🫢 hmmmmm.... Jensen. Masa. Both long time good friends. What do you think? Connecting the dots. $NBIS

The market hates AI, but AI doesn’t care. It just keeps moving forward. Japan is investing $65B through 2030 in semis and AI. Masa Son’s SoftBank is explicitly talking about specialized AI for industries like manufacturing, finance, and healthcare. We know specialized AI is the very foundation of $NBIS' AI cloud vision. But what makes the timing especially interesting is that, on the last call, $NBIS for the first time mentioned introducing a financial cloud. So you have to wonder: is a major new partnership in the making, with SoftBank providing the capital and $NBIS building a data center in Japan while adding financial AI workloads to its cloud for SoftBank to continue building on top of? In any case, I don’t see a timeline where $NBIS doesn’t capitalize on this opportunity. People often forget that Asia’s population, excluding China, is roughly 10x the US. The APAC opportunity is something else entirely.

[Exclusive] Hanwha Semitech Supplies hybrid bonding cluster to SK Hynix Hanwha Semitech has supplied SK Hynix with an integrated die-to-wafer (D2W) hybrid bonding system (cluster) that combines multiple process steps into one. The system is undergoing quality evaluation as the company works to improve its completeness. In addition, Hanwha Semitech is understood to have supplied SK Hynix with additional thermo-compression (TC) bonders for HBM4 production. According to industry sources on the 10th, Hanwha Semitech's second-generation D2W hybrid bonder, the 'SHB2 Nano' model, was moved into a line at an SK Hynix fab in April. It was delivered not as a standalone hybrid bonder but in cluster form. It is currently undergoing quality evaluation by SK Hynix, with improvement work in progress. A hybrid bonding cluster refers to the integration of all equipment required for the hybrid bonding process into a single system. A representative example is 'Kinex,' jointly developed by Applied Materials and BE Semiconductor Industries (Besi). It combines Applied Materials' plasma pre-treatment (activation), deionized (DI) water cleaning, and metrology systems with Besi's hybrid bonder. Hanwha Semitech's hybrid bonding cluster has a structure similar to Kinex. At the front end of the cluster is an equipment front-end module (EFEM) from Cymechs. The EFEM takes wafers out of the front opening unified pod (FOUP) and delivers them to the process equipment. Next comes Hanwha Semitech's in-house plasma activation module. Plasma activation is a process in which plasma is irradiated onto the wafer surface to change its chemical and physical properties, rendering it hydrophilic so that hydroxyl groups (OH) can readily attach. A cleaning module from Zeus is also incorporated. Wet-cleaning the activated wafer with DI water removes foreign matter (particles). As water molecules bond with the wafer surface, OH groups are formed. The OH groups ensure that when the die and wafer come into contact, the dielectric bonds before the copper does. The final component of the cluster is Hanwha Semitech's SHB2 Nano, which performs the hybrid bonding process of aligning and bonding the die to the wafer. Hanwha Semitech had originally been in talks with PSK Holdings to secure plasma activation equipment through the end of last year. PSK Holdings is the parent company of PSK, which possesses plasma-based dry cleaning equipment. However, the collaboration appears to have fallen through as Hanwha Semitech developed its own plasma activation module. According to industry sources, there are three reasons hybrid bonder makers supply equipment to customers in cluster form. Hybrid bonding involves nanometer-scale precision bonding, so even fine dust can easily cause defects. As a result, an ISO Class 3 environment must be maintained. ISO Class 3 denotes a high level of cleanliness that limits particles 0.5 micrometers (㎛) or larger in diameter to no more than 1,000 per cubic meter (㎥). Clusters also enable faster processing compared with running the process on individual standalone tools, thanks to reduced wait times. Completing all process steps on individual tools takes 10 hours, whereas the Applied-Besi Kinex takes one hour. The footprint occupied in limited cleanroom space is also reduced. The result is higher productivity. Another industry official emphasized, "Since building cleanrooms requires enormous cost and time, semiconductor manufacturers have recently been pursuing maximum space efficiency. Ultimately, the competitiveness of a hybrid bonder comes down to how much it can reduce its footprint." Samsung Electronics and SK Hynix have already adopted the Applied-Besi Kinex on some mass-production lines. The Kinex is known to be priced at around KRW 15–20 billion. Hanwha Semitech is also reported to have recently won an additional order from SK Hynix for TC bonders used in HBM4 production. One semiconductor industry official said, "Hanmi Semiconductor and Hanwha Semitech recently each won HBM4 TC bonder orders from SK Hynix of similar size. It wasn't disclosed because it isn't subject to mandatory disclosure requirements." Hanmi Semiconductor disclosed on the 8th that it would supply SK Hynix with HBM4 TC bonders worth KRW 44.2 billion. SK Hynix responded, "We are unable to confirm matters related to our suppliers."

