Galaxy Securities Recommends Focusing on Leading Computing Power Leasing Companies

Galaxy Securities has observed a surge in demand for AI inference computing power, accelerating the "token factory" business model. Unlike traditional computing power leasing, token factories are more closely integrated with downstream large model inference needs. Pricing is shifting from a focus on "computing power resources and duration" to "token output and unit cost." This allows upstream computing power infrastructure providers to participate more directly in the value distribution of downstream model manufacturers, strengthening their bargaining power and enabling them to share in the benefits of the token economy era.

Currently, computing power leasing companies are exploring "token factory" collaborations with large model manufacturers. This signifies an evolution from the foundational model of "selling resources" to "selling output." By offering Managed-as-a-Service (MaaS) and adopting token revenue-sharing models, these companies can capitalize on the burgeoning token economy. Galaxy Securities believes this shift is poised to enhance profit margins for computing power leasing firms and potentially elevate their valuation multiples, leading to a recommendation to focus on leading players in the sector.