<div id="readability-page-1">・IREN’s vertically integrated, bare-metal model offers cost advantages and near-term cash flow support from Bitcoin mining. ・Nebius, by contrast, is positioning itself as a full-stack AI cloud platform with stronger margins and longer-term software leverage. ・Retail sentiment is downbeat, but Wall Street firms stay optimistic, given the supply-dema...</div>

IREN

NBIS

<p>IREN 和 Nebius 是兩隻在 2026 年前被比較投資潛力的雲計算股票。IREN 受益於垂直整合模型，提供成本優勢和來自比特幣挖礦的現金流。相比之下，Nebius 旨在成為一個全棧 AI 雲平台，具有更好的利潤率和長期的軟件槓桿。儘管零售情緒消極，華爾街對這兩家公司仍持樂觀態度，原因在於供需動態</p>

IREN 與 Nebius：哪隻新雲股票在進入 2026 年時更值得投資？