Binance Research(@BinanceResearch):The key paradox is that these six neocloud companies generate gross margins of 40–77%, yet ROA and ROIC remain at or below zero. The challenge is the cost of capital-intensive infrastructure, GPU depreciation and interest expenses on debt-funded expansion, can absorb much of the gross profit before it translates into positive returns.

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Binance Research@BinanceResearch

2026.10.22 09:31

The key paradox is that these six neocloud companies generate gross margins of 40–77%, yet ROA and ROIC remain at or below zero. The challenge is the cost of capital-intensive infrastructure, GPU depreciation and interest expenses on debt-funded expansion, can absorb much of the gross profit before it translates into positive returns.