$NBIS MANAGED AGENTS PLATFORM: The transition to Agents-as-a-Service Lately, @romanchernin has teased a new Agentic AI software offering on Nebius Cloud. Both on the earnings call and etn. interview (video in the tweet below). This platform would sit on top of Token Factory, and would capture even more margins. But first, what is Managed Agents? And what would this AaaS platform look like? A managed agents platform runs your AI agents for you, handling the models, GPUs, tools, memory, and guardrails so you only write the prompt, and the platform takes care of the rest. For example, an enterprise customer like Revolut could prompt: "Run a New Year's Eve campaign for our top customers." That one sentence kicks off a multi-step agent job. The agent figures out who qualifies, generates unique gift codes, drafts localized messages, creates the graphics, runs everything past compliance, and ships the campaign. It runs all of these steps on Token Factory inference. AWS, Google Cloud and Claude already offer Managed Agents, if Nebius moves quickly they can be among the first platforms to offer this service. Nebius is already partnered with DataRobot on this layer (datarobot.com/solutions/part…) but Nebius only provides tokens while DataRobot earns higher margins by selling agent runs to enterprises. (Image 1) That's why I believe Nebius will develop (or acquire) its own Managed Agents layer, to earn superior margins and move up the stack. Because right now Nebius only sells tokens, but selling agent runs is much more profitable. Possibility A (more likely): Nebius can build its own Managed Agents platform and will ship it in 2026/27. The talent pool at Nebius is more than enough to tackle this task (world-class engineers from EigenAI and Clarifai people already at Nebius maybe other surgical small acquisitions) Possibility B: Nebius can purchase DataRobot's Agentic AI software IP and hire its core engineers (like they did with Clarifai). This would fit $NBIS like a glove. Nebius runs the NVIDIA hardware, generates tokens, optimizes models and squeezes efficiency through EigenAI and Clarifai, runs agentic search on Tavily, human validation on Toloka Tandem, and sells Agentic runs through DataRobot's enterprise-grade, already proven orchestration platform. Latest funding round implies 6B$ valuation in peak 2021 bubble. Secondary private markets today imply around 3.5B$. 1.8-2.2B$ can be a fair ballpark estimate for IP carve-out and core talent. I don't expect a full acquisition because of the bloated 800 headcount and declining legacy ML products. However, it is an expensive acquisition. A 70% stock 30% cash deal (similar to EigenAI) can be dilutive and pressure cash reserves. Bottom Line: $NBIS wants to move up the stack to achieve better margins and go directly to enterprises rather than giving up margins to middle-men. They achieved this with launching Token Factory, and a new Agentic AI platform is the next step. The AI infrastructure industry is fast and evolving. Lower layers (raw GPU rentals) are commoditizing and margins are decreasing. That's why it is critical to move up the stack, where you are closer to the end-customer and value creation is rewarded with superior margins. (remember Jensen's 5 layer AI cake, Image 2) $IREN's Mirantis explained this dynamic here: x.com/MirantisIT/status/2055… By building the Agentic AI platform, Nebius can thrive at all 5 layers: Energy - Nebius owns 75% of their capacity in 2027 Chips - Nebius has NVIDIA Cloud Partner status, which enables earlier access to latest chips Infrastructure - Nebius builds its own server racks, saves 10-15% margins Models/Inference - Token Factory Applications - New Agentic AI Enterprise Platform & $NBIS's already stacked Physical AI software layers ( )

