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Everyone’s still underestimating how obvious $NBIS is here.
GPU prices are ripping. $NVDA's B200 went from ~$2.7 to $4–6+ and hyperscaler spot is basically rationed at $14.
And people still model NBIS like nothing changed?
So when GPU pricing moves, $IREN competes, $CRWV holds… but $NBIS expands margins.
Their costs are fixed. Power locked. GPUs already secured. So every $1/hr move flows straight to margins.
At ~$5.5/hr they’re already doing ~40% GM. Push that to $6–7 and you’re talking ~45–50% EBITDA without adding a single GPU.
That’s the part the market is missing.
This isn’t just demand growth. It’s pricing leverage on top of a contracted base.
I’m super bullish because the upside isn’t volume.. it’s repricing and the Street is still modeling it like a commodity business.