20VC: Nebius Co-Founder on AI Infrastructure Bubbles | The Real Impact of Open Source on OpenAI & Anthropic | How Price Elastic is Demand for Compute | Could Nebius Sell 10x More Compute If They Had It & more with Roman Chernin

**Roman Chernin** (0:00)
Who has power against NVIDIA? We are in the capital-intensive game, and we're competing with the most capitalized companies in the world. Our CapEx program this year is $20-25 billion.
Our competitors, hyperscalers, have eight times bigger. In the next six months, the capital cannot help. Six months is too short time. You have what you have, you need to deliver. Consolidation. Yeah, I think that the main treat for Nebius as a business is the world will be too much consolidated. It's like a shark. You are alive when you move, right? So we have to move.

**Harry Stebbings** (0:34)
The AI infrastructure race is on. CapEx spend has never been greater. At the center of this, Nebius. Today, I'm joined by the co-founder of Nebius, a company that has scaled to a $66 billion market cap, going head to head with some of the largest hyperscalers in the world. Leo Aschenbrenner, one of the most famous investors on the planet right now, has just made them one of his largest positions. Today, we uncover the AI infrastructure bubble and so much more, with the co-founder of one of the hottest companies on the planet, Nebius, and I'm thrilled to welcome Ronan Chernin. But before we dive into the show today, you have the idea, but often with AI tools, you hit a wall. Well, Base 44 is where that friction disappears, turning how you talk into how you build. Full stack web and mobile apps, sites, autonomous super agents, all built in minutes, not weekend spent on damn configuration. Base 44 ships it all out of the box, the backend, the database, the authentication and the hosting. It handles the heavy lifting, so you can just stay in the flow. It doesn't just replace the busy work, it multiplies you. It makes you so much more capable, an effective version of yourself. In this market, being fast is the baseline, but to win, you got to be first. And Base 44 is that edge. It's the move that lets you skip the troubleshooting and get straight to the breakthrough. Launch your next big thing at base44.com, that's base44.com.
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**Roman Chernin** (4:17)
You have now arrived at your destination.

**Harry Stebbings** (4:20)
Roman, I am so excited for this, dude. I think Nebius is one of the most unbelievable, incredible stories in terms of what we've seen over the past few years. But also like, holy shit, what an exciting few years we have ahead. So thank you so much for agreeing to do the show.

**Roman Chernin** (4:35)
Yeah, thank you for inviting and glad to be here.

**Harry Stebbings** (4:37)
Now, I would love to start with a question that I think is at the top of a lot of people's minds, which is like, where are we at in the insertion point on AI infrastructure? A lot of people are seeing the capital going and going, oh, it's a bubble, and a lot of people are going, it's just a start.