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    Paul Golding • Macquarie

    Paul Golding's questions to Riot Platforms Inc (RIOT) leadership

    Paul Golding's questions to Riot Platforms Inc (RIOT) leadership • Q2 2025

    Question

    Paul Golding of Macquarie inquired about specific infrastructure components at Corsicana, such as the waterline project, and whether their development is contingent on tenant negotiations. He also asked if Riot is still committed to a 'build-to-suit' model or if it is considering other structures like leasing raw power.

    Answer

    CEO Jason Les confirmed that foundational infrastructure like the substation and water line are being developed to provide maximum flexibility and de-risk project timelines, making the power offering more concrete. He reiterated that the 'build-to-suit' model is the preferred strategy to maximize asset value, but emphasized that Riot will not build a facility on speculation without a lease secured.

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    Paul Golding's questions to Riot Platforms Inc (RIOT) leadership • Q1 2025

    Question

    Paul Golding of Macquarie Group questioned the role of Riot's vertical integration with ESS Metron and E4A in delivering HPC projects and asked about the approach to securing long-lead time items like backup diesel generators. He also sought clarification on the 1-gigawatt power allocation at Corsicana.

    Answer

    CEO Jason Les described the vertical integration with ESS Metron and E4A as a key differentiator, providing expertise in switchgear manufacturing and electrical work, which is valuable in a constrained market. He noted E4A's experience with backup generation is also an asset. Regarding the Corsicana site, he clarified that while 400 MW is currently used for Bitcoin mining, the full 1 GW is potentially available for the most value-maximizing use, with 600 MW currently earmarked for AI/HPC development.

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    Paul Golding's questions to Riot Platforms Inc (RIOT) leadership • Q3 2024

    Question

    Paul Golding asked for clarification on the substation maintenance at Corsicana, the utilization of the ESS Metron subsidiary for third-party versus internal projects, and the specific drivers behind the timeline adjustment for the Kentucky expansion.

    Answer

    CEO Jason Les clarified the substation maintenance was a planned engineering event, not a demand response action. He noted ESS Metron primarily serves external clients, which provides Riot with supply chain visibility and flexibility. Les attributed the Kentucky delay to a strategic decision to take more time to maximize power capacity and achieve better economics, rather than rushing the build-out.

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    Paul Golding's questions to CleanSpark Inc (CLSK) leadership

    Paul Golding's questions to CleanSpark Inc (CLSK) leadership • Q3 2025

    Question

    Paul Golding of Macquarie Group inquired about CleanSpark's approach to hash rate pricing, especially with peers pivoting to AI, and asked if the company would consider proactively placing deposits on miners to capitalize on favorable pricing, even without secured power.

    Answer

    President and CEO Zachary Bradford stated that peers exiting the space create countercyclical buying opportunities, leading to a softening of miner prices. He confirmed that locking in favorable pricing on miners with long-term options, as they have done in the past, remains a key part of their strategy, depending on whether they are long on infrastructure or miners at a given time. CFO Gary Vecchiarelli added that increased competition among manufacturers also helps lower prices.

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    Paul Golding's questions to CleanSpark Inc (CLSK) leadership • Q2 2025

    Question

    Paul Golding of Macquarie Capital asked for details on the incremental capacity beyond the 50 exahash goal, specifically the mix of liquid versus air cooling, and whether tariff or HPC demand dynamics are affecting infrastructure pricing.

    Answer

    CEO Zachary Bradford clarified that prepaid infrastructure for future growth is all related to immersion cooling, which the company sees as the best path forward for optionality. He stated that while they have some air-cooled rigs for tuck-in acquisitions, their ground-up builds are committed to immersion. He also noted that CleanSpark's advanced purchasing strategy gives it an 'advantageous place in line' for infrastructure, insulating it from near-term price pressure from the HPC sector.

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    Paul Golding's questions to Hut 8 Corp (HUT) leadership

    Paul Golding's questions to Hut 8 Corp (HUT) leadership • Q2 2025

    Question

    Paul Golding of Macquarie sought clarification on CapEx per megawatt figures and asked about the development strategy and customer demand driving the expansion of the Riverbend project.

    Answer

    CEO Asher Genoot clarified the cost structures: powered shell at ~$2M/MW, build-to-suit up to $6M/MW, and full colo at over $10M/MW. He explained the Riverbend project's scope was expanded to 1 gigawatt due to a combination of customer demand for larger campuses and Hut 8's ability to secure the necessary land and transmission capacity.

