易理华: AGPU May Be One of the Most Certain Alpha Opportunities in the Computing Power Track

Odaily reported that Liquid Capital founder Yilihua posted on platform X, stating that the most certain alpha opportunities in the computing power track often come from extreme valuation discrepancies. He pointed out that U.S. stock AGPU has recently secured contracts exceeding $1.6 billion, with a forward annual recurring revenue (ARR) of $384 million. However, its current market cap is less than $100 million, with a P/ARR ratio of only about 0.2x. In comparison, CoreWeave (CRWV), which has a market cap of approximately $50 billion, involves heavy asset investment and remains loss-making. AGPU's hybrid model of "light-asset access plus dedicated build" is more competitive.

Yilihua stated that AGPU's contract scale grew from zero to $1.6 billion within just a few months. Going forward, the focus will be on the company's new orders (management expects new orders to reach $10 billion this year), financial performance, and financing methods.