Duanyongping just started building a position in CRWV. I don’t know much about it, so I won’t comment too much, but the data center business of CRWV doesn’t seem like a good one. (It’s similar to his comments on car manufacturing—these days, it seems like anyone in the internet space can make cars, but it’s still an exhausting business.) Without a moat, anyone can run an AI data center. A bunch of BTC mining companies can easily pivot to AI data centers. This means they’re destined to only make razor-thin profits. Last year, I read a lot of Duan’s quotes on investing, and I really learned a lot from the story he shared about his lunch with Buffett, where they talked about Apple and Coca-Cola. Buffett mentioned that when he was a kid, he drank Pepsi because it was half the price of Coca-Cola. Duan said that Apple users wouldn’t switch to another phone just because it’s half the price—they’d still stick with Apple. The conclusion was that Apple’s business model is better than Coca-Cola’s. Using Duan’s way of thinking to analyze his investment in CRWV, it’s clear that the data center business is a terrible one. Buyers will definitely shift their orders to competitors who can build faster, have stronger financing, and better power reserves—even if CRWV’s major shareholder is NVIDIA.