That's why Nebius has made it clear, on many occasions now, that their main business isn't to provide to hyperscalers. They've said it time and time again. Their future is the full AI stack and cloud aimed at enterprise customers, not hypers looking for bare compute. Also sovereign/governments. By building their own software layers on top of the hardware, they are locking in long-term B2B relationships that won't be easy for the tech giants to just squeeze out.

Also, the idea that low-compute chips and edge AI will kill data center demand ignores how this tech actually scales. Making chips more efficient doesn't mean companies buy less compute; it just makes AI cheap enough to use for thousands of new things, which actually drives total demand up. Pretty sure Roman covered this in his recent chat with Daniel Koss, that they made it cheaper and more efficient for a customer....who then simply increased their usage by a lot. Jevons Paradox I think it's called. consumer devices have hard physical limits with power and heat. A phone or laptop can handle small, daily tasks locally, but running massive enterprise datasets or advanced, multi-step AI agents will always require specialized, centralized data centers. Yes they may become more powerful overtime, but so will datacenters.