$NBIS This is probably the most valuable post I have made on X so far. A PERSONAL FinX Account-List that has provided a supplementary foundation to my own research for quite some time and consistently supplies me with alpha, brings me great joy daily and has been cultivated over a long period. It's not perfect and only reflects MY contributions, so please don't leave whiny comments if your account isn't listed FinX is exactly as good as you curate it. In my opinion I have curated it sharply. (However, I'm always open to and happy to receive suggestions for new candidates.) Here is the handpicked and crisis resilient list of $NBIS related accounts. Great alpha, fighting FUD, high conviction but not blind. Non engagement bait, non mainstream, non TA esoteric, non slop, non emotional garbage accounts. I owe a considerable amount of wealth to this collective. Thank you all. (I do not always agree with every account on this list or share their style. I even sharply criticize some of them but they remain important nonetheless. Generally I find it very important to stay informed holistically.) The list is arranged alphabetically, not my anything else. In my view these are ALL must follows. I could not remove a single one without a heavy heart. @ai_canaries @AlexfromBabylon @Asmallfish5 @B__Digs @babyfolio @BKad2005 @borex_investing @daniel_koss @demian_ai @DrTomsLens @EndicottInvests @Funmenati (hacked right now, hope he'll be back) @funofinvesting @GainsOnPaper @Investnorthwise @itsalasdairmann @MarkosAAIG @MB_Hogan @MirageWL8 @MktMavPro @mvcinvesting @paradislabs @penguinvesting @RayT168 @romanchernin @Sandeman52 @SMASIMHO @thekriskay @TheUglyBuckling @TopTechStocksUS @wienglischmann @yianisz @zen_tropy The second list is an extended pool. Not necessarily $NBIS specific but partly in the immediate orbit and partly just very good, fast or simply supplementary input. Consider it a grab bag. @__Con_ @aleabitoreddit @amitisinvesting @CABeyney @DivesTech @firstadopter @genZinvest0r @hiteshkar @jiahanjimliu @JKeynesAlpha @kevin__mak @KobeissiLetter @MoodyWriter13 @RJCcapital @SemiAnalysis_ @SmallCapSnipa

I know you have already heard that $NBIS is special. But you need to understand what makes Nebius different. ⏬ Honestly, it is mindboggling that grouping it with ordinary neoclouds like $IREN or $CRWV is STILL a very common miscalculation in AI infrastructure investing right now. 🔽 At the Fellows Forum (piped.video/iLhMOdYWapI?t=7263) CRO @marcboroditsky rejected the label "neocloud" outright and and thus confirms what $NBIS X bulls have long held as a core thesis. Nebius is building the first neoscaler. (AI native hyperscaler) This is a structural claim. Let me explain.🔽 The neocloud bucket is a very lazy classification mixing completely different business models. - You have bare metal hardware players like CoreWeave and IREN. - You have software layers like Fireworks. - And you have vertically integrated platforms combining hardware, software, and services. Nebius is the third. Comparing it to the other two categories misses the point of the company entirely. Serving this broad horizontal market as ONE PLATFORM means solving consulting, hardware and software integration on an full stack ecosystem basis. As seen at Inflection 2026, close partnerships on every level, early installs of the newest hardware, and deep co engineering are standard practice. That depth explains why Nebius regularly wins business against legacy hyperscalers (which face an innovator’s dilemma in allocating resources and capital expenditure) and ordinary neoclouds, and why it holds a direct development and research partnership with $NVDA at the same time. They meet builders with a native machine learning experience and a single platform running training, post training, and inference together. And that unified stack is a growing moat. AI development is becoming more and more circular. Teams take (open) models (via token factory) into production (inference) and then come back to post train them on proprietary data. Because Nebius unifies training, inference and agentic loads on the same platform it owns the loop. They are not simply selling isolated compute or services. (which they still can and do) They are selling a one stop intelligence platform. The Tavily acquisition is a clear proof of that stack logic. Marc has been blunt about why it was brought in. Agentic search is a cornerstone capability for AI builders and Tavily adds another layer so developers do not have to stitch vendors together. Token Factory handles reasoning. Tavily grounds agents in live information. Together they turn infrastructure into a production system rather than a pile of GPUs. The Palantir partnership fits the exact same map as well. It is a direct route into enterprises needing more than raw capacity. Digital natives are a rapidly growing customer layer which perfectly fits $NBIS one stop / higher margin offerings. That means $NBIS serves two extremes at once. 1) Deep frontier software and hardware expertise for AI natives. -> Usage based 2) Intensive guidance for enterprises / digital natives just discovering AI helping them turn ideas into working business models. -> Outcome based Beyond that infrastructure Nebius is also building a community for frontier research and production builders. The calendar is not decoration. It is the distribution engine. Events and initiatives like Inflection, Nebius Science, the Inference Frontier Program, the Serverless AI Builders Challenge, the Nebius and NVIDIA Global AI Hackathon, Robotics and Physical AI Awards etc. pull ambitious researchers, founders, and operators into the exact same orbit. Management anticipates a builder community of more than one million in the forseeable future. That community is a go to market weapon. Marc has seen this mechanism before at Twilio and Cloudflare. Developers adopt first. They integrate. They become the internal champions who later decide which vendor the company standardizes on. Once a builder is in the stack switching costs explode. The people writing the agents, the evals, and the production pipelines are the very people who later influence procurement. If Nebius owns that density it does not just win the cluster deal today. It shapes the vendor shortlist of tomorrow. Calling it a Silicon Valley for AI sounds ambitious. The mechanism however is highly familiar. Exceptional people cluster around the best infrastructure and partners who turn ideas into running systems. If Nebius becomes the trusted place for that intersection the moat runs on steroids. $NBIS offers exposure to a future AI infrastructure cycle that is only just beginning to take shape.

