Nov. 18 at 12:56 AM
$NBIS getting hit for “dilution” feels exactly like Amazon during the early AWS build-out.
$AMZN was issuing stock nonstop to fund data centers, everyone hated it… meanwhile the stock went from
$3.50 in 2008 (split-adjusted) to
$150+ by 2021 as AWS kicked into gear. That’s a 40x move built on the very dilution people complained about.
Because that dilution funded the most profitable part of Amazon.
NBIS is running the same playbook—raising capital to build dense AI compute campuses right before demand explodes. If those sites land multi-year AI compute deals, the value created will make today’s dilution irrelevant.
When dilution fuels infrastructure ahead of a massive wave, it’s not dilution. It’s leverage.
The pattern is pretty clear.
Warren Buffett famously said “The stock market is a device for transferring money from the impatient to the patient.”
I am investing with a medium to long term outlook, the NBIS thesis hasn’t changed, it’s only getting stronger!
