Investment Q&A

Q: corweave and nebius both got hammered in november, i know you had nebius as a top pick when you were on bnn.it went straight up then straight doen.
which do you prefer now and why.would you buy both or stay away. dave

Q: Hi 5i Team,

I have been researching the financing models of neocloud operators. It appears that these companies are financing their GPU infrastructure investments at capital costs that significantly exceed their return on invested capital (ROIC). In other words, their cost of capital is materially higher than their ROIC, resulting in a value destruction dynamic where each dollar of new capital deployed actually destroys economic value rather than creating it.

This situation raises questions about sustainability:

1. How are CoreWeave, Nebius, and similar operators financing these substantial infrastructure buildouts, given the mismatch between capital costs and ROIC? Is this model sustainable in the long term, or does it rely on continuous refinancing and favourable market sentiment?

2. Considering Galaxy Digital's recent announcements regarding data center partnerships and infrastructure initiatives, how exposed is Galaxy Digital to these neocloud operators? What percentage of GLXY's revenue or growth expectations is tied to these relationships?

3. If the neocloud financing model proves unsustainable, meaning operators like CoreWeave or Nebius encounter difficulties with refinancing or solvency, what impact would that have on Galaxy Digital's business and financial projections?

I would appreciate your perspective on whether this concern regarding capital structure is reflected in GLXY's valuation, or if it poses an underappreciated risk for investors.

Thank you for your continued insights and research.

Best regards,

Matt

Q: Would you recommend taking a small position in AI at this point, and if so what would be your first choice in a stock and/or ETF?

Q: I have held the trade desk for many years and it is still a double for me. This is my high growth stock in my portfolio. I am planning to sell it and buy a better high growth stock for the future. Could you provide me your best idea ? Thanks

Q: I’ve held BNKG for a little over a year at a very small gain.. It appears to remain fairly resilient in this market which is obviously comforting, yet I struggle with how stagnant the share price seems.

There are plenty of opportunities right now in the market, and was thinking on selling my BKNG. Using that money towards a “better opportunity” at a discount.

This is somewhat of a timing question, yet I feel taking advantage of this correction right now only makes sense.

Thoughts ?

Which 5 companies provide the very best opportunity at their respectful discounts? In order ideally. Thanks

Q: In case of market pullback. What will be your top 5 US and Canadian companies you would like to buy? Considering diversification within these 10 names.

Thank you

Q: Hi team, I own all four of these stocks and would like to increase holdings in two of the four. which two would you add to now?

Thanks Dave

Q: Do you consider these stocks as buy/hold/sell and if a buy at what point would you ease into each?
Thank you

Q: Hello 5i,

Following my SEPT 30th question and joining portfolio analytics I’ve embarked on my retooling. Following some of the great suggestions, still entering haha.

Long, Eq Wt; JPM, BN, NVDA, GOOG, META, NBIS, HOOD, COIN, GLXY, ORCL, AXON.

Starters; KRMN, CLS, SHOP, URI, WMT, CSU.

If this is YOUR U.S. portfolio what are the
next 3 full positions? And 2 starters to build out?

Yours truly, acutely aware of the risk etc etc.

Q: There’s concern NBIS gets left without a seat when the music stops - said differently, they are stuck owning infrastructure that’s not needed once the AI boom starts to normalize. I know they have two other business units.. what’s your counter to the sell side? You mentioned below $100 is decent .. is today’s $93 better or do we have to consider other variables?

Q: Are you surprised by the post earnings decline? I know you advocate holding stocks for many years and while I agree that this is probably best but I worry about where this will find a bottom. I find it hard psychologically to hold stocks that fall 20%. (Note to self - remember this feeling before you buy a growth stock next time).

Jason

Q: My understanding is that the original company, Yandex, sold its Russian assets to a group of Russian investors in July 2024 and the renamed parent company, Nebius, retains the international assets of the original company. I'm not sure I fully understand what all this means. What exactly is the connection between Nebius and Yandex. Is there any connection to the group of Russian investors that bought the Russian assets. Do you have any concerns over the connection with the original company. As a parent company does Nebius have any liability over its ownership of the international assets of the original Yandex.
Thanks.

Q: I listened to an interview on BNN (link at end if you want to include it in post) in which a prominent analyst tore into the CRWV model. His take is that they are borrowing money to build data centres and that the return from those centres is half the cost of what they borrowed to build them. He further states that companies like GOOG and META are building their own capacity with cash on hand and taking advantage of Coreweave for cheap capacity. His thesis is bankruptcy within a few years.

My question (and it applies to NBIS too) is that you either agree or play devil's advocate to his thesis and explain why he is correct or incorrect. It's just one analyst and of course there are two sides to every trade but is there a clear path to creating strong returns on these data centre investments or are they in fact spending money just to lose money? If he is correct on CRWV, is NBIS different?
Thanks

https://www.bnnbloomberg.ca/video/shows/trading-day/2025/11/11/even-if-they-do-deploy-that-capital-theyre-destroying-value-luria-on-coreweave/

Q: The above stocks make up 80.4% of my holdings. Goog and BN @7% each. The next 5 @ 4% each and the rest at or close to 3% each. For a 10 year horizon, with risk/reward in mind, where would you invest if you had 10% of the portfolio in dry powder- new cash. Any you would sell? Note, I have been trimming CLS, VRT and NBIS to control AI exposure.

Thanks again for all the insights - love the service you provide.

Q: I'm looking to start a position in NBIS and would be interested in what you would consider a good entry price.

Thanks

Q: Can you please comment on their earnings today and related news? Thanks

Q: Buying opportunities?

Please give us your best buying CA & US stocks that have been unduly beaten up by this mini correction and hints on your reasonning.

Thanks to you for your great expertise

Q: NBIS, VRT, MDA, CLS, GLXY, HPS.A, VNP, PNG. There are so many promising small & mid-cap companies involved in AI, defense, infrastructure. From this group of 8 can you tell me if there is over-lap that I should consider reducing? Thank you. Take as many credits as you need.

Mike

Q: What are your expectations for NBIS earnings? If the stock moves up after, is this a good opportunity for profit taking or continue to hold? I’m a bit concerned about all the ai bubble news. Should I lock in some profit?
It is a 5% holding currently in my account.
Thanks

Q: Can you outline why you like NBIS?
Thank You
Peter