Neoclouds Like Nebius Are Much Better Investments Than Colocation Companies Like TeraWulf. Here's Why.

Impact · against what's priced in

The article provides no catalyst for Nebius or TeraWulf as its core arguments regarding business model superiority and contract values are already reflected in the market's divergent valuations. Nebius's high-capacity targets and TeraWulf's lower-margin colocation deals are already accounted for in their respective price reconstructions.

WULF−0.10

Already priced in

The price assumes

The conversion of the $19 billion Anthropic contract into actual revenue