中文翻译
谢谢，只是想补充一下，我对从 $IREN 到 $CIFR 的整个 Neoclouds 板块依然看好。短期内，由于围绕算力容量(capacity)的叙事，可能会有更高的上行空间，但我预计在执行和财报季到来时，市场会更关注利润率(margins)。就纯粹的不对称上行潜力而言，$NBIS 是显而易见的赢家，因为其运营侧拥有毛利率护城河（如果不是因为利息债务，$CRWV 也会名列前茅）。我在帖子中添加了一些定量数据，展示为何利润率 > 容量和/或中间件(middleware)。
· 个股论点
看好Neoclouds板块，认为利润率比容量更重要，首选NBIS。
英文原文
Thanks, just wanted to add I'm still bullish on Neoclouds across the board from $IREN to $CIFR. Short term there might be higher upside due to narratives around capacity but I'd expect markets to care about margins more when it comes time to execution + earning reports. In terms of raw asymmetrical upside, $NBIS is the obvious winner due to gross margin moat on their operational side ( $CRWV would have been up there if it weren't for interest debt). And I added some quantitative data in the post showing why margins > capacity and/or middleware.