Neocloud Stocks Plunge, Despite Triple-Digit AI Revenue Growth Forecasts AI infrastructure demand remains strong, supported by multibillion-dollar contracts. But rising debt and massive CapEx raise questions about future free cash flow. 52-week declines | Estimated NTM revenue growth: $NBIS Nebius | -47% | +430% AI cloud ARR reached $3B, supported by $40B+ in contracts. However, $5.7B quarterly CapEx, rising debt, and customer concentration create substantial risks. $IREN IREN | -68% | +300% A $9.7B Microsoft contract supports rapid AI cloud expansion. Operating ARR reached $1B, but $25B–$30B planned CapEx and deployment delays pose risks. $WULF TeraWulf | -62% | +220% Secured a $19B Anthropic lease covering 401 MW. Unlike GPU-owning neoclouds, WULF develops and leases data centers, avoiding direct GPU depreciation risk. Construction remains capital-intensive. $CIFR Cipher Digital | -74% | +186% Holds 700 MW of contracted HPC capacity, worth $11.4B. However, adjusted EBITDA remains negative, and new rental income depends on project completion. $CRWV CoreWeave | -62% | +157% Backlog reached $104.2B, but debt totaled $35.6B and quarterly FCF was -$5.74B. Heavy investment is required to convert contracts into revenue. $WYFI WhiteFiber | -79% | +138% Secured an $865M Nscale colocation contract. Customer concentration and limited contracted power capacity increase execution risks. $DOCN DigitalOcean | -50% | +42% AI customer ARR reached $234M, with a 40% adjusted EBITDA margin. Its diversified cloud model reduces reliance on debt-funded GPU expansion. $APLD Applied Digital | -64% | +24% Secured 1.41 GW in leases, but $6.4B in debt and rising interest costs pressure profitability. As a data-center landlord, tenant credit risk is critical. $HUT Hut 8 | -57% | +5% Holds 949 MW of contracted capacity, worth $26.6B. Long-term leases support future income, but much of its infrastructure remains under development.