Following the launch of the NBIS Blackwell Ultra, sentiment may undergo reassessment.

NBIS has just launched its AI Cloud 3.1 powered by NVIDIA Blackwell Ultra, which at least demonstrates the company's genuine intent to break into the next-generation AI infrastructure race. However, the muted stock reaction suggests that much of the anticipation had already been priced in.

The long-term logic may not have changed significantly, but the short-term market has clearly started to lose faith in “technology announcements.” What truly matters going forward is whether the company can secure customers, sustain revenue growth, and ultimately convert these into cash flow.