Neocloud's rerating has just begun I think the earnings reports from CRWV and NBIS mark the real inflection point for the entire Neocloud sector. 1. Computing power demand is being validated. CRWV's backlog has already reached $104B, and NBIS has secured multiple $1B+ AI Cloud contracts in a row, with even 2027 capacity starting to be locked in advance. 2. The value of MW is being redefined. NBIS's new contracts are already hitting ~$20M/MW. In the short-term, with extreme shortages in computing power, prices could even reach ~$40M/MW. 3. Power is becoming a truly scarce resource. GPUs can continue to scale production, but land, grid access, substations, and data center construction all take time. In the future, the real scarcity will be Land + Power + Interconnect. This is why companies like IREN and NBIS are aggressively locking in GW-level power. Whoever can convert electricity into online GPUs the fastest will reap the biggest rewards from this wave of AI computing power shortages. 4. Financing is being restructured. NVIDIA, along with multiple institutions, is pushing for $500B in AI infrastructure financing. Essentially, this is turning GPUs and AI Data Centers into standardized, financeable infrastructure assets. If capital costs continue to decline, it will create a positive cycle of lower financing costs → Data Center expansion → GPU deployment → ARR growth. This will directly accelerate Neocloud's expansion speed and valuation potential. 5. Hyperscaler demand is spilling over. Companies like Microsoft and Meta are already struggling to build data centers fast enough to meet AI demand, and more and more computing power needs are flowing to Neocloud. Neocloud is becoming an extension of Hyperscaler AI CapEx. As long as we continue to see growth in Backlog, MW, ARR, Power, and declining Financing Costs, this rerating cycle is far from over. #Neocloud #AI #ComputingPower #DataCenter #AIInfrastructure $CRWV $NBIS $NVDA