NBIS int Sell @ Redburn pt 84 unsustainable unit economics and a demanding valuation. Valuation is a DCF at 20% cost of equity and 6% cost of debt, with extra value for the inferencing business and the ClickHouse stake. Upside if newer GPUs lift revenue per GW, the Token Factory inference business scales fast, or capacity comes online ahead of plan. Downside if key customers insource or a falling share price raises leverage and funding costs.