$CRWV is now one of the cheapest stocks in the whole AI space. It’s set to generate around $79 billion in sales in 2030 based on 8 GW deployed capacity target. It’s currently valued at just 0.7x 2030 sales while $NBIS is at 1.3x sales. Yes it’s much more leveraged if the demand holds up its interest expense as a share of revenue will decline from 22% to 7%. If the demand doesn’t hold up every neo-cloud will be going much lower anyways. Plus, $ORCL is also similarly leveraged and has disproportionately high OpenAI exposure, yet even it’s trading at 2x 2030 sales. $CRWV is just too cheap here. Shifted some of my $NBIS position to $CRWV and I’ll shift more if the valuation gap widens further.
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