$Nebius(NBIS.US) rebounded by two or three points; since the high, this pullback has already wiped out nearly 40%, with a stronger flavor of an oversold bounce; $Arista Networks(ANET.US) remained flat, and $Super Micro Computer(SMCI.US) saw a slight decline.

The three segments of AI computing power are showing three different states: GPU clouds are squeezing valuation bubbles, network equipment is shipping in a steady state, and server assembly is spinning in anxiety over gross margins.

For GPU clouds that have had their valuations crushed, and network equipment that has never been cheap, which one offers better odds for the next quarter? The answer is more likely the former—the drawdown has provided ample space, and as long as the contract backlog in the next earnings report doesn't collapse, the elasticity lies in the pit created by the drop.