Qinba Frank: AI cloud computing industry bottleneck shifts to electrified delivery, short-term emergency capacity pricing power strengthens

Analyst Qinbafrank stated that CoreWeave had approximately 1.5GW of operational power and 3.7GW of contracted power by the end of the second quarter, with a backlog of orders of approximately $104 billion, excluding commitments of over $25 billion added at the beginning of the third quarter; Nebius plans to deploy over 1GW annually starting from 2027, with a mid-term target of 5GW contracted capacity. The industry bottleneck has shifted from customer demand to electrified delivery. CoreWeave's prices for various SKUs increased by about 25% in July; The price of Nebius' old generation GPU has increased by over 30% compared to the first quarter. The average annualized revenue from newly signed contracts in the second quarter exceeded $20 million per MW, and the short-term emergency capacity reached $40 million to $50 million per MW at the beginning of the third quarter. Both companies are transitioning towards AI infrastructure operating systems, shifting their focus of competition towards providing integrated platforms. Nebius focuses on reducing capital investment, while CoreWeave focuses on hybrid cloud and sovereign AI delivery.