I'm going to give a contrarian take on Neoclouds like $NBIS and say the theme looks compelling after the valuation crash. Since there's a reason why Elon's $SPCX is heavily focused on this market full of "guppies" that would die: He sees how attractive the economics are after selling compute to $GOOGL and Anthropic. And this is reflected by his actions not words, from SpaceX's recent $40B financing for GPUs procurement. $AMZN, $MSFT, and even $META also see how profitable the economics are and are accelerating their AI DC buildouts. I'd argue if a Neocloud has: - Close relationships with $NVDA + others for allocations - Existing contracted capacity + permitting - Well funded counterparties, such as Hyperscalers. - Attractive economics, such as financing their procurement correctly (not the way $CRWV has with high debt interest unless they refinance). Then I think they'll do just fine... However, the bigger worry is more toward newer players starting financing or the permitting process, since barrier to entry has now become extremely high. For financing, read through on $IREN earnings has shown public Neoclouds can adapt extremely well to tight markets: As seen with their 90% prepayments for GPU capex on a 5Y deal. Their older H100 GPUs recontracted at double their previous pricing and 12% higher contracted pricing also point against depreciation fears. And in the case DC buildouts slow from permitting delays... it heavily favors some over others. Rosenblatt's recent note for example stated they see little risk with $NBIS primary buildout that was in Missouri, Pennsylvania, and South Carolina. And there's probably less risk with developers in places like Australia. Markets have also show this infinite compute arbitrage can't go on forever, hence the reluctance to further finance capex, via things like ATMs. But ironically, tighter financing and hypothetical restrictive permitting would increase the competitive advantage of established neoclouds. And create a larger moat against newer DC developers.(Historical earnings: For 2026Q2, reported EPS was -0.12 versus a consensus of -0.8633, and revenue was USD 0.582 billion versus a consensus of USD 0.574 billion. Full-year 2025 actuals: basic EPS 0.34, diluted EPS 0.33, net income USD 82.500 million, revenue USD 0.530 billion. Consensus expectations: Consensus for 2026Q3 (event date 2026-11-12) expects EPS of -1.238 and revenue of USD 0.906 billion.)