Crwv, Nbis, Iren, and other new cloud providers are at the eye of the storm in this third major AI debate: they are basically the main players in AI infrastructure, have the highest debt ratios, and are still operating at a loss with no profits. Their advantage lies in strong downstream demand and large-scale unfulfilled contracts, which might allow them to trade time for space. However, this wave has hit new cloud providers hard, with their stock prices basically halved. The question of whether AI can drive productivity and the ROI of massive capital expenditures will take time to verify—only after the next few earnings reports will we have more clarity. If the stock prices of new cloud providers stabilize and rebound, it would at least indicate that the market has partially eased its doubts about whether they can break even, and it might also mark a turning point in this third major debate.