First orbital flight of Starship successful!

$NBIS If you're invested in (or at least interested in) $NBIS and haven't been living under a rock, you've surely stumbled across @SMASIMHO by now. And if you are living under a rock and aren't interested in $NBIS, it’s high time: an absolute must-follow who just launched his (free) Substack. Great alpha, amusingly presented, and clearly understandable down to the last autistic detail.

$RKLB - Rocket Lab should be worth over $150/share based on Blue Origin's valuation..... Send it!

The Tuscan twilight just hits differently. In the book "The Mind Illuminated" I once read that the cognitive prerequisite for profound happiness is maximizing the density of conscious perceiving moments. This sunset alone will remain a core memory for a long time. It really looked like a full sky rainbow. That being said, as promised, I will return back to active participation. I gathered a lot of thoughts during the time off. Especially getting some distance from the everyday noise helped me gain a better perspective that I had been striving for over the last few months but never quite managed to achieve. I am really looking forward to the work.

A quick follow-up on the @SemiAnalysis_ / $IREN situation. I said earlier today that I would put out a longer post addressing the report and some of the claims made in it. That post would have been fairly combative. I’ve since gotten a better understanding of how $IREN itself intends to approach the situation. Rather than turning this into a prolonged public back-and-forth, the company appears focused on keeping the relationship constructive and building a more collaborative dialogue with SemiAnalysis as it continues scaling out its cloud offering. Given that, I’m not going to publish the extensive response I had planned. I completely understand why many $IREN investors are frustrated and why the reaction has been as strong as it has been. I disagree with several aspects of the report myself. But if the objective from here is to improve the relationship and create a more productive dialogue over time, continuing to escalate the hostility toward SemiAnalysis probably does more harm than good. So I’m going to bury the hatchet here. Cheers! ✌️

New benchmark results from @weka and Nebius show the impact of shared KV caching on sustained agentic inference. Running on @nvidia HGX B300 instances in Nebius AI Cloud, WEKA’s Augmented Memory Grid served 2.4× more requests than HBM-only while keeping median time to first token near one second. Worth a read for anyone working through the infrastructure demands of long-context agents: nebius.com/blog/posts/nebius…

BNP Paribas Exane upgrades Nebius $NBIS to Outperform, raises PT to $399 from $260.

And on a serious note In the golden rush times, we can underappreciate the effort of building the platform. @nebiusai stands on the shoulders of the hundreds of people who come every morning to work and improve, improve, improve. It’s less visible than winning a large customer, launching a large data center, or raising another few billion. But this is the work that compounds and makes a difference. I truly believe that our strength (which is the flip side of weakness, as usual:)) is our underdog mentality. This “boy from the province in the large city” feeling. Nothing is given, and we need to prove ourselves every day. I hope we keep it. We are hiring.

