Protector of the Realm

@JasperDLT Bijna X8 op mijn positie🤯🤯 Ik had hele hoge verwachtingen maar zelfs die blazen ze volledig omver. Dit team presteerd uitzonderlijk. Token factory zal nummer 1 inference platform worden, als je kijkt naar TAM van inference door agents/robotics kan je niet bullish genoeg zijn.

Wow, wat een cijfers van Nebius. $NBIS Eén van de AI-aandelen die het verdienen om een complete herwaardering te krijgen. Ze presteren uitstekend.

I have added a few accounts that in my opinion bring alpha to the table with unique perspectives, great stock picks, important investment lessons: @mvcinvesting @demian_ai @Sandeman52 @EndicottInvests @daniel_koss @aleabitoreddit @michaelsikand @ParadisLabs @MktMavPro

Lots of bias in the retail investing world can be found on X. Lots of alpha can be found on X too. Learn to navigate through the noise, learn to spot narratives early. Reason and analyze stocks yourself while making use of this bubble because its a bubble filled with alpha 👇🏼

@EndicottInvests Let me know if you visit my home town. More than down for a nebius meetup🚀

When $NBIS hits $500 I want to visit the Amsterdam headquarters

@EndicottInvests It serves a real problem in DC’s. The tech will def be used no BS Many of the positions I took doubled or more in less than 3 months, I believe the narrative is peak right now and would not advice to chase the hype. Let companies execute first, most are priced for perfection now.

What photonics names do you like right now? Really trying to understand this space and industry. Is it BS?

YTD biggest winners in my portfolio: $SIVE 430% $SOI 209% $NBIS 100% (537% total) $AAOI 50% $LPKF 97% I have already taken tiny bits of profit in most of them because some narratives have ran a bit too hard IMO. If this bull run continues might take more profits.

$OMDA analyst updates following Q1 results: Citizens raised PT from $18 to $21 Goldman Sachs raised PT from $23 to $26 Everscore ISI raised PT from $15 to $20 Wells Fargo raised PT from $17 to $18 Canaccord raised PT from $22 to $24

$OMDA Revenue up 42% YoY to $78M Total Members surpassed 1M for the first time, up 51% YoY Positive adjusted EBITDA, even in our historically highest-cost quarter Rest of 2026 earnings will be crushed especially after GLP-1 being available through all three largest PBMs.

@Civic108 @jiahanjimliu @GlobalCollapse All good, just saying from a critical lense. The deals apparently were indeed not good enough even according management’s own guided revenue. I own a small chunk of Iren myself but its important to stay critical. Iren needs to execute this quarter otherwise they lose credibility

@RealmProtector2 @jiahanjimliu @GlobalCollapse As if huge deals with Microsoft and Nvidia weren't good enough for now. I don't have time for this, sorry.

