中文翻译
我不确定这种错误的框架来自哪里？ $NBIS 已售罄 220MW 的现有及近期互联电力，因为任何新增产能都在被全部分配。 这并非触及最大结构性产能天花板，而是对极端市场需求的验证。 预计 2026 年互联电力将达到 1 GW，他们拥有 2.5 GW 的合同产能来支撑 $7-9B 的年度经常性收入(ARR) 目标。 这并不意味着他们不能像从 Q2 到 Q3 财报期间从 1 GW 扩展到 2.5 GW 那样扩大产能。他们只是售罄了任何上线的产能，而收入受限于他们能上线多少产能。
· 个股论点
澄清NBIS产能售罄是需求旺盛而非瓶颈，收入受限于上线速度。
涉及标的： $NBIS
英文原文
I'm not sure where this incorrect framing comes from? $NBIS sold out of 220MW of existing and near-term connected power because any new capacity is being fully allocated. That's not hitting a maximum structural capacity ceiling, that's validation of extreme market demand. 1 GW of connected power is projected 2026 and they have 2.5 GW of contracted capacity to support the $7-9B ARR figure. That doesn't mean they can't expand their capacity like they've done from 1 GW to 2.5 GW from Q2 to Q3 earnings. They just sell out of any capacity they bring online, and revenue is limited by how much capacity they can bring online.