$NBIS has crossed the point where the debate is about whether Nebius can build an AI cloud, and into the much harder question of what that cloud becomes at scale.
Q2 gave the thesis real operating weight, with $3.0B of AI Cloud ARR, 49.7% adjusted EBITDA margins, four contracts
Even with every AI megawatt removed from the forecast, $ORCL still reaches $58.5 billion of non OCI revenue in 2030 from a deeply embedded enterprise software franchise.
Cloud Applications provide the second growth engine across Fusion, NetSuite, Oracle Health, and enterprise AI
The real scarcity behind $CIFR is not capital or land, but energized megawatts that hyperscalers can actually schedule around.
Grid queues can stretch for years while transformers, switchgear, permitting, construction labor, and high density cooling systems create additional
One of the stranger things happening in space right now is that $SPCX may be strengthening part of the $RKLB thesis by becoming too successful.
The lazy bear case on Rocket Lab has always been that Falcon 9 is simply too dominant. It is cheaper on a per-kilogram basis, more
With $IREN reporting next week and the debate around neocloud economics becoming increasingly heated, we have decided to fully ungate the IREN model our members received nearly a month ago.
We published this report for Northwise members on July 25 after IREN announced $2.8
A few days ago, we argued that the Street was still fundamentally misunderstanding $NBIS because analysts were willing to model the revenue ramp without fully confronting the amount of capital required to build it.
Our base case requires roughly $175 billion of gross CapEx from
We’ll say it again. Almost no one understands the amount of capex that $NBIS$IREN and $CRWV are going to announce over the next two years.
Most analysts are still expecting modest capex raises and 30B in revenue for Nebius in 2030… the bullish ones.
The have zero idea how to
The combination of $RKLB and Iridium is a big deal for the space industry. They are picking fights with anyone and everyone involved.
Peter Beck's ability to select and integrate acquisitions is one of his most underrated skills.
