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Premium or discount? @PunterJeff shows why the denominator matters.
His Nov. 2 close example compares market cap with treasury assets minus preferred equity at face value, then with the fair market value of the $BTC holdings.
Premium AI model labs can still earn a strong margin over compute costs even if compute capacity pricing increases significantly to $30-50M/MW
This scenario from Evercore is based on premium models like GPT-6 Astra and Claude Fable 5.1
$SPCX $NBIS $CRWV $IREN $NVDA $ANT
premium used to be 20 cents more than regular. now it's a $1+ in some places. it's not just "harder to refine." i dug into why the grade gap has quietly exploded. what's the gap at your station right now? (if you like this kind of digging, a follow helps)