Bullish note on $NBIS by SemiAnalysis:

When server prices rise this sharply, Neoclouds’ project economics change considerably. Proposed GPU deployments that once cleared IRR hurdle rates become unattractive, leading Neoclouds to walk away from deals and starving the market of compute.
Uncertainty around final system costs makes forward planning difficult. Lead times also continue to lengthen, not only for servers but for networking equipment as well, as strong demand drives component tightness.
Procuring compute was already difficult given strong demand to rent GPUs, and the AI Server Pricing Apocalypse makes it even harder. If AI labs and other consumers of GPU compute expect to procure GPU rental capacity, they will have to pay higher rates to cover cost increases and attract Neoclouds to add capacity.
Constrained supply supports firmer GPU rental pricing, which must rise enough to restore acceptable returns before capital re-enters the market to increase compute supply. This benefits Neoclouds and hyperscalers that can use their large inventory of older, cheaper servers to generate better economics in a higher GPU rental price environment.