Ashley Chen (He/Him)

My [optimistic] thinking: Anthropic’s insane revenue growth and the huge number of tokens it generates show what will happen next with open-source / alternative model tokens. Start with frontier models → grow usage → collect data → tune cheaper models -> get margins.

I just finished going through BofA’s research on $NBIS. Here are the key competitive advantages they highlight: ⬇️ 1) Differentiated virtualization layer and distributed compute fabric Nebius’ most important differentiator is its virtualization layer, which allows GPUs across multiple data centers to function as a single unified cluster. This matters a lot more than it might seem at first. AI workloads are no longer just about raw compute, they’re about how efficiently that compute can be assembled, scaled, and allocated across geographies. With power constraints, GPU shortages, and long data center build timelines, the ability to pool distributed resources into one system becomes a major advantage. It allows for: - Higher utilization - Faster deployment - Better ability to serve variable demand GPU innovation is moving faster than infrastructure expansion, so software layers like this become increasingly valuable over time. Importantly, Nebius appears to be the only player currently enabling global GPU orchestration. Most neoclouds are limited to virtualization within a single data center, and hyperscalers like Oracle or Microsoft don’t yet offer this type of GPU-specific orchestration across locations. That makes this a potentially durable and hard-to-replicate edge. 2) Full stack AIaaS cloud offering creates defensible long-term moat On top of its infrastructure, Nebius has built a full AI cloud platform that simplifies how companies build, train, and deploy models. The key value proposition here is abstraction: customers don’t need large internal AI/ML teams to operate complex workloads. As AI moves from experimentation to production, this becomes increasingly important. Then there’s Token Factory, which is a big part of the differentiation: - Enables large-scale inference and model serving out of the box - Supports 60+ models (including open-source) - Allows easy fine-tuning and deployment - Offers predictable, transparent pricing ($/token) - Claims significant cost savings vs proprietary models - Provides enterprise-grade governance and security - Uses an OpenAI-compatible API (lower switching friction) From Nebius’ perspective, this does two important things: - Improves utilization of idle compute - Introduces a more recurring, usage-based revenue stream It also increases platform stickiness, especially for enterprises that want a turnkey AI solution without building internal infrastructure. Long term, if inference becomes the dominant workload (which is the current direction), Token Factory could become a very meaningful moat. 3) Leadership team with proven hyperscale execution and deep technical DNA Nebius is led by a team that previously built and operated Yandex’s infrastructure across multiple verticals (search, cloud, autonomous driving, etc.). That experience is highly relevant: - Managing large-scale data centers - Operating multi-generation hardware fleets - Building distributed systems at scale What stands out is not just the technical capability, but the execution track record. Yandex was able to outperform global players like Google and Uber in its home market. In their view, this combination of deep technical expertise and proven execution is one of Nebius’ strongest assets.

Robin Williams' mom was one of the only people that could get his real laugh out

what moment in a movie filled you with so much adrenaline that it got you to cheer, applaud or want to scream F*** YEAH in the theater