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Dimitry Nakhla | Babylon Capital®
@DimitryNakhla
Founder & Portfolio Manager | JD 🏛 | Long-Term Investor Focused on Quality Stocks at Reasonable Prices 💵 | Not Investment Advice ‼️
Joined March 2012
1.9K Following    23K Followers
Hyperscalers vs. neoclouds is a lot like a poker table ♠️ The hyperscalers are the big stacks — they control most of the chips (capital). They can afford to be patient. They get to choose which hands to play, which to fold, and when to walk away. A canceled deal with Nscale (power not available until the 2030s) is just one example of that optionality. The neoclouds are the short stacks. They need action. If too many hands pass them by, the blinds will eventually wipe them out. To stay alive and grow, they largely depend on the big stacks continuing to play with them. But that participation is never guaranteed — and the big stacks can change their minds at any time. So the question is simple: which seat (business) would you rather be in? The one with most of the chips and the luxury of patience, or the one that needs the big players to keep dealing them in? ___ *Of course this isn’t a pure zero-sum game — hyperscalers sometimes want neoclouds to succeed as overflow capacity or a way to spread risk, and some neoclouds can still do well if they lock in other customers or differentiate. The point is just to capture the basic power imbalance.
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