The neocloud trade is shifting, it’s no longer just about who gets the demand, but who can finance it the cheapest: $CRWV: Paying 8.3% interest on roughly $35B in debt. Even with booming demand, quarterly interest expenses are creeping toward $900M. $NBIS: Rates climbed from 2.3% to 5.5% over three quarters. However, strong customer CapEx prepayments help keep their funding structure much cleaner than CoreWeave's. $IREN: Sitting at a low 1.7%. They rely heavily on convertible debt (taking dilution over high interest), and lenders naturally price power/interconnect infrastructure cheaper than GPU-heavy balance sheets. Demand is there for all three, but cost of capital will decide who actually retains the margins.