NBIS has been getting a lot of attention lately what's the bear case?

Disclosure: No position in NBIS, currently researching it. I've been digging into NBIS recently and I'm trying to figure out whether the market is seeing something I'm not, or if this is simply another stock benefiting from the AI hype cycle. The company has been posting impressive growth numbers, expanding its AI infrastructure offerings, and attracting more attention from investors as demand for AI compute continues to rise. On the surface, the story looks compelling. The bullish argument is that AI demand is still in the early stages, and companies providing the infrastructure behind it could have a much longer growth runway than many expect. The bearish argument is that AI infrastructure is becoming an increasingly crowded space. A lot of optimism is already priced into the sector, and sustaining this level of growth won't be easy as competition intensifies. Another interesting aspect is that AI infrastructure stocks are no longer being discussed solely by traditional equity investors. As access to U.S. stocks becomes available through more platforms (Bit get) and ecosystems, companies like NBIS are being exposed to a much wider audience. I'm curious whether that broader participation will have a meaningful impact on valuations over the long term. What I'm struggling to determine is whether NBIS has a genuine long term advantage that sets it apart, or whether investors are simply looking for the next AI related name to pile into. For anyone following the company What gives NBIS an edge over other AI infrastructure players? What's the biggest risk that bulls tend to overlook? Do you think current expectations are reasonable, or getting ahead of the fundamentals? Curious to hear both sides of the argument.