$NBIS market cap: $70B
$CRWV market cap: $68B
Meanwhile:
โข Expected end-2026 revenue run rate
$CRWV: $18-19B
$NBIS: $7-9B
โข Backlog
$CRWV: $99.4B
$NBIS: ~$45B
โข Expected connected power by end of 2026
$CRWV: ~1.7 GW
$NBIS: 800MW-1GW
Both have deep partnerships with $NVDA.
$NVDA owns:
โข 11.5% of $CRWV
โข 8.3% of $NBIS
1Y return:
$NBIS: +660%
$CRWV: +5%
There is no reason why $NBIS should trade at a higher market cap than $CRWV today.
Buy the laggard.
Everyone keeps asking where the next trade is.
The answer is right in front of you.
Technology is leading.
AI infrastructure is leading.
Software is leading.
Financials are lagging.
Healthcare is lagging.
Consumer sectors are lagging.
The market is literally telling you where the money is going.
Yet traders insist on fishing in the parking lot and wonder why they can't catch anything.
Stop arguing with rotation.
Follow the money.
$SPX $SPY $QQQ @Optuma
$MSFT PT Raised to $650 at Wells Fargo
Build 2026 a potential catalyst w/ new coding model expected: MSFT reportedly set to intro new models this week, most notably a coding model, coincidentally also aligning w/ GitHub's shift to usage-based billing this week. While MSFT's model development efforts have been somewhat slower than peers, we think recent moves position MSFT for greater model focus (OpenAI partnership shift, mgmt messaging R&D investment, new MAI models, etc) esp while still holding rights to OpenAI's IP through 2032.
Investor questions on MSFTโs AI strategy have gotten louder post print. We see the co better positioned at software layer than getting credit for & making right moves to catch up on capacity, models & Copilot. Unpacking & updating ests ahead of Build