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    Steven Glagola

    Research Analyst at Jones Trading

    Stephen Glagola is the Director of TMT (Technology, Media, and Telecommunications) Equity Research at JonesTrading, specializing in technology sector research with a particular focus on data centers, bitcoin mining, live events, leisure, gaming, and crypto-related companies. He covers firms such as Bitfarms Ltd, Riot Platforms Inc, CleanSpark Inc, and TeraWulf Inc, maintaining a published analyst success rate of approximately 43% across the 12 stocks he follows, with positive performance metrics cited on industry platforms. Glagola began his equity research career at Barclays Capital in 2011, then served as Vice President at Cowen Inc. from 2013 to 2024, before joining JonesTrading as Director in August 2024. He holds a degree from Elmhurst College and is registered as an analyst at JonesTrading Institutional Services LLC, though specific FINRA licenses are not stated in public profiles.

    Steven Glagola's questions to TERAWULF (WULF) leadership

    Steven Glagola's questions to TERAWULF (WULF) leadership • Q2 2025

    Question

    Steven Glagola sought clarification on whether the new deal's margin is comparable to Core42 after accounting for corporate SG&A and asked about key learnings from the initial data center builds that will improve future efficiency.

    Answer

    CFO Patrick Fleury reiterated that the 85% margin is project-level NOI, which excludes corporate SG&A. CTO Nazar Khan and COO Sean Farrell highlighted key learnings, including the momentum from retaining contractors, experience with diverse GPU designs, and accelerating construction through detailed upfront design collaboration with customers.

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    Steven Glagola's questions to Core Scientific, Inc./tx (CORZ) leadership

    Steven Glagola's questions to Core Scientific, Inc./tx (CORZ) leadership • Q1 2025

    Question

    Stephen Glagola asked if the high concentration of CoreWeave as a customer could be a deterrent for other hyperscalers and inquired about the level of enterprise demand for the Grand Forks site specifically.

    Answer

    CEO Adam Sullivan argued the opposite, stating that their execution for CoreWeave, delivering 250 MW in a single year, will breed confidence among other potential customers, including hyperscalers. He added that the Grand Forks site has seen interest from all segments, including enterprises, content providers, and some hyperscalers, for its high-density colocation development potential.

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