中文翻译
这是多种因素混合的结果，文章没有提供细分数据。一个主要原因是建设/利用率与收入增长之间存在滞后。$NBIS 在这方面的表现优于 $IREN 和 $ORCL，因为他们拥有高度多元化的客户群 + 更好的软件编排能力以实现更高的整体利用率。我不同意这主要是由托管(colocation)造成的，因为导致甲骨文利润率下滑的是同时发生的4-5个不同因素。
· 供应链分析
分析NBIS因客户多元及软件优势，利用率表现优于IREN和ORCL。
英文原文
It's a mix of things, the article doesn't provide breakdown. A large reason was because of lag between buildout/utilization and revenue ramp. $NBIS does better than $IREN $ORCL in the regards that they have a heavily diversified customer base + better software orchestration to achieve higher utilization throughout. I disagree that it was mainly due to colocation since it's 4-5 different things at once causing margin loss for oracle.