Neoclouds like $CRWV & $NBIS are the most durable businesses according to @GavinSBaker. The reason CoreWeave can charge a significant premium for its GPU hours is that not all GPU hours are the same. CoreWeave's GPUs are being utilized two to three times more per hour on average than a lower-quality provider's. That utilization gap is the product for $CRWV. In 2005, all you had to do to build a $50 billion market cap retailer was run 1,000 stores across 50 states with different climates and different consumer preferences. That's all you gotta do but in all of American history, roughly only ten companies have managed it. Running a GPU cluster at CoreWeave's utilization rates is harder than that. And don't forget about their impressive customers. $CRWV have over $63 billion in disclosed customer commitments this year alone: - OpenAI alone committed over $21B through 2031 - Meta committed $35B+ - Nvidia signed a $6.3B deal as a paying customer - Jane Street dropped $6B in April. - Anthropic signed a multi-billion dollar deal as well