Simon Wu · 10 November 2026 · Investment Thesis

The Tenant Is About to Be Worth More Than the Landlord

Simon Wu, Partner @ Cathay

Nebius, the GPU infrastructure landlord, trades at a lower valuation than tenant platforms like Baseten and Fireworks despite raising prices and controlling scarce capacity—a gap driven by private pricing, speed, and custom model lock-in, but one likely to narrow as GPU supply normalizes and competition intensifies.

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Topics: AI Infrastructure · Venture Capital & Startups

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