Mostly Borrowed Ideas Deep Dives, MBI Deep Dives

MBI Deep Dives

Mostly Borrowed Ideas Deep Dives

MBI is the abbreviation for “Mostly Borrowed Ideas”. Why “Mostly Borrowed Ideas?” As a generalist, I do not have a background in any particular sector. I enjoy navigating across industries, businesses, and countries to learn, understand, and connect the dots. In any case, most ideas and innovations are incremental in nature. Very few of us are smart enough to come up with truly original or groundbreaking ideas. I am Abdullah Al-Rezwan. I was born and brought up in Bangladesh. I went to University of Dhaka for my undergrad and majored in Finance. After working three and half years in Equity Research (Sell-side) covering Financial Sector in Bangladesh, I left Bangladesh to pursue my MBA in the US. I graduated within top 10% of the class from Cornell University's two-year MBA program and worked on the buy-side following my graduation. During my time at Cornell, I won two stock pitch competitions and also became finalists in four other competitions. I thoroughly enjoyed my stint as a generalist in the US large cap team at Madison Investments and covered a wide range of companies from UnitedHealth to Amazon and Boeing before US immigration reality paused my career in investment management. As my work authorization expired, I moved to Canada in January, 2021. Then in early 2022, I was able to return to the US.

Thematic (Sector/Industry)

<ul><li>Although I am yet to write any Deep Dive on any neocloud, I still like to pay close attention to what they are saying during their earnings calls.</li><li>Both CoreWeave and Nebius had some interesting nuggets in their 1Q’26 call. Let’s start with CoreWeave.</li><li>Just like the hyperscalers, CoreWeave’s backlog continues to grow at a rapid pace. </li></ul>

Although I am yet to write any Deep Dive on any neocloud, I still like to pay close attention to what they are saying during their earnings calls.Both CoreWeave and Nebius had some interesting nuggets in their 1Q’26 call. Let’s start with CoreWeave.Just like the hyperscalers, CoreWeave’s backlog continues to grow at a rapid pace. 

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>The doves have started sounding like hawks as the can gets kicked down the road</li>
<li>The Iran conflict is forcing countries to take sides in the new Cold War</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
The doves have started sounding like hawks as the can gets kicked down the road
The Iran conflict is forcing countries to take sides in the new Cold War


Overview #58 - Central Bankers Are Revolting*

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Annual OPEX of an AI data centre consumes 25–35% of its initial CAPEX, with GPU depreciation and electricity together accounting for the vast majority of recurring costs.</li>
<li>India's data centre capacity is projected to triple by 2031; understanding the true cost structure is essential for investors evaluating return on capital for players like Adani, Sify, Nxtra etc.</li>
<li>The GPU replacement cycle, not electricity, is the dominant economic risk for AI-focused facilities, and the financing structure chosen (own vs. lease) may determine which operators survive each hardware generation.</li>
</ul>


Annual OPEX of an AI data centre consumes 25–35% of its initial CAPEX, with GPU depreciation and electricity together accounting for the vast majority of recurring costs.
India's data centre capacity is projected to triple by 2031; understanding the true cost structure is essential for investors evaluating return on capital for players like Adani, Sify, Nxtra etc.
The GPU replacement cycle, not electricity, is the dominant economic risk for AI-focused facilities, and the financing structure chosen (own vs. lease) may determine which operators survive each hardware generation.


True Cost of Running an AI Data Centre: A Unit Economics Breakdown

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>The AI boom is widely framed as a hyperscaler capex story. But a growing share of the infra buildout is financed through private credit markets sitting largely outside public scrutiny.</li>
<li>Early warning signs are emerging: private credit defaults (in general) are rising and banks are tightening leverage against their collateral.</li>
<li>The first pressure point in the case of financial conditions deteriorating would be this very  infrastructure layer, increasing uncertainty as regards hyperscaler capex ambitions as well.</li>
</ul>


The AI boom is widely framed as a hyperscaler capex story. But a growing share of the infra buildout is financed through private credit markets sitting largely outside public scrutiny.
Early warning signs are emerging: private credit defaults (in general) are rising and banks are tightening leverage against their collateral.
The first pressure point in the case of financial conditions deteriorating would be this very  infrastructure layer, increasing uncertainty as regards hyperscaler capex ambitions as well.


