According to CoinMeta, analyst qinbafrank stated that by the end of the second quarter, coreweave had an operational capacity of about 1.5GW and a contracted capacity of about 3.7GW, with backlogged orders totaling approximately 104 billion US dollars, not including additional commitments of over 25 billion US dollars made at the beginning of the third quarter. nebius plans to deploy over 1GW annually starting from 2027, with a mid-term goal of reaching a contracted capacity of 5GW. The industry's bottleneck has shifted from customer demand to the delivery of powered-up systems. In July, the prices of various SKU increased by about 25%. The prices of older GPU rose by over 30% compared to the first quarter, and the average annualized revenue from new contracts signed in the second quarter exceeded 20 million US dollars per MW. At the beginning of the third quarter, short-term emergency capacity reached 40 to 50 million US dollars per MW. Both companies are transitioning towards AI infrastructure operating systems, with the focus of competition shifting to providing integrated platforms. nebius emphasizes reducing capital investment, while coreweave focuses on hybrid cloud and sovereign AI deliveries.