· 个股论点
1. 不，我说的是 $NBIS 和 $MSFT 的产能爬坡可能存在一些收入滞后，但合同将在 2026 年底至 2027 年期间兑现，且其现有数据加上微软处于 $49 亿 ARR（年度经常性收入）的基准情形，我估计即使没有增长，其市值（MC）也比当前高出 62.5%。 我使用零增长作为例子，仅仅是为了展示该业务本身在结构上被低估的程度。 2. 这是一个关于如何达到 1000 亿市值的高层概述，而非全面分析。我在括号中提到未深入探讨 GPU 折旧和电力容量问题。但总体而言，即使是旧款 GPU 也能保持价值并继续提供收益。
1. No i said there’s likely some revenue lag on $NBIS $MSFT ramp up but the contract will play out by late 2026 and into 2027 and their existing numbers + MSFT is at the base case $4.9B ARR, which id estimate is +62.5% from here MC wise if there were no growth. I use 0 growth as an example just to show how structurally undervalued the business is as is. 2. This was a high level overview on how we get to $100B MC not a full blown analysis. I mentioned in brackets I didn’t go into GPU depreciation and power capacity. But generally with GPUs even older models keep their value and still deliver equity.