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    Paul Golding's questions to Hut 8 Corp (HUT) leadership • Q2 2025

    Question

    Paul Golding from Macquarie sought clarification on CapEx per megawatt for different data center builds and whether the Riverbend site expansion was driven by customer demand.

    Answer

    CEO Asher Genoot clarified that powered shell projects are around $2M/MW, while build-to-suit can be up to $6M/MW. He confirmed the expansion of the Riverbend campus to a potential gigawatt was driven by both their ability to secure the power and strong customer demand for larger, scalable data center campuses.

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    Paul Golding's questions to Core Scientific Inc (CORZ) leadership

    Paul Golding's questions to Core Scientific Inc (CORZ) leadership • Q1 2025

    Question

    Paul Golding asked for confirmation on the plan to exit the digital asset mining hosting business by year-end and inquired about progress in securing long-lead-time items, particularly electrical equipment, for 2026 construction goals.

    Answer

    CEO Adam Sullivan confirmed that a legacy digital asset hosting contract will continue to roll off through 2025. COO Matt Brown stated that all equipment for 2025 goals is secured. For 2026, they have good visibility on availability and cost, with much of the equipment for the first half already procured. He expressed confidence in their supplier relationships and ability to meet delivery goals despite potential tariff impacts.

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    Paul Golding's questions to Core Scientific Inc (CORZ) leadership • Q3 2024

    Question

    Paul Golding from Macquarie Capital asked if the upcoming Block ASIC chips are for a fleet upgrade or net new capacity, and how conversations with utilities are changing regarding demand response programs as sites convert to HPC.

    Answer

    CEO Adam Sullivan clarified the new Block chips are for a fleet refresh aimed at increasing both exahash rate and efficiency. Regarding power contracts, he explained that for sites converting to HPC, the company will exit voluntary demand response programs in regulated markets and sign new, non-interruptible PPAs in deregulated markets, a process he described as well-established.

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    Paul Golding's questions to Cipher Mining Inc (CIFR) leadership

    Paul Golding's questions to Cipher Mining Inc (CIFR) leadership • Q1 2025

    Question

    Paul Golding asked about Cipher's strategy for purchasing long-lead-time items for HPC build-outs in relation to tenant diligence. He also inquired about the nature of the relationship with SoftBank since its investment and its involvement in the HPC strategy.

    Answer

    CEO Tyler Page clarified that Cipher prioritizes ordering long-lead-time items like substations but does not build the rest of the data centers on spec due to varying tenant requirements. Regarding SoftBank, Page expressed hope they would become the tenant at Barber Lake but emphasized that the site is now open to competition to maximize shareholder value, as the timeliness of monetizing the asset is critical.

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    Paul Golding's questions to Cipher Mining Inc (CIFR) leadership • Q3 2024

    Question

    Paul Golding of Macquarie inquired about the potential for repurposing the Black Pearl site for HPC tenants sooner than planned and asked about the strategic rationale behind the planned mix of air-cooled and liquid-cooled capacity.

    Answer

    CEO Tyler Page stated that while construction at Black Pearl continues as a 300 MW Bitcoin mining facility, the company is flexible and open to "unsolicited reverse inquiry" for HPC hosting if it offers superior shareholder returns. Regarding cooling, Page explained that while air-cooling currently offers a better ROI for Bitcoin mining, the company is building liquid-cooling capacity at Black Pearl to gain credible operational experience, positioning Cipher for a future where direct-to-chip cooling becomes standard for GPUs.

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    Paul Golding's questions to Mastercard Inc (MA) leadership

    Paul Golding's questions to Mastercard Inc (MA) leadership • Q1 2025

    Question

    Paul Golding of Macquarie Group asked about the economics of Mastercard's crypto partnerships, their growth trajectory, and their impact on relationships with traditional financial institutions as stablecoins gain traction.

    Answer

    CEO Michael Miebach described the digital asset space as nascent but promising, with current business driven by crypto on-ramps and off-ramps. He emphasized that while regulatory clarity is needed, Mastercard is positioned to provide trust, security, and interoperability for a future stablecoin ecosystem, similar to its role in traditional payments. He noted the economic model is still in its early stages of development.

