The neocloud stack: three layers, three different trades
The neocloud stack. Three layers, and the market just spent six weeks proving they are not one trade.
The cloud layer sells the compute: $NBIS $CRWV $WYFI. Highest growth, highest multiple, and the layer that took the Meta headline directly to the chin. When your customer can become your competitor, the multiple carries that risk.
The bridge owns power and is going cloud: $IREN. The rarest position: miner economics on the way in, cloud economics on the way out. It owns the megawatts under its own contracts while it climbs the stack.
Power hosts, the ex-miners: $WULF $HUT $DGXX $APLD $CIFR. The market still files half of these as bitcoin proxies. The filings say landlords: sites, substations, interconnects. The scarcest asset in AI isn’t GPUs anymore. It’s energized capacity with a transmission queue already survived.
Why the layers diverged in the flush: layer 1 carries customer-concentration risk, layer 3 carries conversion-execution risk, and layer 2 carries both, hedged by owning its own power. Same theme. Three different bets. Price them separately.
The ledger: every layer here is capex-hungry and financing-sensitive, and the funding window is the real tripwire. Watch the converts, not the vibes.
Owns the power. Locked the contracts. Survives.
DYOR. Not FA.
