中文翻译
区别在于，$NBIS 在2026年的远期营收(Forward Revenue)为40-60亿美元，毛利率(Gross Margins)约为70%。 其市值为280亿美元，且存在支撑该估值的前瞻性增长基本面。 而量子计算(Quantum)公司大多尚未实现营收，其大量收入来自利息而非营收。像 $RGTI 和 $QBTS 这样没有实质性远期营收的公司，市值却高达数百亿美元，这显然是泡沫。
· 个股论点
对比NBIS基本面与量子计算股泡沫，认为后者估值虚高。
英文原文
The difference is that $NBIS is doing 4-6B forward revenue in 2026 off ~70% gross margins. The market cap is 28B and forward growth fundamentals are there to support valuation. Quantum are pre-revenue with a lot of their income coming from interest instead of revenue. Companies like $RGTI and $QBTS that have no meaningful forward revenue, while being valued at tens of billions is a bubble.