digital have less direct Texas exposure, although both face construction, financing, and execution risks.
- Special Report: A Bill Would Reprice America's Gold at Market Value
Riot Platforms (NASDAQ: RIOT) gave investors two reasons to get bullish on Wednesday, Nov. 4. The company delivered its third-quarter earnings report and announced the largest lease in its history. The 15-year deal covers 910 megawatts (MW) of planned AI computing capacity at its Corsicana, Texas, campus. Riot values the lease at about $28 billion over its initial term.
Investors responded, sending Riot shares nearly 10% higher by the close.
That same day, AI cloud stocks with major Texas footprints moved in the opposite direction. IREN (NASDAQ: IREN) and CoreWeave (NASDAQ: CRWV) both fell sharply. The Nov. 3 Texas election results raised new questions about future data center approvals in the state. That matters because Wells Fargo estimates Texas accounts for 27% of planned U.S. data center power capacity.
The split points to a question investors are starting to ask about every AI infrastructure stock: Where is the capacity located, and how much of it is already spoken for? Signed leases for sites with power in place look very different from capacity that is still being marketed or awaiting approvals.
Riot's largely leased Texas capacity contrasts with IREN's additional capacity that is still seeking customers, while Nebius Group (NASDAQ: NBIS) and Applied Digital (NASDAQ: APLD) have concentrated their U.S. developments outside the state.
Riot: $38 Billion in Leases, With Construction Still Ahead
Riot's data center business is entirely in Texas, at its Rockdale and Corsicana campuses. That sounds like maximum exposure. But Riot already has established power infrastructure at both sites and has signed substantial long-term leases, even though much of its planned AI capacity still needs to be delivered.
Across three agreements, Riot has 1,151 MW under contract, representing about $38 billion in contracted revenue. The Corsicana deal is a triple-net powered land lease. The tenant, identified as Anthropic in Riot's SEC filing, pays rent for each delivered portion of the 910 MW, whether or not it uses the capacity.
The catch is timing. Corsicana's first 400 MW phase is due in September 2027, followed by 200 MW in January 2028 and the final 310 MW in July 2028. Rockdale's first AI lab phase is due in December 2027. Until then, Bitcoin mining will continue to drive most of Riot's revenue.
IREN: Texas Hubs With Capacity Still to Sell
IREN's largest sites are also in Texas. Its Childress campus has 750 MW of capacity, while its Sweetwater hub is designed for up to 2 gigawatts (GW). IREN also operates in British Columbia and is developing sites in Oklahoma, Australia and Spain.
Childress is home to IREN's biggest contracts, including a five-year, $9.7 billion deal with Microsoft. IREN says its 2026 capacity is largely sold out. The first 300 MW of gross data center capacity at Sweetwater 1 is targeted for the fourth quarter of 2027, with further expansion expected from 2028. As of August, IREN was still in talks with customers about much of its 2027 capacity.
That uncontracted capacity is most exposed to any changes in Texas permitting or grid rules. IREN's own filings already flag changes to the Texas grid operator's large-load interconnection process as a risk.
Nebius: Building Its AI Footprint Beyond Texas
Nebius has taken a different path. Its U.S. footprint includes sites in New Jersey, Missouri, Pennsylvania and Alabama, along with additional locations in Europe and elsewhere. A 1.2 GW Pennsylvania campus is expected to deliver its first 260 MW by October 2027.
Nebius reported more than $40 billion in committed backlog with its second-quarter results. It also had more than 3.5 GW of contracted power as of May. Investors should note the distinction: "contracted power" means secured electricity, not signed customers.
Nebius still fell alongside the group on Nov. 4, even though its direct Texas exposure appears limited. That suggests at least part of the selling was driven by the sector as a whole, rather than specific sites.
Applied Digital: Long-Term Leases Across Multiple States
Applied Digital also operates outside Texas, with campuses in North Dakota, Louisiana and Alabama.
As of Aug. 31, it had leases for about 1.41 GW across five campuses, worth about $36 billion over their base terms.
About 250 MW is already operational at its Polaris Forge 1 campus in North Dakota. Other campuses are expected to come online in phases through 2028.
Applied Digital's tenants include CoreWeave and investment-grade hyperscalers.
Like Riot, it is a landlord with most of its pipeline already leased.
Why Existing Power and Signed Leases Matter
Location matters when the power is already in place and leases are already signed. Some analysts expect projects already underway to continue even if rules tighten. If new approvals slow, existing powered sites could become scarcer and more valuable.
Riot has some of those advantages. Its Texas sites have established power infrastructure, and take-or-pay lease terms shift utilization risk to the tenant once capacity is delivered. However, construction and financing requirements remain.
Where Unleased Capacity Creates More Risk
Location can be a disadvantage when revenue depends on capacity that isn't yet contracted or approved. New permitting steps, interconnection changes or lost tax incentives could all extend timelines. Any delay pushes back the start of rent or cloud revenue.
For Riot, the risk is executing on a schedule that runs into mid-2028. For IREN, it's the Texas capacity still waiting for customers. Nebius and Applied Digital have less direct Texas risk, but neither is immune to tighter rules elsewhere.
The bottom line: In AI infrastructure, the map now matters as much as the backlog. Investors should ask two questions about every name: Where is the power, and is it already under contract?
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