Comparison on two AI infrastructure stocks, Nebius Group (NBIS) and Iren (IREN). Nebius revenue jumped 355% to $146M in Q3 with new contracts from Meta ($3B) and Microsoft ($19.4B). However, building the data centers is expensive, leading to a $100M net loss for the quarter. Iren is currently profitable with $384M in net income, mostly driven by Bitcoin mining. They are using that cash flow to buy GPUs and build data centers without taking on debt. They also signed a $9.7B deal with Microsoft for cloud services.