· 供应链分析
所以我认为你们误解了 @SathyeshBhat @midlevelcruiser 观点的细微差别。在资本市场开始关注产能建设(capacity buildout)之前，我们曾看到全线普涨。直到**最近**（上周左右），我们才开始看到 $CRWV、$NBIS 以及来自矿企的“全栈”(full-stack) Neoclouds 出现分化。它们通常会同涨同跌，且波动率(beta)较低的 Nebius 相比 $IREN 等标的波动更小。这只是评论：目前市场可能开始更多地将规模化后的利润率(margins at scale)而非单纯的产能纳入定价，我们开始看到不同板块的标的走势出现分化。随着公司高管今天发文强调全栈的重要性，这一趋势也愈发明显。但总体而言，你说得对，短期时间框架并不重要，我也并未将其作为事实依据。
So I think you're missing the nuance of the point @SathyeshBhat @midlevelcruiser. Before markets cared about capacity buildout and we saw the major runup on everything across the board. Only **just recently** last week or so, we're starting to see a divergence with $CRWV, $NBIS and "full-stack" Neoclouds from miners. They would normally move up/down together, and Nebius which is lower beta than the others would move less than $IREN for example. This is just commentary that as of now, markets are possibly starting to price in margins at scale more than capacity than say 1 month ago and we're starting to see more things move in different baskets. And it's becoming more apparent too with executives from the companies pointing out why full-stack matters with posts today. But generally you're right short timeframes don't matter and I'm not using it as a fact.