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. 

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<div><ul><li>The “Whiplash” State of AI. OpenAI just closed the largest private funding round in history at $110B. Nebius guided 2026 capex to $16–20B, roughly 4x 2025 levels, and CoreWeave guided to $30–35B, more than doubling last year’s spending, substantially all tied to signed contracts.</li><li>On the other side, Block cut 40% of its workforce citing AI efficiencies, while Anthropic’s guardrails dispute with the Pentagon escalated into a supply chain risk designation and broader federal phase-out.</li><li>Meanwhile, the macro economy is lagging, with 4Q25 GDP growth at 1.4%. </li></ul></div>

The “Whiplash” State of AI. OpenAI just closed the largest private funding round in history at $110B. Nebius guided 2026 capex to $16–20B, roughly 4x 2025 levels, and CoreWeave guided to $30–35B, more than doubling last year’s spending, substantially all tied to signed contracts.On the other side, Block cut 40% of its workforce citing AI efficiencies, while Anthropic’s guardrails dispute with the Pentagon escalated into a supply chain risk designation and broader federal phase-out.Meanwhile, the macro economy is lagging, with 4Q25 GDP growth at 1.4%. 

AI Flow Newsletter : Monitoring The "Currents" Of AI - 3 March 2026

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

<ul><li>Methodology. We reviewed 50 under-covered, AI-involved public companies (~$2.7 billion average market cap; about five analysts each) and their respective one-year market-cap changes.</li><li>We then mapped them to one or more of 11 AI application areas.</li><li>We also assigned each company a subjective “AI Centricity” score (1 to 10 scale) based on each company’s level of focus on AI. </li></ul>

Methodology. We reviewed 50 under-covered, AI-involved public companies (~$2.7 billion average market cap; about five analysts each) and their respective one-year market-cap changes.We then mapped them to one or more of 11 AI application areas.We also assigned each company a subjective “AI Centricity” score (1 to 10 scale) based on each company’s level of focus on AI. 

AI Industry Primer A Survey of 50 Under-Covered Companies in Artificial Intelligence (AI)

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

AI Industry Primer A Survey of 50 Under-Covered Companies in Artificial Intelligence (AI)

Methodology. We reviewed 50 under-covered, AI-involved public companies (~$2.7 billion average market cap; about five analysts each) and their...

Water Tower Research

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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

AI Flow Newsletter : Monitoring The "Currents" Of AI - 3 March 2026

We remain highly bullish on AI capability and adoption, but job displacement is real and gains are concentrating, not spreading.

Water Tower Research

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

AI Industry Primer A Survey of 50 Under-Covered Companies in Artificial Intelligence (AI)

Methodology. We reviewed 50 under-covered, AI-involved public companies (~$2.7 billion average market cap; about five analysts each) and their...

Water Tower Research