$CRWV

Just modelled $CRWV earnings through 2030 based on +5GW active capacity target. It gets gradually derisked as interest expense declines from almost 25% of revenue this year to below 7% in 2030. In 2030, Debt/EBT ratio declines below 9, which is still high but manageable. So, if the backlog converts, there is nothing that justifies its discount relative to $NBIS. If AI capex slows down and backlogs don’t convert, nothing is saving $NBIS as well. Customer concentration argument is also irrelevant because bulk of projected $NBIS revenues are also from just two companies, $MSFT and $META. In short, $CRWV being valued less than $NBIS is just ridiculous. A year from now people will look back and say $CRWV was an obvious opportunity.