· 个股论点
我曾讨论过 $NBIS 在大幅降低运营支出(opex)和提升利润率方面的内部护城河。这转化为定价权，因为他们可以收取更低的价格+获得更高利润+更高的息税折旧摊销前利润(EBITDA)可用于收购和投资（例如 Clickhouse）。Oracle 正在持续进行建设，据 TI 称这导致他们损失了 1 亿多美元。随着执行层面在 6 个月后的表现与当前的投机形成对比，我们可能会看到转向(miners pivoting)的矿工（CRWV 花了数年时间构建其技术栈+数十亿美元用于收购）毛利率恶化，资金将回流至 Nebius。$NBIS -> 在所有新云(Neocloud)中拥有最高的毛利率。
I was talking about $NBIS internal moat on reducing opex a ton + increased margins. This translates to pricing power since they can charge less + make more + higher EBITDA they can use for acquisitions + investments (eg. clickhouse) Oracle is ongoing with their buildout and it turned out to lose them $100m+ as per TI. We'll likely see worse gross margins on miners pivoting (CRWV spent years on building out their stack + billions on acquisition) and money flow back into Nebius when it comes to execution in 6 months time vs. speculation currently. $NBIS -> highest gross margins out of any Neocloud.