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    Paul Golding's questions to Vail Resorts Inc (MTN) leadership

    Paul Golding's questions to Vail Resorts Inc (MTN) leadership • Q1 2025

    Question

    Paul Golding of Macquarie Capital sought to clarify if "lower demand" in Australia was due to structural issues beyond weather and normalization. He also asked about potential levers, other than price and weather, to combat delayed decision-making in pass sales.

    Answer

    CEO Kirsten Lynch and CFO Angela Korch confirmed that the lower demand in Australia was driven by historically challenging weather conditions, which impacted both pre-season pass sales and in-season visitation, not structural market changes. Lynch acknowledged the goal is to secure pass commitments as early as possible and that the company annually assesses incentives to encourage this, with more to come for the next sales cycle.

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    Paul Golding's questions to United Parks & Resorts Inc (PRKS) leadership

    Paul Golding's questions to United Parks & Resorts Inc (PRKS) leadership • Q3 2024

    Question

    Paul Golding from Macquarie Group Limited questioned how the company is adapting its operating strategy to persistent weather headwinds and inquired about the strategy for its high-yield, limited-capacity Discovery Cove attraction, particularly regarding pricing and international demand.

    Answer

    CEO Marc Swanson stated that while he expects weather to normalize long-term, the company is currently investing in more indoor attractions and amenities to mitigate weather impacts. For Discovery Cove, he highlighted its strong performance and the opportunity to use dynamic pricing to optimize yield. He also noted its appeal to international visitors, which could be a positive factor as tourism to Orlando grows.

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    Paul Golding's questions to Six Flags Entertainment Corp (FUN) leadership

    Paul Golding's questions to Six Flags Entertainment Corp (FUN) leadership • Q3 2024

    Question

    Paul Golding sought to reconcile comments on managing operating days versus extending guest stays and asked how legacy Cedar Fair's successful festival strategy might influence capital plans for legacy Six Flags parks.

    Answer

    CFO Brian Witherow clarified that the strategy is to both eliminate low-value operating days and add days during peak demand periods like October, citing Cedar Point's successful expansion of its Halloween event. CEO Richard Zimmerman explained that the use of festivals and events will be tailored on a park-by-park basis to provide 'firepower in all 4 seasons' and drive season pass usage.

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    Paul Golding's questions to Visa Inc (V) leadership

    Paul Golding's questions to Visa Inc (V) leadership • Q4 2024

    Question

    Paul Golding asked about the role of AI in Visa's business model, particularly with the Featurespace acquisition, and whether it's viewed more as a revenue driver, cost saver, or competitive moat.

    Answer

    CEO Ryan McInerney described AI as having a dual role: driving internal productivity across the company and serving as a key product differentiator. He cited the Featurespace acquisition for fraud prevention and new generative AI capabilities as examples of its strategic importance.

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    Paul Golding's questions to Madison Square Garden Sports Corp (MSGS) leadership

    Paul Golding's questions to Madison Square Garden Sports Corp (MSGS) leadership • Q4 2024

    Question

    Paul Golding of Macquarie Capital requested more detail on the financial dynamics of the playoffs, such as per-game margins, and asked if the recent successful playoff runs are being factored into future operational and financial planning.

    Answer

    COO Jamaal Lesane noted that playoff runs boost ticket demand, fan acquisition, and corporate partnerships. CFO and Treasurer Victoria Mink provided specifics, stating that the 15 playoff games in the quarter generated $128 million in revenue (approx. $8.5 million per game) with about $4 million in average per-game direct operating expenses. She confirmed they expect the positive momentum to carry into fiscal 2025.

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    Paul Golding's questions to IREN Ltd (IREN) leadership

    Paul Golding's questions to IREN Ltd (IREN) leadership • Q3 2024

    Question

    Paul Golding of Macquarie Group Limited questioned the GPU supply chain availability, asking if capital was the main constraint, and queried if a scenario exists where unplugging more ASICs for GPUs would be logical.

    Answer

    Co-Founder and Co-CEO Daniel Roberts responded that while unplugging ASICs is possible, the businesses are not mutually exclusive because GPUs consume relatively little power for their cost. He noted a hypothetical $1 billion GPU purchase would displace less than 10% of their data center portfolio. On availability, he expressed confidence in being able to stand up new GPU clusters within 2-4 months.

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