"Meta is a threat to Neoclouds" narrative doesn't make sense. Morgan Stanley estimated that if Meta leased out just 250 megawatts of capacity to third parties at $40 per megawatt, it would generate roughly $3 in EPS upside by 2028, an 8% earnings boost. Scale to 1,000 megawatts and you're looking at $12 additional EPS. Here's the kicker: The cost to build a gigawatt of AI compute doubled from $50 billion to $100 billion in just three to four months. Meta locked in capacity last year before the price spike so nobody else can afford to compete anymore. That timing is the entire thesis. Any new entrant trying to build comparable capacity today faces a $100 billion price tag just to get in the door. That effectively locks out new competition and hands the biggest structural advantage to whoever already has capacity like $NBIS and $CRWV. Bullish on Nebius and the established Neoclouds as the barrier to entry compounds against anyone still trying to build from scratch.