Nebius – perhaps the most exciting AI cloud story in Europe, although its price seems to be racing ahead of its own narrative!

I find the Nebius story to be highly attractive at its core. The Amsterdam-based provider, which originated from the Russian Yandex group, has transformed into a genuine AI computing powerhouse in record time, delivering exactly where it counts: a 514% revenue surge in the AI cloud to $574.9 million, an EBITDA margin of nearly 50%, and customer commitments exceeding $40 billion. The fact that Nebius could sell its entire 2027 capacity today demonstrates real pricing power in a scarcity market dominated by NVIDIA. So far, so bullish – and I remain...