public market sentiment has turned increasingly negative on names like CoreWeave, Nebius, IREN, and these companies’ share prices are currently at the low end of the 6-12mth trading range.

memory pricing, across both DRAM and NAND pricing, went from rising aggressively for several quarters, to going completely parabolic, with LPDDR5 and DDR5 contract prices tracking toward ~4x and ~5x year-on-year increases respectively in 1Q26 based on our Memory Model .

Anthropic’s ARR has more than tripled in just a single quarter from $9B at the end of last year to over $30 today.

public market sentiment has turned increasingly negative on names like CoreWeave, Nebius, IREN, and these companies’ share prices are currently at the low end of the 6-12mth trading range.

Despite clear evidence of tightening supply and rising prices - conditions that should directly benefit Neocloud providers through margin expansion and stronger arguments for higher useful lives - public market sentiment has turned increasingly negative on names like CoreWeave, Nebius, IREN, and these companies’ share prices are currently at the low end of the 6-12mth trading range.