the new world order

$NBIS MANAGED AGENTS PLATFORM: The transition to Agents-as-a-Service Lately, @romanchernin has teased a new Agentic AI software offering on Nebius Cloud. Both on the earnings call and etn. interview (video in the tweet below). This platform would sit on top of Token Factory, and would capture even more margins. But first, what is Managed Agents? And what would this AaaS platform look like? A managed agents platform runs your AI agents for you, handling the models, GPUs, tools, memory, and guardrails so you only write the prompt, and the platform takes care of the rest. For example, an enterprise customer like Revolut could prompt: "Run a New Year's Eve campaign for our top customers." That one sentence kicks off a multi-step agent job. The agent figures out who qualifies, generates unique gift codes, drafts localized messages, creates the graphics, runs everything past compliance, and ships the campaign. It runs all of these steps on Token Factory inference. AWS, Google Cloud and Claude already offer Managed Agents, if Nebius moves quickly they can be among the first platforms to offer this service. Nebius is already partnered with DataRobot on this layer (datarobot.com/solutions/part…) but Nebius only provides tokens while DataRobot earns higher margins by selling agent runs to enterprises. (Image 1) That's why I believe Nebius will develop (or acquire) its own Managed Agents layer, to earn superior margins and move up the stack. Because right now Nebius only sells tokens, but selling agent runs is much more profitable. Possibility A (more likely): Nebius can build its own Managed Agents platform and will ship it in 2026/27. The talent pool at Nebius is more than enough to tackle this task (world-class engineers from EigenAI and Clarifai people already at Nebius maybe other surgical small acquisitions) Possibility B: Nebius can purchase DataRobot's Agentic AI software IP and hire its core engineers (like they did with Clarifai). This would fit $NBIS like a glove. Nebius runs the NVIDIA hardware, generates tokens, optimizes models and squeezes efficiency through EigenAI and Clarifai, runs agentic search on Tavily, human validation on Toloka Tandem, and sells Agentic runs through DataRobot's enterprise-grade, already proven orchestration platform. Latest funding round implies 6B$ valuation in peak 2021 bubble. Secondary private markets today imply around 3.5B$. 1.8-2.2B$ can be a fair ballpark estimate for IP carve-out and core talent. I don't expect a full acquisition because of the bloated 800 headcount and declining legacy ML products. However, it is an expensive acquisition. A 70% stock 30% cash deal (similar to EigenAI) can be dilutive and pressure cash reserves. Bottom Line: $NBIS wants to move up the stack to achieve better margins and go directly to enterprises rather than giving up margins to middle-men. They achieved this with launching Token Factory, and a new Agentic AI platform is the next step. The AI infrastructure industry is fast and evolving. Lower layers (raw GPU rentals) are commoditizing and margins are decreasing. That's why it is critical to move up the stack, where you are closer to the end-customer and value creation is rewarded with superior margins. (remember Jensen's 5 layer AI cake, Image 2) $IREN's Mirantis explained this dynamic here: x.com/MirantisIT/status/2055… By building the Agentic AI platform, Nebius can thrive at all 5 layers: Energy - Nebius owns 75% of their capacity in 2027 Chips - Nebius has NVIDIA Cloud Partner status, which enables earlier access to latest chips Infrastructure - Nebius builds its own server racks, saves 10-15% margins Models/Inference - Token Factory Applications - New Agentic AI Enterprise Platform & $NBIS's already stacked Physical AI software layers ( )

Şaka olmalı! $GOOGL her ay $920M SpaceX’e compute için ödeme yapacak. $SPCX çok garip bir şekilde geliyor.

Good reminder today why trying to time the market by going in and out of stocks is generally a losing proposition over the long run. Unless you're dangerously leveraged (dumb), are managing outside capital/have redemption risk, or need cash in the near term (then you shouldn't have that money in stock to begin with), the preoccupation with this stuff is incomprehensible to me. You're going to suffer the occasional drawdown owning equities - who cares?

$ADEA Fantastic looking chart and look at the volume pouring in! We also have a peekaboo here! Lovely chart!

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