Analytical Investor

Learning, sharing and learning again |
Reading the world through quantitative lenses |

Ex-BCG with a master in Data Science

[Analytical Investor @AnalyticalOn]

$EH EHANG 2024 RECAP

Entering 2025 with higher expectations than ever.

Start of commercial operations. The rise will be fast.

Operations.
Recurring revenues.
JVs.
Manufacturing expansion.
International expansion.

Will 2025 be the year? A company to follow.

[Analytical Investor @AnalyticalOn]

@Zephyr_hg NEWS

[Analytical Investor @AnalyticalOn]

@felixhhaas Lovable

[Analytical Investor @AnalyticalOn]

@bhalligan @Bayer Hi Brian, thanks for sharing. While liquid allocation of resources to best performers makes total sense, 90 days is too short to see long-term gains. No doubts this optimizes, just not sure it allows to optimize for the right long term goals.

[Analytical Investor @AnalyticalOn]

@otium33 @babyfolio Hope this helps:

$NBIS has 4 customers:
1) Hyperscalers & 2) AI labs aiming for bare metal and 3) digital companies (Shopify) and 4) traditional companies (BMW) requiring full-stack support.

New acquisition increases value prop for 3 & 4 with infra to build agentic apps

[Analytical Investor @AnalyticalOn]

$NBIS

Nebius just bought Tavily, an agentic AI web search infrastructure.

AI agents are reasoning engines which need data as input. Data can come from either other internal systems (MCP servers of broader tech stack) or the web.

Tavily solves the latter.

[Analytical Investor @AnalyticalOn]

Public markets are wild… and fun

[Analytical Investor @AnalyticalOn]

THE CURRENT DOWNTURN IS NOISE

Either:

1) AI native vendors will disrupt traditional SaaS

or

2) AI is a bubble

If AI is a bubble why are SaaS stocks punished?

If AI is not a bubble why are AI clouds ( $nbis ) which support AI native vendors punished?

Make it make sense

[Analytical Investor @AnalyticalOn]

@RihardJarc This is oversimplified.

While deterministic systems requiring precision with low tolerance for error are indeed more protected from disruption, there are multiple additional barriers of protection versus disruption including stickiness, proprietary data moat, regulation, etc.

[Analytical Investor @AnalyticalOn]

$NBIS

Nebius is repeating the AWS playbook.

While analysts assess Nebius’ customer base (besides the hyperscaler) as risky given start-up focus, they miss the big picture.

They are backing the best and fastest growing AI startups that will become the next category leaders.

[Analytical Investor @AnalyticalOn]

If anyone had any doubts, AI is no going anywhere

More compute, more AI security, more AI clouds

The scale is unprecedented, but that does not mean there will not be overinvestment & consolidation

Debt remains dangerous in hype markets as sentiment can shift quickly

[Analytical Investor @AnalyticalOn]

@yaguangxu Unfortunately no.

Waiting for ER or public release.

[Analytical Investor @AnalyticalOn]

$EH

Paid Commercial Operations in China

Paid commercial Operations in Thailand

Q1?

[Analytical Investor @AnalyticalOn]

@Fickifacki123 Even more when inference outgrows training and it becomes business critical to achieve ROI from AI applications.

[Analytical Investor @AnalyticalOn]

For context:

“In Nebius terminology, a compute fabric is a pool of physically interconnected servers operating
as a single compute resource. A data center can host several fabrics & each one is typically shared by multiple users, isolated from one another as separate tenants.”

[Analytical Investor @AnalyticalOn]

$NBIS

Energy efficiency is becoming a moat on itself

As AI infuses workflows & products, inference demand explodes, straining energy resources & increasing energy prices

AI-cloud optimized for AI workloads achieves better energy efficiency enabling lower price & stronger ROI

[Analytical Investor @AnalyticalOn]

@oguzerkan I don’t necessarily differ in the fundamental thesis but it is not a proof YET of disruption but an expectation of such.

Numbers still look great FOR NOW. Very interesting to follow.

Bulls say user & interaction experience is the moat given proprietary data but seems thin.

[Analytical Investor @AnalyticalOn]

$HIMS is hiring a lot of very very strong AI profiles, while the impact will not be visible at least for the next 9-12 month, the shift is clear.

Would love to hear from people who took their lab testing product, how their treatment evolved within the app.

AI will superpower it

[Analytical Investor @AnalyticalOn]

$NBIS

ClickHouse raised at $15Bn and acquired @langfuse to move into LLM observability.

I don’t see why ClickHouse can not surpass $1bn ARR in 2027.

The market needs scale, security and speed, and ClickHouse is well positioned to excel at all 3.

[Analytical Investor @AnalyticalOn]

There is a play to establish European cybersecurity leaders and Aikido, recent Belgium unicorn within the AppSec field is a great proof of that.

[Analytical Investor @AnalyticalOn]

@YingzhaoP6788 Thanks for sharing! What is your estimate for the number of EH216 in paid commercial operations at the end of 2026, 2027 and 2028?

From following the company closely, I would estimate:
- 200
- 600
- 1,000

How far am I😁?