Nebius remains for me a clear beneficiary of the AI infrastructure shortage
If Nebius maintains its expansion rhythm, the market is significantly underestimating the revenue and cash flow leverage.
Asymmetrical risk/reward for risk-tolerant investors.
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Two multi-year hyperscaler contracts - Microsoft up to $19.4 billion, Meta ~ $3 billion with an option for more - largely take demand off the table. Now the focus is on scaling up: power connections, space, and GPUs must be quickly brought online, and then today's run-rate will gradually turn into real revenue. In my view, the market is pricing the implementation risk too high; if the next milestones are achieved without major delays, profits should increase disproportionately to revenue (Operating Leverage). Regarding the Burry thesis: Even if...
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