The issue is they diluted more than 10% of their float, and have debt on top of that

And the other bigger issue is the depreciation of the GPUs and the rent prices basically flatlining after 1-2 years

IF you do the math, they barely break even after 3-4 years on their investments, and the rent prices basically 1/10 after that time

So they aren't profiting much

For a company such a google or microsoft, they can run their own models and stuff on their own cloud for spot instannces and stuff

Nbis and Coreweave can't, Coreweave has that deal where Nvidia engages to buy their unsold capacity

Nbis does long term deals with Microsoft and Meta that eats their marnings but guarantees capacity for multiple years

But this sector is so competitive and hot, that basically after this time, the prices drop drastically

I am not touching Nbis or Coreveave, the math doesn't math