Rothschild Redburn goes bearish on AI compute, rates NBIS and CRWV Sell
JOBhakdi · x · 2026-09-21
Rothschild Redburn initiated coverage of Nebius ($NBIS) and CoreWeave ($CRWV) with Sell ratings, questioning whether AI compute "unit economics" can hold.
Its bear case: lower GPU pricing, more in-house capacity, and expensive financing will eventually compress returns. The poster counters that higher GPU pricing is actually the greater risk if current trends continue, and indicators point that way.
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