Of my three holdings in the neo-cloud space ($NBIS , $IREN and $WYFI ) Nebius is the clear strategic winner from SemiAnalysis’ new ClusterMAX 3.0. Which isn’t a suprise ofc. Nebius is proving it can serve both ends of the market: multi-hundred-megawatt hyperscaler contracts and smaller, shorter-term clusters for AI labs and startups. Its move into Platinum validates the full-stack strategy, strong infrastructure, orchestration and customer experience translating into premium pricing and higher revenue per MW. Build by a strong, experienced team. IREN’s result is clearly weaker, but it is a bit more nuanced on site and older DC infra imo. Most of the negative feedback relates to Prince George and Mackenzie, while the newer Childress and Sweetwater builds appear materially stronger. I had hoped to see clearer validation from Sweetwater but we have to wait when first cluster is online. IREN’s strategic strength remains its ability to build large-scale, competitively priced capacity. The next step is proving that its managed-cloud layer can catch up or remaining disciplined around bare metal plus where demand is already strong. For WhiteFiber, there is not enough recent evidence for a high-level judgment. ClusterMAX still relies largely on earlier testing. WhiteFiber is now signing new cloud contracts on an improved platform, so the next meaningful signal must come from actual customer experience. Can’t judge it properly with recent developments but the road they are taking is promising.