Yi Lihua: US-listed AGPUs may be one of the most certain Alpha opportunities in the computing power sector.

According to Odaily Planet Daily, Liquid Capital founder Yi Lihua stated in an article on the X platform that the most certain Alpha opportunities in the computing power sector often stem from extreme valuation differences. He pointed out that AGPU, listed on the US stock market, has recently secured over $1.6 billion in contracts, with a forward annual recurring revenue (ARR) of $384 million, but its current market capitalization is less than $100 million, resulting in a P/ARR of only about 0.2. In contrast, CoreWeave (CRWV), with a market capitalization of approximately $50 billion, heavy asset investment, and still operating at a loss, is more competitive due to AGPU's "light asset access + dedicated build" hybrid model. Yi Lihua stated that AGPU's contract size has grown from zero to $1.6 billion within a few months. He will focus on the company's new orders (management expects new orders to reach $10 billion this year), financial performance, and financing progress.