$NBIS

I am seriously considering shifting some of my $NBIS position to $CRWV. I love $NBIS and it's now a 10x position for me, but the current valuation gap with $CRWV is hard to justify. $CRWV ARR target for this year and backlog are double those of $NBIS. $NBIS has a 5 GW capacity target by 2030 while $CRWV is targeting +8GW. Yes, $CRWV has $25 billion in financial debt and $10 billion in operating lease liabilities, bringing $600–$700 million in interest expense per quarter. However, its funding structure is improving. It recently secured an $8.5 billion investment-grade term loan, non-recourse and tied to customer contracts. It has raised more than $20 billion in debt and equity this year with no major maturities until 2029. So, if demand holds up, $CRWV won't have any problems servici