#AI Infrastructure

Post-earnings deep dive on Nebius, CoreWeave and IREN across EV/Sales, EV/ARR and SOTP. Targets: NBIS $245, CRWV $115, and IREN $62 in the base case.

Samsung, SK Hynix, Micron and SanDisk across revenue growth, P/S normalization and SOTP. Top pick SK Hynix, with Micron at a 16.7x peer premium.

Cloudflare beat with revenue up 34% and still fell 24.3% in one session. We decompose the 1,100 layoffs, margin compression, and our $225 target.

A 32% revenue beat, FY26 guidance raised 7 points, and a re-accelerating non-AI cohort drove a 31% single-session surge. How we get to a $230 target.

DigitalOcean double-beat, AI ARR rose 221%, and FY27 guidance jumped from 30% to over 50%, sending shares up 40% in a session. Our $185 target.

SanDisk posted revenue up 251% with 78.4% gross margin and $42B locked into multi-year contracts. The NBM model, and how we reach an $1,800 target.