$IREN: First look at Q3 FY 2026 Earnings Quick note - why is IREN giving back all it's gains from $72 -> $60? 1. CRWV had bad cost numbers and whole Neocloud sector is following it's 10% dump. 2. Reason I explain in takeaway 3. Takeaway 1 - Nvidia Contract Economics Nvidia 3.4B/5-year 60MW GPU compute contract with IREN for internal research usage. - This is at 11.3m/MW which is 16% increase from 9.7m/MW MSFT contract. This is very meaningful top line increase given this is for air-cooled which means B300s. Much more profitable than MSFT contract and the topline IREN needs. Takeaway 2 - Why is IREN Expanding Slower than Expected Each GPU generation has greatly improve performance and economics. IREN has a "good" bias from the bitcoin mining days where it was a late move in order to have a fleet that was heavily skewed towards newer ASICs. Technology moves very very fast in the beginning and AI GPUs are still considered early, IREN is trying to time where most of it's fleet is mid-stage GPU aka Vera Rubin or newer. Hence it's SW1 buildout is pushed out to 2027 so that it will be all Vera Rubins. Yes, IREN is still scaling out it's DC buildout teams as this is all external and not contracted out like CRWV/NBIS. CRWV/NBIS for 2026/2027 capacity relies on 3rd parties and NBIS greenfield sites starts 2028. This is why IREN is full funded already for 2026 based on operational cashflow, existing cash on hand and has the Nvidia investment coming in later while NBIS still has 2026 funding needs even after the large convertible and Nvidia investment. Less aggressive but also less capital intensive. CRWV/NBIS is your investment if you want to expand as fast as possible. IREN cares about unit economics and having a VR200 and newer generation fleet. IREN selects customer based on ability to get financing at best interest rate and has better rate on their convertibles than both NBIS's convertible and CRWV's corporate. Given corporate debt is apple or oranges but 9% on CRWV is meaningful enough to compare to IREN's 0% and 1.5% converibles and 6% GPU debt financing. Takeaway 3 - Nvidia Option to Invest Instead of Immediate Investment Market sees this the reason to sell $IREN back down from $72 -> $60. Whereas $CRWV and $NBIS got the money immeidately for shares at market price because they have 2026 unfunded needs, $IREN is fully funded for 2026 and would rather sell at above the market price. The way to negotiate this is to have the shares sold in the future at a premium at which the negotiations happen. Nvidia negotiations were happening today, they were happening when IREN was in the 40s so 70 is a significant premium. YtD relatively IREN at 70 is equivalent to $NBIS issuing shares to NVDA at 140. IREN does not need the 2.1B in 2026, why dilute at $40? IREN will need cash in 2027 where it's buildout is going to accelerate so IREN is it then. The important part is getting priority on Nvidia's delivery schedule. Nvidia does benefit by having the right to buy IREN stock through 2031 at $70 but everyone, everyone is paying alot to secure HBM which is on-chip with the GPU. This $70 call option for Nvidia is good for 600k GPUs. Full Points - 3.7B 2026 ARR runrate and 3.1B ARR already contracted. This means the Mackenzie GPUs are contracted! All the Prince George GPUs are contracted. - New site in not only EU but APAC! Australia confirmed. - 2.6B cash on hand. People can stop talking about the ATM for current liabilities out now. ATM is for future growth/deals/acquisitions. - Will provide 3.4B of AI Cloud compute to Nvidia. Not counted in the 3.7B ARR so likely 2027. IREN is selling GPU compute to Nvidia internal teams! - IREN secures 600k GPUs of Nvidia GPUs as part of partnership. Nvidia has right to buy $IREN at $70 as it delivers the GPUs to IREN, full $2.1B investment option upon delivery of 600k GPUs. - 480MW by 2026, 1.21GW by 2027, 5GW by 2030. Nvidia GPU secured, power long secured, deals will come. - H1 handoff in Q3 CY 2026 is kind of disappointing. Handoff will likely be early Q3 as burn-in already happening now. H2-4 will be handed off by this year is the important part. There must have been some snag in H1. - Rest of Childress will be split among 100MW IT of liquid cooled H5-6 (likely extension for MSFT) and 250MW retrofit of air-cooled capacity. - @FransBakker9812 spot on - First SW1 200MW IT will be in 2027 and be for VR. - AI Revenue 33.6m is lower than expected as commissioning GPUs slower than expected. Will expect this to speed up as IREN ramps up their in-house team.

@babyfolio 25% and sleeping like a baby. Not only bc of a potential drawdown, also just because of some profit taking after positions ran from 100-600% in less than a year. If this run keeps going, I might move to 35% cash. What about you?

How much % in cash do you guys hold today?

@Civic108 @jiahanjimliu @GlobalCollapse We both know these are not the deals Jim has been talking about for all those months. For the acquisition: software was not a moat and according to him all customers would bring themselves? For Nvidia they choose not to get funding to remain independent? No deal for the new DC?

@RealmProtector2 @jiahanjimliu @GlobalCollapse They DID make a deal with Nvidia, besides acquisitions which are also deals. Besides the 5GW over the next years, they have a concrete $0.7 bln ARR deal for air-cooled GPUs with Nvidia, I believe it's 60MW at least for the first phase iirc.

This graph is the perfect illustration of the inference takeoff @romanchernin and Nebius have been talking about for over a year now. Token factory will be a major differentiator here reducing waste of tokens per agent. Can’t wait for the synergy created with @Eigen_AI_Labs.

@GrindeOptions I don’t hold nebius in my portfolio, my nebius holds my portfolio ;)

How many of you hold $NBIS in your portfolio? 👀

Shower thought: If you have a proper watch list, you are happy when you have a day that the top 3 performers on that list are stocks you own. If this happens often, you are not looking enough for alpha. If you never have this you are mispicking the winners What do you think?

