The market is at all-time highs, but valuation gaps remain wide beneath the surface.
$CoreWeave, Inc.(CRWV)$ trades about 45% below $NEBIUS(NBIS)$ despite stronger backlog growth and improving fundamentals.
$NVIDIA(NVDA)$ is at around 20x forward earnings versus roughly 22x for the semis index.
$Meta Platforms, Inc.(META)$ is at about 18x forward compared to the ~27x average for hyperscalers.
These aren't stories of weakness; they're potential rerating setups in a strong liquidity environment. When momentum persists, spreads like these rarely stay open for long.
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