说话者更看好 Nebius 并愿意继续持有：需求超过供给，暂缓投放的产能可获得短期溢价，预计到 2027 年将有数吉瓦的 Vera Rubin GPU 产能，其 Yandex 团队、Nvidia 的支持以及利润率较低的 Microsoft/Meta 交易帮助其实现规模扩张。他认为约 400 亿至 450 亿美元的估值按过去营收衡量偏贵，并指出融资、执行和时间线风险，同时将欧洲 AI 支出视为顺风。

Has SpaceX become so big that it might capture a share of emerging cloud companies or smaller AI players such as Nebius, Korwef, Iron, Cipher, etc.?

They possess the same comprehensive vision as Korwef and OpenAI or Nebius and Anthropic.

But at the moment , if you listen to what Nebius says, she also believes that prices will not go down. There is still much more demand than they can supply. They do, of course, offer an auction system, so you can see what's happening in the market, and that helps them price their services better.

They deliberately do not sell their full capacity. They have said time and time again, we can sell our entire capacity at current prices. But we don't want that because we know we can charge extra fees for short-term contracts, which in turn helps them to grow much faster.

Today at the GTC conference in Berlin on Wednesday, the Chief Revenue Officer stated that they expect to have gigawatts of Vera Rubin GPU capacity operational by 2027. That's tens of billions of dollars that will come into play a year from now, in addition to everything they have today.

I'll mention the name I've known for a long time, which is "Nebeus". Oh, my God. It's shocking, I know. Nebius is now a company with a market capitalization of approximately $40 to $45 billion .

On paper, it looks expensive because the revenue they've generated over the past twelve months doesn't really reflect what the company will do , but as I said, it's very important to have a very good team, an engineering-based team.

They have been doing this work for many years. They were formerly Yandex, which used to be called "Russia's Google," and now they have transformed into this type of company, so they have the experience.

They have the necessary talents and technical knowledge, of course. They are very well associated with Nvidia. Nvidia has invested in that company. They did strike some good deals, I would say, with Microsoft and Meta, deals with low profit margins, but those deals allowed them, as we said, to move much faster, and raise capital at better rates than many other companies, and that is why they are now taking advantage of these high prices that they can charge.

Of course, execution is key again. When we talk about this massive expansion, there is a lot of spending and a lot of money that needs to be raised, and you have to stick to the timeline.

You have to adhere to the delivery time specified for your customers, but things are going well so far. Up to this point, they are doing exactly what they are supposed to do . They are also headquartered in Europe, so I think they are well-positioned if Europe starts spending more on AI infrastructure; they are perfectly qualified to benefit from that.

They are, of course, growing very well in the United States, in the Middle East, and in other parts of the world. But yes, I would still choose Nephews here.

I know that SpaceX, I mean SpaceX builds rockets and then takes them back. So , of course they know how to build things, which is a huge advantage, especially in building these data centers.

Therefore, I will stick to my choice of Nepheus.

Yes, yes. I mean, I don't own shares in this company, but I admire it . As I mentioned, they didn't give you a single reason to bet against them. Good. I believe that SemiAnalysis also placed them in the Platinum category.

So, this really highlights their software solutions, their ability to build, and their ease of use.

If there's one thing, Neo, you'd like clarification on in their earnings results. So, one thing, perhaps not an explanation, but just something you'd like to know more about or hear during the earnings announcement, what would that be for Nepheus?

I think if we could get more details on how things are going, the issue of funding will always remain a big question until it is resolved. They have already given us some hints about how they are handling it, which I think is good.

Perhaps if we get more details, perhaps details of the profit margins for some of the larger deals might help. But ultimately, if I see that the underlying business is getting better and better , I don't really need to scrutinize and say, "Oh, that's the profit margin for that deal, and that's..."

No, if the overall profile of the business is consistently improving , that suits me perfectly . But yes, if you are going to say that we expect to get gigawatts of capacity, or add gigawatts of capacity every year, then perhaps you should tell the market exactly how that will happen. 30% of business transactions, 50% of advance payments, and so on.

Typically, when you hear about any new production, you will find that two names are always mentioned in the list: Coreweave and Nebius.