· 个股论点
涉及标的： $BITF$CLSK$IREN$NBIS$WULF
再次强调，这并非针对 $BITF 或 $CLSK 等矿企的看空帖子。我在主题上对 Neoclouds 极度看好，并对 $WULF 或 $IREN 等特定矿企持看涨态度。但喜欢它们并不意味着我应该持有所有相关标的。 这是一篇关于执行风险和选择性的细致分析，因为并非每家从事高性能计算(HPC)的矿企/公司都能成功。 我特别指的是在规模化时的利润率，涉及的是 HPC 业务板块，而非比特币(BTC)挖矿或储备（如果你了解我的历史，知道我对后者也极度看好）。 除了解释我个人为何选择 $NBIS 外，我并不支持或反对任何特定的矿企。我相信该领域还会有像 $WULF 这样的其他赢家。 我只是在强调执行风险，并指出人们看待这些公司的视角（关注兆瓦级建设而非考虑利润率）可能是错误的。
Again this is not a bear post on miners like $BITF or $CLSK. I am omega bullish thematically on Neoclouds and bullish on certain miners like $WULF or $IREN. Just because I like them doesn't mean I should own them all. This is a nuanced post on execution risk and selectivity as not every single miner/company that does HPC will succeed. I'm specifically talking about HPC segments when it comes to margins at scale, not BTC mining or reserves (which I am also super bullish on if you know my history). I'm also not arguing for or against any specific miner aside from explaining why I personally chose $NBIS. I'm sure there will be other winners like $WULF in the space too. I'm simply highlighting execution risk and pointing out that the lens people are looking at the companies (MW buildout instead of considering margins) might be wrong.