Forget Nvidia. This Is the New King of AI

Market / Investing Context (AI Infrastructure)

• The video frames the day as positive for AI investors, citing strong market reaction to recent quarterly earnings and forward guidance from AI “neoclouds” / infrastructure providers.
• It argues Nvidia’s AI dominance is not “over”, despite a stretch of stagnation.

Stocks / Tickers / Assets Mentioned

• NVIDIA (NVDA)
• CoreWeave (appears as “Core Reef” / “Kore” in subtitles)
• Nebius (appears as “Nebuse” / “Nebus”)
• Counterparties mentioned for Nvidia financing / partnerships:
  • Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, KKR
• Wall Street Journal referenced for Anthropic IPO timing.
• Other AI labs referenced regarding IPO expectations:
  • OpenAI, Anthropic
• SpaceX AI referenced as an example of aggressive scaling.
• No explicit ETFs, bonds, commodities, or crypto tickers were named.

Key Performance Numbers & Company Fundamentals

Nvidia (NVDA)

Price Performance

• YTD: +18.5%
• Previously described as near “flat” (~2 weeks earlier)
• Earlier drawdown cited: ~19%

Valuation Multiples

• Trailing P/E: 34.3x
• Forward P/E: 22.4x
• Price-to-Free-Cash-Flow: 22.7x

Company Scale

• Valued at over $5 trillion

Growth Expectations (fiscal years)

• Fiscal year: revenue growth expected 82%
• Fiscal 28: 42%
• Fiscal 29: ~22–23%

Quarterly Growth Acceleration Claims

• Expects an upcoming quarter in ~2 weeks with >100% YoY revenue growth
• Mentions expected revenue afterwards: >$91B
• Prior growth comparisons referenced: 80% / 70% / 54% / 47% YoY (as referenced in subtitles)

Earnings Beat History

• Says NVDA has consistently beaten analyst expectations
• Analyst expectation cited: $91.8B
• Claims potential beat to around $92B–$93B
• Recent beats referenced (approx. sequence from captions): 3.2%, then close to 3%, then 3.7%, 1.5%, 1.9%

Capital Markets / Infrastructure Financing Announcement

• Nvidia partners with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, KKR (and others implied) to mobilize $500B+ of third-party capital
• Purpose: create an investable AI compute infrastructure “asset class” to broaden access and enable longer-duration usage
• Stated implication: lower cost of capital → faster AI buildout (though data centers still take time)

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Nebius (Nebius)

Stock Performance (on the day described)

• Up: 23%
• Around $238 per share

Recent Quarterly Growth

• Revenue: +454% YoY to $582M
• ARR: up to $3B (~600% YoY)

Profitability / Adjusted EBITDA

• Group adjusted EBITDA margin referenced: 50%
• Adjusted EBITDA: $236M (group total)

Pricing / Monetization

• Mentions an asset “glide capacity model” and short-term premium tiers
• Pricing cited: $40–$50M per megawatt for premium capacity

Deal Economics / Payback

• Compressed deal payback: ~1 year 10 months
• Previously: 2–3 years

Guidance / Capacity Expectations

• Expects to end the year with 5 GW of contracted power (previously >4 GW)
• “Violent capacity” appears to refer to a 2026 milestone (not 2027), with:
  • Connected power by year-end: 800 MW to 1 GW
  • Possible translation into active power mid-2027
• ARR scenario (implied/inferred by narrator): ~$20–$25B ARR in 2027

Capacity Auctions / Price Discovery

• First capacity auction:
  • Priced 15% above any prior “Blackwell high” ever cleared
  • Introduces an “explicit live price discovery engine”
• Customer satisfaction and desire for more capacity mentioned

Capacity Contract Details

• First 3–6 month premium capacity contracts mentioned in Q3, going live in Q4
• Enables $40–$50M per MW pricing for immediate workloads

Capital-Light / Partnership Model

• Partner provides: land, facility, power infrastructure, hardware, capital, facility ops
• Nebius provides: full-stack software system architecture, go-to-market and demand
• Benefit: partner capacity becomes high-margin ARR with minimal Nebius capex, accelerating growth

Power Generation / Execution

• Uses Bloom Energy fuel cells
  • Described as quiet, reliable, ultra-low emission, deployed on site
  • Trenching delivered on schedule; building finished earlier in the summer
• Claims confidence that execution stays on time

