Supply is the only limit.
A 70% growth estimate for FY28 already looks aggressive. Management is saying the real ceiling is more than double that, capped only by how much silicon and packaging capacity actually exists.
Volunteering that number to JPMorgan now, unprompted, reads
Compute owners are setting prices now.
For two years the AI trade was "buy the shovel makers, GPUs are scarce." Nebius just showed the other side of that shortage: $25M-$50M per MW, sub-two-year paybacks, customers prepaying half the capex. That's pricing power, not just demand.
Debt is basically the new equity story with this.
Nvidia raising $500 billion through Apollo, Blackstone, KKR and friends isn't a funding round, it's securitization of AI infrastructure. That's the same playbook telecoms used in 1999 to build fiber nobody could pay off for a
