中文翻译
没错，这确实揭示了集中度风险，也说明了为何拥有高度多元化客户基础的“新云”厂商（如 $NBIS）可能会比那些没有多元化的厂商拥有更好的经济效益。 $ORCL 的部分亏损源于建设周期与利用率之间的时间差，因为其几乎所有订单都来自 OpenAI 等 4-5 家客户。需求是存在的，但存在收入滞后。 以 $NBIS 为例，其客户高度多元化，很可能在建设过程中就实现高利用率。
· 供应链分析
对比NBIS与ORCL，指出客户多元化有助于降低集中度风险并提升利用率。
英文原文
Yep that's true and just alerts to concentration risk and why Neoclouds (eg. $NBIS) that have heavily diversified customer base would likely have better economics than those that don't. Part of $ORCL's loss was time between buildout/utilization since virtually all of its deals came from 4-5 customers like OpenAI. Demand exists, but there was revenue lag. $NBIS for example is heavily diversified and would likely achieve the high utilization throughout buildout.