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CoreWeave (CoreWeave)

Stock Performance (on the day described)

• Up: 17.7%

Recent Quarterly Growth

• Revenue: +112% YoY to $2.57B
• +24% QoQ

Backlog / Pipeline

• Revenue backlog: $104.2B
• Says they signed $25B early in Q3

Profitability / EBITDA

• Adjusted EBITDA: $1.51B
• Margin: 59%
• Mentions a prior “gap net loss” of -$626M

Balance Sheet / Interest Rate Drag

• Raised $18B in Q2
• Total capital: over $32B
• Weighted average debt cost reduced by ~300 bps YoY
• Annualized interest savings: ~$1.1B
• Q2 interest expense cited: $640M more than doubled YoY
• Q3 guidance for interest expense: $860M to $940M

Power Scaling

• Over 1.5 GW of active power
• Added ~500 MW active power in Q2 (largest quarterly expansion)
• 51 data centers
• 1 GW contracted outside the US, including:
  • 360 MW in APAC (Indonesia) expected online in ~18 months

Non-GPU Services Growth

• “Manage inference”:
  • from ~$1M to > $1B ARR in a single quarter
  • guiding for > $250M ARR by end of year
• “NonGPU software storage services”:
  • > $400M ARR

Pricing Actions

• 25% list price increase across SKUs in July
• Q2 contracts have 5–10 points higher contribution margins, especially for Vera Rubin clusters

GPU Lifecycle Monetization

• Signed a contract for 2020 A100 GPUs extending to 2029
• Framed as retaining and monetizing value from legacy GPU fleets

Capex / Spending and Guidance (as discussed)

• Full-year revenue expected: $12.4B to $13.2B
• Exit run rate: $18.5B to $19.5B
• Capex:
  • Nebius: $20B–$25B (reaffirmed)
  • CoreWeave: $35B–$39B (narrator says “this fiscal year”)
• Narrator expectation (not formal guidance): Nebius capex could double in 2027

Nvidia Catalyst → “AI Compute Financing Platforms”

The video’s thesis for new infrastructure financing platforms:

• Mobilize $500B+ of third-party capital
• Transform Nvidia compute + full-stack AI infrastructure into an investable asset class
• Enable longer duration usage
• Reduce cost of capital, accelerating AI compute deployment

Upcoming Events / IPO Implications

Anthropic IPO

• Source: Wall Street Journal
• Timing suggested as October
• Current run rate cited: $70B ARR
• Prior raise referenced as $965B (captioning error possible; narrator implies it may be $965M)
• Target IPO size: $1.5T (framed as “SpaceX number,” implying extremely large valuation)

Expected Market Pattern

• Run-up into IPO, followed by a valuation crash
• Compared to SpaceX and “space stocks”
• Potential volatility driven by investors demanding more detail on:
  • profitability
  • growth
  • burn
  • model-level economics
  • model examples cited: “Fable 5, Opus 4.8, Sonnet 5” (likely Anthropic)

Explicit Recommendations / Cautions / Stance

• No formal “buy/sell” order is issued.
• The narrator’s stance is broadly bullish:
  • Nebius and CoreWeave quarters are described as excellent
  • suggests momentum in growth and profitability
• Implicit caution:
  • Volatility expected around Anthropic/OpenAI IPOs
  • narrator opinion: if public earlier (e.g., July), they “would have been cut by 50%”

Disclosures / Disclaimer

• No clear “not financial advice” disclaimer appears in the subtitles provided.

Methodology / Framework Mentioned

• No explicit step-by-step portfolio construction framework.
• The video implicitly uses an “AI infrastructure value chain / monetization” framework:
  • Chip/platform dominance (NVDA + CUDA lock-in)
  • Financing + lower cost of capital
  • Capacity scaling measured in MW/GW
  • Monetization via ARR, including:
    • premium tiers ($40–$50M/MW)
    • non-GPU services (inference, storage)
    • partnership/asset-light models to reduce capex intensity
    • backlog/run-rate as demand indicators
  • Profitability metrics: adjusted EBITDA and margins
  • Balance sheet risk: interest expense and debt costs (bps), plus annualized interest savings

Presenters / Sources

• Presenter: not explicitly named in the subtitles
• News/source referenced: Wall Street Journal (Anthropic IPO timing)