Elon Musk recently said that over 200 emerging AI cloud vendors may go bankrupt. Interestingly, while he's pessimistic about the cloud, he's also borrowing money to buy GPUs himself. So what he's really bearish on isn't the demand for AI computing power, but rather those "middlemen" who borrow money to buy GPUs and then rent that power out. This NBIS earnings report is all about figuring out which category it falls into. Nebius's revenue grew 454% year-over-year last quarter, it has over $40 billion in long-term contracts, and recently secured a $3.5 billion loan from Citigroup. On the surface, it has orders and funding. But the problem is, this loan is only for 364 days, while data centers take a long time from purchasing GPUs and connecting them to full delivery. It's like using short-term money to do long-term, asset-heavy business. Therefore, in this earnings report, I'm less concerned with whether revenue exceeded expectations and more focused on three numbers: how much new computing power was added, how much capital expenditure was burned, and how quickly customer contracts were converted into revenue. Currently, only 44% of people on OKX are betting on Nebius to beat earnings expectations. The market's concern isn't that Nebius lacks customers, but rather whether it can convert GPUs into rental computing power before its funding matures. If it can, Nebius won't be just an "AI middleman," but rather a next-generation cloud infrastructure; if it can't, it might be on Musk's list of companies going bankrupt. https://oyidl.co/ul/dYaU3w9