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Ive been hesitant to comment on $WYFI with the recent price action but I feel the need to correct some inaccuracies.

WYFI is NOT the next $NBIS or $CRWV. Not even close. And they wont be.

Whitefiber's "cloud" is not what makes it special, its the bull thesis. Its not even sexy.

It's like being served a beautiful wagyu steak and youre complimenting the plate it's served on?!?! WHAT?!?!!?

What sets WYFI apart is their unique colo solution. From the very beginning @SamirTabar has been focused on building Whitefiber to offer the best inference solution. We've seen it with the team he acquired in Enovum. We see it with their site locations. We see it with their retrofit strategy. And we see it with their customers: Cerebras $CBRS.

Sam commented years ago he's focused on building whitefiber for inference. When the market ripped for BTC miners because of their power portfolios, Whitefiber didnt really benefit. They had a tiny portfolio and their strategy didnt rely on it. Lazy analysts just slapped $/mw multiple on their peers and moved on.

And while the power bottleneck does exist, you need to properly look at it. You can still get massive amounts of land and power. NBIS came to America with 0MW and look at them now. Even miners are scooping up more power (IREN WULF etc).

The real issue is the whole chain, from land/power to bringing that compute online. And it becomes orders of magnitude more difficult when you go from places like Texas to latency sensitive area (metro areas).

Whitefiber's retrofit strategy solves this. Instead of trying to pitch customers to rent a DC in the middle of Texas, Whitefiber is offering customers to almost choose their own site from whitefiber's pipeline (literally, Sam shared in 2025 that one of their potential customers was asking to be an anchor tenant at their next site).

- latency issues? WYFI can solve that.
- Time to compute? WYFI is about to deliver NC1 to NSCALE in roughly 12 months from when they bought the site.
- Inference dependent Data center? WYFI already has experience developing and delivering one for Cerebras. "A very satisfied customer" as Sam put it.

Whitefiber was built to capitalize on inference, not training. Even still, they still delivered one of the best colo deals at their NC1 site. I believe one of the best, if not the best, headline $/mw numbers at the time. On top of that, the power availability at NC1 may scale up to 200mw. So as their customer Nscale grows, so can the site. Rest of the site can be sold on 0 effort, just by building great relationships with their established clients.

What im looking for right now is their NC1 delivery, financing it once cash flows start coming in, and their next site. Billy mentioned a potential 2-3x scale based of their team size. Sam mentioned being more cautious on announcements. So longer time frame but with more details? Anchor tenant? Financing?

Once NC1 is delivered and on the books, getting customers and financing should be a lot easier. WHITEFIBER knew they can do it. Investors who did the work knew they can do it. Market was hesitant, in a "wait and see" mode.

On the cloud portion, its not sexy. Theyre note CRWV or NBIS and never will be. Theyre carving out a little cloud portfolio and thats pretty much it. What i DO like about it is that when Sam saw worsening returns on the cloud portion vs colo, he came out and stated it. He wasnt in the business of selling headline ARR numbers to investors, he's in the business of delivering on the bottom line. What did surprise me is when Sam shared their two recent cloud wins. That was a major surprise for me. Based on Sam's margin/return comments, it seems like the market improved and Sam couldnt pass up on the opportunity of delivering value for shareholders.

On the current price. Great to see it at ATHs but you shouldnt be focused on the price, but what that price gets you. Comparing it to the October ATH, since then WYFI has not only landed a tenant for NC1 but on the verge of the delivering that DC to Nscale. Another customer Cerebras IPOd and called out the demand for inference. Sam has landed several cloud deals for Whitefiber. All of that and its trading at a lower ratio vs WGMI than it did at peak.

Having said that, the recent price action scares me. Is it the market baking in NC1 and more? Is it price discovery? Is it a pump? is it Opex/hedging/shorts getting squeezed? IDK, i prefer to focus on the fundamentals.

I love the WYFI story, very intrigued by them and their execution but you always need to be looking at the future. And my thesis heavily weighs on that. What kind of financing do they get? Whats their next site? What are the terms? Are they improving with each deal? Are they capitalizing on the inference demand?

Dont be lazy, do the work, it's especially hard with WYFI since you cant just slap a $/mw multiple and call it a day. But those who follow it closely, do the work, and recognize what whitefiber is doing will be rewarded IMO.

Its a hard name with a high amount of risk with an amazing amount of potential if they execute. Market changes quicky, follow it closely.

Depending on the news, this name can get cut in half and I could be liquidating my position. Maybe even going short.

It can also rip 30%+ in one day and I may be adding hand over fist.

All depends on Whitefiber's execution and delivery.