$IREN I have seen a lot of disappointing takes from the shareholder base on this ranking unfortunately. It’s important to keep a broad perspective. Sure I get the view that whether you are bronze or underperforming is a somewhat subjective decision, because it really depends on what you weigh well. I take the rankings directionally not literally. However the commentary in my view should not be ignored even if painful. SemiAnalysis said: “IREN continues to come up in our conversations with neocloud customers, and usually for the wrong reasons. They’ve got rock bottom prices on HGX B200 and B300 GPUs in Prince George and Mackenzie in Northern BC, Canada, and we’ve heard the stories. Multi-day power outages, network upgrades, storage failures, air quality controls leading to link flaps, XID’s everywhere. The #1 worst site in the industry according to users. And we are some of their users, as we’ve gotten to test IREN GPUs from multiple providers that resell their capacity. A lot of our users that aren’t having an good time that we are hearing from aren’t renting from IREN resellers but IREN themselves.” Before you go all FUD Semi Analysis made the following statements: “Multi-day power outages, network upgrades, storage failures, air quality controls leading to link flaps.” You realize if this is not true then IREN can sue for defamation right, which they should if it is incorrect? This tells me the Canadian sites retrofits did not really work well and if I look at indirect evidence I think that’s probably correct. We know: > Canadian site pulled back to Q4 2027 for liquid cooled, while the entire community expected air cooled. > Management said they will continue to upgrade designs, while operating in Canada. > Aircooled largely abandoned in US. > It was their first AI datacenter attempt. > IREN community got signals that everything was not as smooth in Canada as the US operation. So yes I think there is merit to their observations. Does it change my thesis? No. This is managed clusters, not bare metal. As long as industry stays constraint bare metal pricing will be fine. Gives atleast 24 months to improve things. Also keep in mind the US operation is on another level: > Made 5-10 key hires on VP and up level including John Gross from hyperscalers and industry veterans > NVIDIA training wheels contract and flagship site > DSX architecture future and liquid cooled design > Numerous design changes for liquid cooled are now understandable. > Mirantis joined so they should become better at the plumbing, but those synergies are still in process. IREN is very much a company in transition and that’s also my thesis. I think US operations will be way better then Canadian datacenters, but they still have to prove that. This is also the opportunity. What I don’t get however is that they still have not replaced the part-time CTO or gave him another role. He is from the bitcoin mining era and the Canadian datacenters are his brainchild. I question if he is really the CTO to make this into a hyperscaler. However nothing Semi said has me extremely worried, so it does not affect my thesis. Down the line IREN probably needs to acquire a software solution on top, but I already knew that. Important to keep it honest tough and not say every valid criticism is FUD.

If $IREN can pay for Sports Jersey, All-in Podcasts, Billboards, Mike Alfred etc. You really think they won’t pay @SemiAnalysis_ to rank them 🤣 $NBIS was always the clear winner. $CRWV was just early. Stop taking these worthless takes seriously!

Ornn's B200 Rental Index has reached an all time high. B200s on-demand rentals are now transacting at an average price of $7.88 per GPU hour. data.ornn.com

"Nebius is unquestionably an industry leader with strong offerings in every category." SemiAnalysis just gave Nebius a Platinum rating, its highest tier for AI clouds. Less infrastructure firefighting, more building. Full results: newsletter.semianalysis.com/…

Ok.

$NBIS Spotted the one and only @SMASIMHO today in Florence. Didn't knew he was such a big fan.

Oil will crash, tech will run. It’s inevitable. The only variable you can control is your patience… $NBIS

Today we're introducing spot pricing for preemptible VMs on Nebius. From October 8 the price will be calculated dynamically from available capacity and demand, per GPU type and region, instead of a discount we set. Cap what you pay, or follow the price. Settings are live today.

lightspeed ⚡️

Been a bit inactive lately due to a lot of holiday trips. I will be back with fully charged batteries starting this Friday! Best regards from Florence! (It has by far the best pizza and the best coffee I have ever had.)