IREN vs Nebius — Who’s Winning the AI Race?

The real question isn’t who’s better, but which demand curve grows faster — labs or enterprises

The AI gold rush has created one of the most unusual market setups in recent memory. Demand for compute is insatiable, and NVIDIA, the clear supplier of picks and shovels, has deliberately chosen not to become a hyperscale cloud itself. Its DGX Cloud is more of a showroom than a profit engine, designed to highlight the potential of its chips and funnel …