GM. This is Milk Road AI, where we track the AI arms race and help you capture the value instead of just watching it fly by.
Here’s what we’ve got for you today:
- ✍️ Nvidia just dropped dark matter.
- 🎙️ The Milk Road AI Show: 2026 Is the Year AI Might Replace Your Job w/ Duncan & Patrick
- 🍪 Gmail gets an AI upgrade.
- 🚀 We launched AI PRO at a 20% discount.
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Prices as of 10:00 AM ET.
WELCOME TO THE COMPUTE ERA
In the 1970s, an astronomer named Vera Rubin looked at the universe and realized that physics was essentially drunk.
She noticed that galaxies were spinning so fast that they should have exploded.
By every known law of gravity, stars should have been flying into the void.
But they didn't. They stayed locked in place.
And Rubin realized there must be an invisible "glue" holding the chaos together.
With that, she proved the existence of Dark Matter.
Fast forward to CES 2026 (the Super Bowl of the tech world, and the only place where a leather jacket is considered formal wear), and Jensen Huang just dropped his own version of Dark Matter.
Meet the NVIDIA Vera Rubin NVL72.
Named after the astronomer who saved physics, it is the most powerful GPU system ever built.
The "Rubin" reality check
For the last two years, the AI world has been running on Hopper and Blackwell chips.
Think of them like muscle cars.
They have insane horsepower, they’re loud, and they’re incredible at going in a straight line (training models) or doing quarter-mile sprints (chatbots).
But the Rubin NVL72 is a different beast entirely.
Jensen released an entire "AI Factory" in a box.
It combines a Vera CPU (logic) and 72 Rubin GPUs (muscle) with NVLink 6, a nervous system that moves data faster than the global internet (3.6 TB/s).
It also has a support squad of networking chips (ConnectX-9, BlueField-4, Spectrum-6) that acts as traffic control to ensure the whole thing never hits a bottleneck.
So why do we need this ludicrous speed?
Because we are moving from chatbots (parrots guessing the next word) to AGI.
(Artificial General Intelligence, or machines that think like humans.)
That level of "reasoning" demands massive computation.
Rubin flips the script with "extreme co-design".
Because NVIDIA built every single chip in the box to work as one organism, the efficiency gains are absurd:
- 10x lower cost: It delivers a 10x reduction in cost per token compared to Blackwell.
- 4x fewer GPUs: You can train massive "Mixture-of-Experts" models using 75% less hardware.
Now, here is the catch.
You can’t just walk into Best Buy and pick up a Rubin Rack next to the air fryers.
These systems are so complex and power-hungry that only a few companies on Earth can actually run them.
And while everyone is watching the usual suspects (AWS, Google, CoreWeave), a new company has quietly entered the VIP room.
And they cut the line to get there.
STRIPE IS BETTING ON STABLECOIN INFRASTRUCTURE
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Bridge lets companies send, store, accept, and even launch their own stablecoins instantly.
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Stablecoins are going global. Bridge is helping power that shift.
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WELCOME TO THE COMPUTE ERA (P2)
Meet Nebius (NBIS)
If you haven't heard of them, don't worry.
They didn't exist two years ago. Well, sort of.
Think of Nebius as the "Rebound Guy" who got hot after a breakup.
They were born from the split of Yandex, often called "Russia's Google".
In 2024, during the Ukraine-Russia war, the company split in two.
The Russian assets stayed in Russia, and the high-tech infrastructure, the talent, and the patents moved to Amsterdam and became Nebius.
So why am I drooling over a company you’ve never probably even heard of?
Because while Amazon and Google are busy trying to sell you Prime subscriptions and YouTube ads, Nebius is doing one thing and one thing only:
Building AI factories.
They are the "gym rats" of the cloud world.
Let me explain what that actually means, because it’s the most important part of the thesis:
Think of a general cloud provider like AWS or Google as planet fitness.
They have everything, nice towels, a treadmill, a TV playing CNN, and "Pizza Mondays".
