NBIS up over 30% tonight; firmly bullish on computing power leasing and Xingyun Technology

English summary

# NBIS up over 30% tonight; firmly bullish on computing power leasing and Xingyun Technology # What is the market worried about? 1) Rapid iteration of computing power cards—will residual values depreciate significantly?---# High-end card supply is constrained by advanced packaging and HBM, with delivery cycles extended to 36-52 weeks. Global computing power remains in a sustained seller's market with supply falling short of demand, and the upward trend in rental prices is confirmed. 2) Is the asset-heavy model sensitive to financing costs?---# Computing power leasing = card acquisition capability × financing cost × long-term contract customers × electricity. Xingyun holds 10 billion yuan in comprehensive credit lines + 3 billion yuan in special Beijing credit lines; the actual controller fully empowers it, with ample capital ammunition. 3) Can the Token revenue-sharing model land smoothly?---# The daily average number of Token calls in China has soared from 100 billion in early 2024 to 140 trillion in March 2026. The exponential growth in inference demand lays the foundation for revenue-sharing commercialization. Xingyun is expected to achieve important breakthroughs in Q3. ...