Jensen Huang just handed every AI cloud investor the clearest framework for picking winners and the question is who actually understands what he said (Save this). Compute is not just infrastructure anymore but rather revenue, and performance per watt is the mechanism by which that revenue becomes profit. The argument Jensen made at Computex deserves to be unpacked fully because it completely reframes the neocloud investment thesis. Every AI factory operates inside a fixed power envelope and once your data center is built and your power contracts are signed, that ceiling does not move. One gigawatt means one gigawatt and the only variable that determines how much money you make is how many profitable tokens you can squeeze out of each watt of electricity flowing through your facility. An operator who chooses cheaper, lower efficiency chips because the upfront cost looks attractive is not saving money and they are permanently handicapping their revenue ceiling for the life of that asset. Every watt that produces fewer tokens is a watt that will never recover those lost revenues, for as long as that infrastructure runs. Jensen's second point is about asset longevity and it is equally important to understand. AI software is evolving every few months from CNNs to Transformers to Mixture of Experts to agentic systems and that pace is not slowing down. A hardware architecture that cannot adapt to new software paradigms has a short useful life, and a short useful life means a high total cost of ownership. Infrastructure built on Nvidia's CUDA ecosystem has a built in software longevity advantage because every new model, framework, and optimization is written for CUDA first. Now apply that framework directly to Nebius, which is the most important stock in the neocloud category. Nebius built its entire infrastructure around full Nvidia integration from the ground up. Nvidia and Nebius announced a formal strategic partnership in March 2026 specifically to develop the next generation of hyperscale AI cloud deployments together. Nebius is already offering Blackwell Ultra GB300 NVL72-powered instances to customers, meaning it has the highest-performance GPU currently available commercially running inside its own infrastructure. The token economics follow directly from the architecture. Contracted power has now passed 3.5 gigawatts, with more than 75% of that capacity owned outright rather than leased. The Meta deal alone is worth $27 billion over five years, and the Microsoft agreement is worth up to $19.4 billion. The 2026 plan targets 480 megawatts of live AI cloud capacity, 150,000 GPUs deployed, and $3.7 billion in annualized revenue implying next twelve month revenue growth of roughly 489%. Q1 2026 revenue was $399 million, up 684% year-over-year, and the CEO said on the earnings call that everything Nebius builds gets sold immediately. Fully booked capacity at an AI cloud running Nvidia's best hardware, inside a power-scarce environment where performance per watt is the direct driver of profitability, means Nebius's revenue ceiling moves in direct proportion to the power it can bring online. CoreWeave, a direct comparable, trades at a materially higher multiple on a smaller contracted power base. Nebius owns more of its capacity outright, has a longer-dated and larger contract backlog on a per-gigawatt basis, and is growing revenue at a faster rate. Milk road remains extremely bullish on Nebius and come join Milk Road Pro and get our full Nebius positioning breakdown and our other AI trades for just a dollar. Link down below!