Nebius (NBIS) and Super Micro (SMCI) are taking different paths on AI infrastructure. Nebius is the rebranded cloud firm focusing on leasing and building data centers. Revenue is growing fast, but they are running steep losses to scale. Super Micro is selling the servers directly. They show nearer-term profitability and positive cash flow, though competition from HPE and Dell is increasing. It's essentially a choice between speculative growth (NBIS) and profitable hardware exposure (SMCI). Nvidia remains the main demand driver for the sector.