BNP Paribas estimates $NBIS can generate ROIC of >25% at $20M in annual revenue per MW, rising to >60% ROIC at $40M per MW for GB300 deployments. The firm also sees the potential for a similar scarcity cycle with Vera Rubin, which could imply $60M in annual revenue per MW and a one-year payback period in an extreme bull case, particularly as demand ramps for new models trained on NVIDIA's latest hardware.