· 个股论点
这里没人说过 $NBIS 在 2026 年会有 80 亿美元的实际收入(Realized Revenue)。不太明白你想表达或争论什么。 自财报发布以来，我一直坚持 80 亿美元的中位年化经常性收入(ARR) 观点，预计实际收入约为 36 亿至 42 亿美元，第四季度季度收入约为 21 亿美元。 $NBIS 正从 1.46 亿美元的季度收入增长至 21 亿美元，耗时略超 1 年，这种令人瞠目的增长仅在本十年因 $MSFT 和 $META 等超大规模云服务商(AI Hyperscalers) 的 AI 收入漏斗而实现。 这是十年一遇的机会，但你做的这种区分没有必要，因为我还没在评论区看到有人产生这种混淆。
Nobody said here $NBIS would do $8B realized revenue in 2026. Not quite sure what you're trying to say or argue. I've been consistent on $8B midpoint ARR after earnings with likely ~$3.6B-4.2B realized revenue and ~$2.1B quarterly revenue Q4. $NBIS is ramping up from $146M quarterly revenue -> $2.1B in slightly over 1Y time, which is just mind-numbing growth and only achievable in this decade because of $MSFT $META hyperscaler revenue funnel from AI. Once in a decade opportunity, but the distinction you're making isn't necessary since I haven't seen anyone make that confusion in the comments yet.