I think it's very important to start distinguishing vocabulary between what's known as the neocloud sector. The mistake many are still making is mixing in together every company that buys, builds, or hosts GPUs and datacenters. There are significant differences between players like $NBIS that are pulling together full stack software and hardware cloud and managed inference services and companies that are simply providing bare metal, or even some that are just accumulating energy. There are a number of subcategories within this space that need to start being broken down; to be transparent the moats are completely different, as will be there access to financing through any squeeze in capital markets. Will be posting more on this soon. @SMASIMHO has done a great job of pushing more individual language when it comes to Nebius in particular. As we are seeing with the basket selling across the sector and even confusion surrounding posts by @elonmusk , it's never been more important to educate both retail and institutional investors (many of which are STILL just taking revenue and guessing on a multiplier to model out this buildout). We have always believed, at Northwise, that not all of these players will make it and that there will be a period of consolidation. This can be seen in every sector to have ever existed. There's nothing wrong or unusual about it. During every sectorial boom there is VC like period where investors bet on a quantity of horses rather than the pack leaders. Every time there is a shift, once investors begin to realize that there are clear quality leaders. This Short term period of anxiety surrounding the markets is a phenomenal time to reevaluate our approach as independent viewers of the sector. You'll see shortly how massive the capex is going to be in 2027-2028 in our eyes. It's our responsibility to better educate why companies like Nebius are not going to struggle to raise tens of billions, but also acknowledge this is the exception not the indefinite norm.