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. 

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

Independent in-depth research from Finimize, Finimize

Finimize Research

Independent in-depth research from Finimize

Finimize

Finimize is the #1 information platform for modern investors. We empower people to become smarter investors with bitesize insights from world-class analysts. 1 million+ strong community, 250 partners.

<ul>
<li>Bubble fears and a broad market selloff have dragged down the stocks of neocloud companies and bitcoin miners pivoting to AI.</li>
<li>These firms have their challenges: supply chain issues, growing debt loads, uncertainty about Nvidia chip lifespans, and the rapid drop in bitcoin prices.</li>
<li>Power’s still a prized asset – so, if investor sentiment improves, miners with strong energy assets and Nebius, with its loaded contract pipeline, could be the first to benef</li>
</ul>


Bubble fears and a broad market selloff have dragged down the stocks of neocloud companies and bitcoin miners pivoting to AI.
These firms have their challenges: supply chain issues, growing debt loads, uncertainty about Nvidia chip lifespans, and the rapid drop in bitcoin prices.
Power’s still a prized asset – so, if investor sentiment improves, miners with strong energy assets and Nebius, with its loaded contract pipeline, could be the first to benef


The Shine’s Come Off The Neocloud Trade, But That Could Be An Opportunity

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

<ul>
<li>Nscale, an AI infrastructure and GPU cloud provider, has filed its registration statement with the SEC for a NYSE listing. GS, JPM and MS are the lead bookrunners.</li>
<li>We look at the company's core products: Nscale Infrastructure and Nscale Cloud.</li>
<li>We then look at the company's financial profile, loss-making status, pre-IPO valuation and investor backing.</li>
</ul>


Nscale, an AI infrastructure and GPU cloud provider, has filed its registration statement with the SEC for a NYSE listing. GS, JPM and MS are the lead bookrunners.
We look at the company's core products: Nscale Infrastructure and Nscale Cloud.
We then look at the company's financial profile, loss-making status, pre-IPO valuation and investor backing.


Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Russian overweight wiped out after initial phase of Russia drop.  China underweight contracts on the back of natural portfolio adjustments.</li>
<li>South Africa takes on new role as the top pure EM play in the region.  Saudi Arabia underweight increases.</li>
<li>Russian overweight causes underperformance of -0.64% for active managers compared to benchmark.  Saudi Arabia u/w is proving a costly position for active managers in the face of inflated oil prices.</li>
</ul>


Russian overweight wiped out after initial phase of Russia drop.  China underweight contracts on the back of natural portfolio adjustments.
South Africa takes on new role as the top pure EM play in the region.  Saudi Arabia underweight increases.
Russian overweight causes underperformance of -0.64% for active managers compared to benchmark.  Saudi Arabia u/w is proving a costly position for active managers in the face of inflated oil prices.


Netherlands

Nebius Group is a technology company providing infrastructure and services to AI builders globally. The group's core business, Nebius, is an AI-centric cloud platform built for AI workloads. Nebius Group serves customers worldwide.

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Nebius Group (NBIS 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

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

The Shine’s Come Off The Neocloud Trade, But That Could Be An Opportunity

Neocloud companies and bitcoin miners pivoting to AI are struggling. Power’s still in short supply, so stocks should rebound when sentiment improves.

Finimize Research

Nscale Pre-IPO: Tearsheet

Nscale has filed its S-1 for a NYSE listing. In this tearsheet, we look at the company's business and operating profile, its industry backdrop, its...

Ke Yan, CFA, FRM

EM Positioning After Russia’s Collapse

Russian overweight wiped out after initial phase of Russia drop. China underweight contracts on the back of natural portfolio adjustments.

Steven Holden

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