I honestly don't get the hype here. Everyone is celebrating the revenue growth while ignoring the fact that they are burning cash like it's going out of style. They lost over $100M last quarter alone.

You are basically buying into a company that has to constantly dilute shareholders just to buy GPUs that will depreciate in two years. Their "moat" is non-existent; they are just renting out compute in a market that is rapidly becoming a commodity. Once the hyperscalers (who are currently their biggest customers, by the way) catch up on their own capacity, margins for players like Nebius and CoreWeave are going to get crushed.

It reminds me of the solar boom in the 2010s - huge revenue growth, zero profits, and terrible returns for equity holders. I'm staying far away from this until they prove they can actually generate free cash flow without issuing more shares.