Disclosure: I am not a professional. I am a random internet stranger piecing together data. Do your own research; this is not financial advice.

Bubble talk is increasingly silenced

The revenue era has arrived. Nebius has continuously raised projections, and AI adoption is taking off faster than anyone thought. Just 6 months ago the market was worried there was a bubble. However, in the past 6 months, Anthropics ARR has gone from 9 billion to above 44 billion. OpenAI is also above 30 billion ARR. The revenue is now there to justify the AI market, and this revenue is ahead of even the optimistic projections.

Demand & Depreciation

This means that demand has increased beyond what anyone thought. Anthroipic just signed a 5 billion a year deal with xai for 300 mw of Hopper and Blackwell mix. This is roughly 16 billion per GW of older chips. A year ago the forums were saying that AI infra plays were doomed due to depreciation. But Nebius recently raised Hopper prices by 30%.…