Stock category · Capital — who pays, and who lends
Renting the compute out again
The financing-loop ring — customers, landlords and creditors of each other.
Not an investment product and not a track record — methodology.
Members were chosen on 2026-07-19; names that had already failed are absent
by construction, so the pre-2026-07-19 stretch overstates the category.
Independent bets
1.6
of 5 names
Average pairwise correlation
0.55
10 pairs, daily returns
Since defined
-0.2%
equal weight, from 2026-07-19
The names
CRWV
CoreWeave
CoreWeave supplies compute to OpenAI, Meta and Anthropic while Nvidia owns a stake, sells it chips, and stands ready to buy back what it can't rent out.
73.90 -25.8%
dossier
NBIS
Nebius Group
What's left of a $31B Russian tech giant, gutted by war and sanctions, relisted on Nasdaq and pivoted whole into renting Nvidia GPUs to Microsoft and Meta.
188.43 -31.8%
dossier
APLD
Applied Digital
Applied Digital turned a bitcoin miner's power contracts into $16B of data-center leases — proof grid access, not silicon, is the scarce asset now.
27.97 -25.0%
dossier
IREN
IREN
A bitcoin miner that fell to about a dollar rebuilt itself on the one input capital cannot buy forward — energized power — and in May Nvidia paid to prove it.
38.26 -16.3%
dossier
CORZ
Core Scientific
Data-only instrument — no dossier yet.
21.81 -14.8%
data
Change shown is the 30-day move, not the day's.
What the category earns
Growth leads here, and it is the median across members rather than a total — a per-company growth rate does not care what currency the company reports in, so Samsung and Micron count equally. Revenue levels can only be added within one currency, so the totals below cover the members reporting in USD and say how many that is.
Years are labelled by the calendar year each company's fiscal year ends in. Those calendars do not line up — Nvidia's 2026 ended in January — and this does not pretend otherwise.
| FY ending | Median revenue growth | Revenue (USD) | Net income (USD) |
|---|---|---|---|
| 2021 | — | — | — |
| 2022 | — | $737M 5 mem | -$1.9B |
| 2023 | +27.9% 5 of 5 | $872M 5 mem | -$816M |
| 2024 | +147.9% 5 of 5 | $2.8B 5 mem | -$3.1B |
| 2025 | +167.7% 5 of 5 | $6.6B 5 mem | -$1.5B |