原文：
Serenity 白毛女-中文翻译（公开）
Serenity 白毛女-中文翻译（公开）
原文：
Today I'm writing a weekend guide on how to do DD when shorting $NBIS:
First, you look at hyperscaler earnings for AI cloud read through:
> $GOOGL: reports record AI cloud demand + backlog + margin increases from earnings
> $AMZN: reports record AI Cloud demand + backlog + margin increases from earnings
> $META: reports higher than expected prices for available capacity from earnings.
Now, time to look at Nebius:
-> $NBIS: Growing hundreds of percent to $7-9B ARR by Q4. Growing margins, and guided 4GW+ contracted power.
-> Sees Uber/Waymo splitting, putting more focus on Avride
-> Sees Clickhouse growing rapidly every quarter.
Okay looks bad! But next, you need a hedge?
-> Wow! A $NIKE brand executive, after the stock dropped 75% over the past 5 years, went to $LULU to save that brand next? Lululemon seems good.
Conclusion: Short Nebius and go long on $LULU
翻译：
今天我要写一个周末指南，教你如何对 $NBIS 进行尽职调查（DD）：
首先，你需要查看超大规模云计算公司的财报，以了解人工智能云计算的趋势：
> $GOOGL：报告人工智能云计算需求、订单和利润率增加的创纪录财报
> $AMZN：报告人工智能云计算需求、订单和利润率增加的创纪录财报
> $META：报告可用容量的价格高于预期的财报
现在，来看看 Nebius：
-> $NBIS：预计到第四季度收入将增长到 700-900 亿美元，利润率增长，预计签订 4GW 以上的电力合同
-> 预计 Uber/Waymo 将分拆，更加关注 Avride
-> 预计 Clickhouse 每季度都在迅速增长
看起来很糟糕！但是接下来，你需要一个对冲策略？
-> 哇！一位 $NIKE 品牌高管，在股票过去 5 年下跌 75% 后，去了 $LULU 去拯救该品牌？Lululemon 看起来很不错
结论：做空 Nebius，买入 $LULU
Today I'm writing a weekend guide on how to do DD when shorting $NBIS:
First, you look at hyperscaler earnings for AI cloud read through:
> $GOOGL: reports record AI cloud demand + backlog + margin increases from earnings
> $AMZN: reports record AI Cloud demand + backlog + margin increases from earnings
> $META: reports higher than expected prices for available capacity from earnings.
Now, time to look at Nebius:
-> $NBIS: Growing hundreds of percent to $7-9B ARR by Q4. Growing margins, and guided 4GW+ contracted power.
-> Sees Uber/Waymo splitting, putting more focus on Avride
-> Sees Clickhouse growing rapidly every quarter.
Okay looks bad! But next, you need a hedge?
-> Wow! A $NIKE brand executive, after the stock dropped 75% over the past 5 years, went to $LULU to save that brand next? Lululemon seems good.
Conclusion: Short Nebius and go long on $LULU
翻译：
今天我要写一个周末指南，教你如何对 $NBIS 进行尽职调查（DD）：
首先，你需要查看超大规模云计算公司的财报，以了解人工智能云计算的趋势：
> $GOOGL：报告人工智能云计算需求、订单和利润率增加的创纪录财报
> $AMZN：报告人工智能云计算需求、订单和利润率增加的创纪录财报
> $META：报告可用容量的价格高于预期的财报
现在，来看看 Nebius：
-> $NBIS：预计到第四季度收入将增长到 700-900 亿美元，利润率增长，预计签订 4GW 以上的电力合同
-> 预计 Uber/Waymo 将分拆，更加关注 Avride
-> 预计 Clickhouse 每季度都在迅速增长
看起来很糟糕！但是接下来，你需要一个对冲策略？
-> 哇！一位 $NIKE 品牌高管，在股票过去 5 年下跌 75% 后，去了 $LULU 去拯救该品牌？Lululemon 看起来很不错
结论：做空 Nebius，买入 $LULU
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