Beth Kindig’s I/O Fund just published a deep dive comparing $NBIS and $CRWV Kindig is one of the better-known tech investors covering AI, with an early Nvidia thesis dating back to 2018 The conclusion: “Nebius has an upper hand” • $NBIS net debt / annualised revenue: 0.2x • $CRWV: 2.9x The question isn’t simply who builds the most AI infrastructure. It’s who can generate the highest lifetime return on their GPUs while requiring the least incremental capital @Beth_Kindig's @IOFundOfficial believes that’s Nebius.

today we announced the acquisition of Inferize. i guess headline is the obvious part. Behind it is a bigger bet on what @nebiustf becomes as a production inference platform. here's the problem Inferize was built for. -> When you launch a model, spin up for a demand spike, or reload weights mid run (think reinforcement learning), the GPUs are assigned but not yet useful. That warmup window is an idle tax. Platforms hold spare capacity just to stay ready for the slo. You pay for metal that isn't shipping tokens yet. @InferizeAI's technology cuts that tax. Faster time from "we need more capacity" to "it's actually serving." utilization tracks real demand tighter. Token economics get better because more of the rack does useful work. The team joins Token Factory with deep gpu systems chops. Running inference well is the whole system responding when demand changes, not just fast GPUs and a tuned model. this also fits the stack we've been assembling on purpose. 1. Eigen brought optimization at the model, kernel, and system layers 2. Clarifai's core team and licensed tech added system-level inference and compute orchestration 3. Inferize is the layer that attacks readiness and elasticity. 3 moves, one job: serve more customer demand from every GPU, and make TF the place open-weight / production inference scales without burning money on idle readiness. that's the potential i'm excited about (not a logo on a press release). A Token Factory that gets more elastic, more utilizable, and harder to outrun on the economics of being ready.

⚡ Just in: Nebius $NBIS acquires Inferize to strengthen its Token Factory inference stack. - Inferize’s technology reduces GPU idle time when AI models launch or scale, improving capacity utilization and token economics. - Inferize’s team has joined Nebius Token Factory, adding GPU systems engineering expertise. - Transaction terms were NOT disclosed.

Love to see this. OpenAI is bringing Baseten, an inference platform around open models similar to $NBIS Token Factory, onto its marketplace. And Baseten itself is building on Nebius infrastructure, among other infrastructure providers. In my view, this is very interesting because when companies build on someone else’s infrastructure, they inevitably leave clues about their architecture. Obviously not the secret details, but probably more clues than they would ideally want to leave. And that’s why owning the full vertical stack, all the way from GPUs to models and soon applications, is such a powerful advantage. Like Nebius does. This isn’t to downplay Baseten at all. It’s an amazing inference provider that consistently shows strong benchmarks on open models. Just the wider strategic perspective.

So excited to welcome @theworldlabs and @drfeifei to the @AMD family! I’ve always been a huge fan of Fei-Fei and her pioneering research in AI. Together, we’ll combine World Labs’ deep expertise in AI and world models with AMD’s compute leadership to power the future of AI and strengthen the open AI ecosystem. Can’t wait for all we’ll accomplish!

Some data we recently assembled on entrepreneurship/compute in Europe: eudata.vercel.app. We hope that one of the useful roles that Stripe can play is in collecting and publishing empirical data pertaining to entrepreneurship and industry in Europe. There's growing appetite to get Europe on a better footing, and cross-sectional comparisons can often shine light on where opportunities lie. If you're interested in this kind of thing, we publish more at stripeeconomics.substack.com.