新云厂商发现，最赚钱的可能不是卖GPU

TL;DR - Nebius CEO Arkady Volozh argues that neocloud providers can build a stronger business by expanding beyond GPU and bare-metal rentals into vertically integrated, full-stack AI clouds that sell inference, tokens, and agent services. The shift matters because competitive advantage may increasingly come from optimizing the entire stack—from land and power to software—rather than simply securing GPUs.

• Nebius frames AI-cloud competition along two linked dimensions: infrastructure scale and product depth, spanning data centers, cluster software, IaaS, inference, and agent services.
• Large bare-metal contracts with Microsoft and Meta are positioned partly as financing mechanisms for expanding capacity, while startups and enterprises are treated as the core market for higher-value managed services.
• Vertical integration across land, power, data centers, racks, networking, and software is intended to reduce supplier margins, improve system-wide efficiency, and accelerate deployment.
• Customer-facing compute could increasingly be sold as tokens or AI services rather than GPU-hours, even as physical infrastructure capacity remains the primary supply constraint.