New neocloud ETF targets AI infrastructure leaders as CoreWeave and Nebius rally

CoreWeave and Nebius surged on strong results—CoreWeave with 112% revenue growth and a $104B backlog, Nebius with 454% revenue growth—while NVIDIA struck a five-year, $3.4B cloud deal with IREN and pledged up to $2.1B in investment. Roundhill’s new neocloud ETF includes CoreWeave, Nebius, IREN, and Applied Digital among its top holdings, offering diversified exposure to the AI infrastructure buildout. Valuations are rich (CoreWeave P/S ~7.9, Nebius P/S ~53.3) but supported by contracted revenue and big-ticket cloud deals; however, the sector remains volatile and investors face single-name risk if not diversified, making the new ETF a more contained way to play the theme.