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But we saved everything 🙂.
Harry Stebbings highlights the intensifying race in AI infrastructure, noting that capital expenditures are at record highs. At the center of this surge is Nebius, which is now going head-to-head with the world's largest hyperscalers, boasting a market capitalization of $66 billion. Stebbings also points out that investor Leopold Aschenbrenner has made Nebius one of his largest positions. In a recent conversation, Stebbings sat down with representatives from Nebius to discuss these developments.
Stebbings has previously argued that companies may soon spend more on tokens than salaries as researcher hiring costs escalate. He has also noted that the current rush for AI capital is prompting firms to enter public markets sooner. These trends provide further context for the recent rise in Nebius’s investment and valuation.