They are designed for everyone, hosting websites, running email servers, storing vacation photos.
It’s mostly "cardio" work.
Nebius is a powerlifting gym.
There is just heavy iron and people screaming.
They optimize their entire facility for one thing: Lifting heavy aka compute.
But here is where it gets interesting.
If you look at the current revenue scoreboard, Nebius looks like a minnow swimming with sharks.
Annualized revenue (Q3 2025):
- Microsoft Azure: ~$18.5 billion.
- CoreWeave: ~$5.5 billion.
- Nebius: Under $1 billion.
So why buy the minnow? Because the minnow just swallowed a whale.
Nebius's revenue is low today, but they have a backlog of signed contracts that guarantees explosive growth.
In just the last few months, Nebius went on a deal-signing spree:
- Microsoft signed a $17.4 billion deal.
- Meta tossed in another $3 billion.
- NVIDIA themselves invested in the company.
Let me translate that for you: Microsoft and Meta are so desperate for high-quality compute that they are handing billions of dollars to the new kid on the block just to skip the line.
How they "own the stack"
Most AI clouds are just middlemen renting Dell servers and charging a markup.
Nebius is vertically integrated.
That’s fancy MBA speak for: "We didn't just bake the cake; we grew the wheat":
- They design their own proprietary racks.
- Their Finnish data center captures heat from the chips to warm local homes.
- Their secret weapon is software that lets researchers run old-school supercomputer tasks (Slurm) inside a modern cloud (Kubernetes) which makes their platform incredibly sticky.
This week, Nebius played their ace card.
They confirmed they will be one of the first companies on Earth to deploy the Vera Rubin NVL72 in the U.S. and Europe.
This is a massive strategic moat (competitive advantage).
While other cloud providers are trying to figure out how to cool these chips without setting off the fire sprinklers, Nebius will be ready.
By locking in Rubin chips early, they are telling customers: "If you want the fastest car on the track, we're one of the only dealerships with keys".
The verdict: Genius or bubble?
In the third quarter alone in 2025, Nebius revenue grew 355% year-over-year to $146 million.
They announced a 2026 guidance of $8 billion in annual recurring revenue.
That is a projected 700% increase but they are also burning cash like a bonfire.
They aren't profitable yet, and they are competing with Amazon and Google.
However, they have something the giants don't: Focus.
Amazon has a thousand distractions (drones, groceries, Lord of the Rings prequels).
Nebius only has one mission.
So, is Nebius the next big thing? Think of it like Tesla in 2012.
Ford and GM (AWS and Azure) were bigger, richer, and had more factories.
But they were distracted by their legacy gas cars.
Tesla had one maniacal focus: Electric.
But remember: Tesla was also a heart attack waiting to happen.
They burned cash like crazy. They nearly went bankrupt multiple times.
And just like early Tesla, Nebius is betting the house on innovation.
Check out this R&D spending.
While Google and Amazon are spending ~14% of their revenue on R&D, Nebius is reinvesting a staggering 63%.
So the thesis is brutally simple:
- If you believe the world has enough compute and the AI boom is slowing down, then walk away.
- But if you believe we are starving for power and the "Compute Era" is just starting, then Nebius is the cleanest, highest-octane way to bet on that hunger.
Hold up, before you go, we’ve got a huge announcement
We just launched Milk Road AI PRO, your cheat sheet for the biggest wealth transfer in history.
This newsletter gave you the thesis. PRO gives you the blueprint.
We are talking 2 institutional-grade investment reports per month, live AMAs with our analysts, and a private Discord where the real alpha happens.
But here is the massive feature we are teasing today:
We’re adding AI picks to our All Access Portfolio.
Soon, All Access members will be able to look directly over our shoulder and copy our trades in real-time.
No guessing, no "maybes". Just precise execution.
We are offering a 20% discount to celebrate the launch this week only.
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Alright, that’s it for this edition of Milk Road AI.
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