中文翻译
对于 $NBIS 而言，这验证了全栈基础设施(Infrastructure)的高需求，而非限制。他们拥有 2.5 GW 的合同容量，且当前容量已售罄。产能爬坡反映了其 70-90 亿美元 ARR（年度经常性收入）的预估。同样，他们可以签订更多合同以增加 ARR，我预计他们会再次售罄，尤其是 Anthropic 正在建设 500 亿美元的数据中心(DC)，而 $GOOGL 上周也在建设 400 亿美元的 DC。
· 个股论点
NBIS容量售罄印证全栈基建高需求，预计随大厂扩产再次售罄。
英文原文
For $NBIS it's a validation of high-demand for full-stack infrastructure, not a limitation. They have 2.5 GW contracted capacity and sold out of current capacity. The capacity ramp is a reflection of their $7-$9B ARR estimate. Again they can contract more and increase their ARR and I'd expect them to sell out again, especially with Antrophic building $50B DCs and $GOOGL building $40B DCs just this past week.