The AI build-out trade has many proxies — chips, power, optics, land — but only the neoclouds price the whole loop in one instrument. CoreWeave and Nebius borrow, buy accelerators, and sell the capacity forward under contract; their income statements are a bet that AI compute demand outruns the cost of the money funding it. When their prints get paid, t…
The Build-Out's Bellwether Pair — CoreWeave Paid Overnight, Nebius Prints Into the CPI Hour
Why this pair is the bellwether
