Investing in AI
Prototype · illustrative data · fictional companiesNot investment research · not for distribution

AI Signal Gauge · standalone page

Northline Data Centers (NRTH)

Filings-based rating of whether a company’s AI is earning its cost · quarterly · two cohorts

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AI Signal Gauge for NRTH

Infrastructure

Earning

Infrastructure cohort · quarterly · as of 10-Q filed 6 Aug 2026

Claim–reality divergence · LowClaims are about megawatts delivered, and the cash statements agree.

Factor checklist

next input: 10-K, Feb 2027
  • Post-buildout free cash flowOCF − capex − leases − commitments
    +$85M · positive for three quarters · cohort median −$260M▲ improvingWhat would change this: A return to negative after commitments.
    ✓Supports
  • Depreciation useful lifechange in accounting estimate
    Unchanged at 5 years · no estimate change in three years→ flatWhat would change this: A life extension in the FY26 10-K.
    ✓Supports
  • Customer-funded revenue>10% customers, related parties
    Three customers above 10% · none related→ flatWhat would change this: A financing relationship with a top customer.
    –Neutral
  • Debt & guaranteeson-balance-sheet only
    Project debt matched to 12-year leasesWhat would change this: Partial factor.
    –Neutral
  • Claim–reality divergenceclaims vs. financial movement
    Low→ flatWhat would change this: Claim intensity rising without delivered capacity.
    ✓Supports
  • Capacity utilisationnot disclosed at company level
    Not measured
    Not measured
Ranked within the Infrastructure cohort only · greyed rows are unmeasurable by designMethod →

Reality Bar · AI Infrastructure & Software ETF

illustrative · 100 holdings

Compounding
11
Earning
19
Neutral
23
Leaking
8
Talking
14
Insufficient disclosure
25

Coverage, stated

41 of 60 demo names fully scored · 19 return insufficient disclosure, 17 of them in the application cohort. The number is published on the method page and moves as disclosure improves.

What this rating is not

It does not measure tokens, cost per task or hidden reasoning. It measures what public filings allow: disclosed cost against a provider price index, where AI sits in the business, and whether the claims match the numbers.