@Eigen_AI_Labs Welcome on board to the Nebius train 🚂. What you guys built speaks for itself and with such a small team. I believe the quality of tech, brains and energy will be a truly valuable addition to the company. Summary: Complementary and lots of synergy🚀

Today, we're announcing that Eigen AI is joining Nebius (NASDAQ: NBIS). From day one, our mission has been Artificial Efficient Intelligence — building the world's most efficient engines for generating intelligence. Together with Nebius, we're working toward the best AI cloud, uniting Eigen's full-stack model and inference software, ranked #1 on Artificial Analysis for inference speed, with Nebius's global hardware and infrastructure footprint, so any developer or enterprise can run the best models at the best price, with no capacity ceiling. After close, Eigen's optimization stack will be integrated directly into Nebius Token Factory. The entire Eigen AI team is joining Nebius in full, establishing Nebius's engineering and research presence in the San Francisco Bay Area. To our customers, our team, our investors at Tectonic Ventures, E14 Fund, Uncorrelated Ventures, and AGI House Ventures, our angel investors, advisors, mentors, and supporters — and to the Nebius team for the conviction and partnership — thank you. The mission doesn't change. The leverage behind it does. Ryan Hanrui Wang, co-founder and CEO of Eigen AI, said: “We’re proud to join Nebius and work alongside the Token Factory team to push the boundaries of inference performance. Nebius has built a world-class AI cloud with a deep engineering culture that perfectly aligns with our own. Together, we are removing the friction of AI model customization and deployment so developers can run models reliably in production without managing the underlying infrastructure.” Full announcement at: eigenai.com/blog/eigen-ai-…

$ASTS Slowly recovering after the failed launch. I believe the thesis didn’t change and counted on multiple setbacks when initiating my first position (still up ~85%) I like that the next planned launches are with $SPACEX Did the last event change anything in your thesis?

@athuinvests 77 cents but did trim after hitting 300%, now up 360%, might buy a bit back in a bigger market pull back. Otherwise more than fine with my position :)

$SIVE stock. Easy 10x in 2-3 years. What is your average? Mine is 18 SEK. ($1.8)

@Shriftman @ClickHouseDB Amazing write up. I found Clickhouse when analyzing Nebius Jan25. I can assure you it made my decesion to concentrate in Nebius back then so much easier. Congrats on investing in their series C, the ROI you’ll have in a few years will be mind blowing🚀

What do OpenAI, Anthropic, Tesla, Cloudflare, Meta, Canva, Shopify, Harvey, & Ramp all have in common? They're all built on @ClickHouseDB. Here's the simplest way I can explain what ClickHouse does: imagine asking a question about every transaction your company has ever processed and getting the answer before you finish reading this sentence. That's ClickHouse. I sat down with CEO @ceo_clickhouse and VP of Product @tbragin to tell the ClickHouse story... because once you understand what they've built, the opportunity becomes impossible to ignore. I believe this is a generational company that will (continue to) power the leading AI businesses. My biggest takeaway from my conversation w/ Aaron & Tanya: Every company in the world is rearchitecting around AI. But ClickHouse is what AI is architecting around. As Aaron put it: "Most infrastructure companies were designed before the emergence of agentic systems. These legacy platforms simply weren't designed to meet the volume, concurrency, and dynamic load these AI workloads demand. ClickHouse was designed for this moment." I've been an investor since the Series C, and I wanted to write a piece that explains the massive opportunity ahead — and what they've actually built — in plain English. In this piece, I'll cover how: → ClickHouse built the world's fastest analytical database — milliseconds where it used to take hours, at 50-70% lower cost than the tools it replaces. → ClickHouse is consolidating the entire data stack — replacing five or more separate vendors: Snowflake, Datadog, Elasticsearch, Pinecone, and Postgres. → ClickHouse has built the "Agentic Data Stack" — connecting AI agents directly to real-time data so teams can query, reason, and act instantly. → ClickHouse has a credible path to $100Billion+ — with a trillion-dollar addressable market and a consumption model that scales with every agent deployed. There's a reason ARR has grown 250% YoY with no SDRs, and enterprise customers have grown from 3,000 to 4,000 in just three months 🤯 Thanks for letting me tell this story, Aaron & Tanya. Let's Click into it…