Numbers:
* Rev $399M (+684%)
* ARR $1.92B (+674%)
* Adj EBITDA 129.5M(vs−129.5*M*(*vs*−53.7M)
* AI Cloud margin 45%
Key drivers:
* Demand still > supply. Pipeline up 3.5x QoQ.
* Moving from training → inference (acquired Tavily, Clarifai)
* Power capacity was raised to 4GW+ by 2026
* 6.3Bfinancing,6.3*Bfinancing*,9.3B cash
AI demand is not peaking. But stock = high expectations, high volatility now.
Watch GPU pricing + power rollout.
High IV favors spreads over naked calls.
Core thesis intact. Timing is everything. 🚀