Great context on the rotation dynamics. I think you're spot on that NBIS consolidation is healthy after such a strong run - valuations needed to digest the Microsoft deal news. The miner pivot to AI infrastructure is genuinly fascinating, especially post-Aligned, but I'd argue the value propositions are quite different. NBIS has proven hyperscaler relationships and networking IP, while miners are converting stranded energy assets into compute. Both can win, just different risk profiles. The AWS outage actually reinforces the case for diversified cloud capacity, which plays into NBIS's decentralized infrastructure thesis perfectly.
They're actually in completely different lanes. $NBIS wants to compete directly with $CRWV, whereas $IREN is betting on its massive 3GW power portfolio and vertical integration to win on price alone.
These are two different worlds—you definitely shouldn't compare them. Everyone has their own competitors, and there will only be more over time. But we definitely have a few years of lead time. We need to capitalize on this boom while it lasts
Great context on the rotation dynamics. I think you're spot on that NBIS consolidation is healthy after such a strong run - valuations needed to digest the Microsoft deal news. The miner pivot to AI infrastructure is genuinly fascinating, especially post-Aligned, but I'd argue the value propositions are quite different. NBIS has proven hyperscaler relationships and networking IP, while miners are converting stranded energy assets into compute. Both can win, just different risk profiles. The AWS outage actually reinforces the case for diversified cloud capacity, which plays into NBIS's decentralized infrastructure thesis perfectly.
They're actually in completely different lanes. $NBIS wants to compete directly with $CRWV, whereas $IREN is betting on its massive 3GW power portfolio and vertical integration to win on price alone.
These are two different worlds—you definitely shouldn't compare them. Everyone has their own competitors, and there will only be more over time. But we definitely have a few years of lead time. We need to capitalize on this boom while it lasts