Jonah Lupton

@JonahLupton

CEO/CIO @FirstWaveFund, long/short hedge fund, investor in growth companies with strong fundamentals, compelling valuations, big catalysts and low PEG ratios.

NYC / Miami / Boston

FirstWaveFund.com

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Jonah Lupton
@JonahLupton
Oct 30
Top 5 memory makers have all reported Q3 earnings and the numbers are just insane… combined market cap (not including cash) is $2.8 trillion… combined operating income (annualized) is $727.2 billion… they’re sitting on a combined $280 billion of net cash so the big 5 are
デューデリくん
@ddkun_
Oct 30
キオクシア含むメモリ5社の決算が出揃ったのでまとめた 5社合計売上高42.3兆円、営業利益28.7兆円
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Jonah Lupton
@JonahLupton
8m
$NBIS stock price is down -52% from the highs, the enterprise value is now ~$40B... the stock is currently trading at ~1x 2027 exit ARR... using my base case estimates of $30-32B ...and assuming we strip out their equity stakes in AVride and Clickhouse which add up to $8-10B
Babyfolio
@babyfolio
3h
At $10/GPU-hour, $NBIS could generate roughly $39M – $48M in annual revenue per MW of server power, assuming 80-100% of available GPU hours are billed. At $12, that rises to $46M–$58M per MW annually. Crazy.
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Jonah Lupton
@JonahLupton
8h
CEO of @PaloAltoNtwks saying that compute is hard to find… that $PANW is a “taker of terms not a dictator of terms”… certainly doesn’t sound like the world has much excess supply despite what the doomers are saying every other day
Podcast Alpha
@PodcastAlphaX
Oct 24
Nikesh Arora @nikesharora shut down every Palo Alto Networks data center eight years ago to move to the cloud. Now he calls going back "kind of an empty threat." Chamath Palihapitiya @chamath asked Arora, on All-In @theallinpod, whether more enterprises will follow the one major
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Jonah Lupton
@JonahLupton
19h
$NBIS will take care of you / @nebiusai ~@JensenHuang
Jonathon Belotti
@jonobelotti_IO
23h
Having used fifty or more neoclouds, Nebius has by far the strongest software stack. them and maybe a couple others escape the neocloud trap.
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Jonah Lupton
@JonahLupton
20h
Every week there’s a new FUD narrative for the memory companies and the neoclouds. Over the weekend a couple accounts claimed that B300s were readily available and prices were under $5 per hour. I call bullshit. Over the past 24 hours I’ve spoken to several people who are
Jonah Lupton
@JonahLupton
Oct 23
Token prices keep going down which increases usage which is why GPU prices keep going higher because every dollar spent is now buying more intelligence. This is extremely bullish for ai infrastructure companies including $NBIS. $NBIS shareholders understand this, unfortunately
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