Late post, but I finally caught up on @SmallCapSnipa's neocloud expert call with a former Meta applied scientist lead. One of the most insightful reads on the industry I'm invested in. Thank you for putting it together. 1. Agree on delivery. A signed deal and live compute are two different things, and much of what $CRWV and $NBIS have signed is still being built. 2. Also agree on bare metal. The big labs run their own software stack, so the raw GPUs are what they pay for. 3. On pricing I see it a little differently. Neoclouds did discount to land long contracts when they needed the deals. My take is that phase is behind us. $NBIS Q2 letter: "𝙒𝙚 𝙘𝙤𝙪𝙡𝙙 𝙨𝙚𝙡𝙡 𝙤𝙪𝙧 𝙚𝙣𝙩𝙞𝙧𝙚 2027 𝙘𝙖𝙥𝙖𝙘𝙞𝙩𝙮 𝙤𝙣 𝙩𝙝𝙚𝙨𝙚 𝙩𝙚𝙧𝙢𝙨 𝙩𝙤𝙙𝙖𝙮." Nebius is holding part of it back for shorter deals at premium prices. 4. One layer I'd add. Landlords like $APLD $CIFR $IREN sit under the clouds with the sites and the power, and several of their biggest contracts carry investment-grade credit. Bringing expert calls like this to X is a great initiative. Really appreciate it and can't wait for more. Follow @SmallCapSnipa for more in-depth alpha like this. I own $APLD $CIFR $IREN.