投资者正在质疑 Neocloud 的商业模式，但 Nebius 表示 AI 计算价格正在上涨

Investors are increasingly questioning the sustainable business models of neocloud providers as capital expenditures and borrowing costs continue to escalate. Market skepticism centers on whether revenues from artificial intelligence workloads can adequately cover the massive debt incurred by building specialized data centers. In contrast, cloud infrastructure firm Nebius has pushed back against these concerns, arguing that robust demand is driving computing prices upward. The divergence in perspectives emphasizes the high-stakes nature of the current artificial intelligence infrastructure boom and its financing structures. Industry players must demonstrate clear paths to profitability to satisfy cautious institutional lenders and equity holders. As capacity constraints persist across top-tier data facilities, pricing power remains a critical metric for evaluating sector health.