Beyond Chips and Capex: Private Credit in the AI Ecosystem

Podcast On the Business of Semiconductors, The Circuit

The Circuit

Podcast On the Business of Semiconductors

A Podcast On the Business of Semiconductors. With Jay Goldberg and Ben Bajarin

<ul><li>Ben discusses statistics related to Meta's deal with Corning for fiber optics, highlighting the massive amount of optical fiber involved</li><li>Ben emphasizes the importance of neocloud companies like Nebius and Core Weave diversifying their customer base beyond hyperscalers like Amazon, Microsoft, and Google</li><li>Ben is working on a thesis about neocloud companies and their long-term sustainability, particularly focusing on the need for them to attract their own customers outside of the hyperscalers</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Ben discusses statistics related to Meta's deal with Corning for fiber optics, highlighting the massive amount of optical fiber involvedBen emphasizes the importance of neocloud companies like Nebius and Core Weave diversifying their customer base beyond hyperscalers like Amazon, Microsoft, and GoogleBen is working on a thesis about neocloud companies and their long-term sustainability, particularly focusing on the need for them to attract their own customers outside of the hyperscalersThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

EP 153: Nebius and Neocloud Insights, WFE + Memory Madness, Networking Upside

United States

CoreWeave, Inc. is a specialized cloud infrastructure company that provides high-performance computing resources optimized for workloads such as artificial intelligence, machine learning, visual effects, and batch processing. The company's CoreWeave Cloud Platform consists of proprietary software and cloud services that deliver the automation and efficiency needed to manage complex AI infrastructure at scale. Its platform supports the development and use of ground-breaking models and the delivery of the next generation of AI applications. CoreWeave operates a GPU-first architecture, optimized for training and inference of generative AI models, and also targets scientific and financial computing, as well as real-time 3D rendering needs. The company was founded in 2017 and is headquartered in Livingston, New Jersey.

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CoreWeave (CRWV US)

The Honeymoon Phase of Capacity

Both CoreWeave and Nebius had some interesting nuggets in their 1Q’26 call. Let’s start with CoreWeave.Just like the hyperscalers, CoreWeave’s...

MBI Deep Dives

Overview #58 - Central Bankers Are Revolting*

A review of recent events/data impacting our investment themes and outlook. We look at the Central Bank meetings and further implications of the...

Rikki Malik

True Cost of Running an AI Data Centre: A Unit Economics Breakdown

AI data centres in India face high annual operating expenses, with GPU depreciation and electricity costs being major factors.

Nimish Maheshwari

Beyond Chips and Capex: Private Credit in the AI Ecosystem

Private credit markets are increasingly financing AI infrastructure buildout, posing potential risks as defaults rise and banks tighten leverage,...

Mint Finance

EP 153: Nebius and Neocloud Insights, WFE + Memory Madness, Networking Upside

Ben discusses statistics related to Meta's deal with Corning for fiber optics, highlighting the massive amount of optical fiber involved Ben...

The Circuit

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Honeymoon Phase of Capacity

Both CoreWeave and Nebius had some interesting nuggets in their 1Q’26 call. Let’s start with CoreWeave.Just like the hyperscalers, CoreWeave’s...

MBI Deep Dives

Overview #58 - Central Bankers Are Revolting*

A review of recent events/data impacting our investment themes and outlook. We look at the Central Bank meetings and further implications of the...

Rikki Malik

True Cost of Running an AI Data Centre: A Unit Economics Breakdown

​AI data centres in India face high annual operating expenses, with GPU depreciation and electricity costs being major factors.

Nimish Maheshwari

Beyond Chips and Capex: Private Credit in the AI Ecosystem

​Private credit markets are increasingly financing AI infrastructure buildout, posing potential risks as defaults rise and banks tighten leverage,...

Mint Finance

EP 153: Nebius and Neocloud Insights, WFE + Memory Madness, Networking Upside

Ben discusses statistics related to Meta's deal with Corning for fiber optics, highlighting the massive amount of optical fiber involved Ben...

The Circuit

AI data centres in India face high annual operating expenses, with GPU depreciation and electricity costs being major factors.

Private credit markets are increasingly financing AI infrastructure buildout, posing potential risks as defaults rise and banks tighten leverage,...