Nebius focuses on vertical integration and AI infrastructure. Bank of America sees huge opportunity and about 30% upside potential.

Nebius (NBIS) is rapidly building a fully integrated full-stack cloud platform with massive capital investment to compete directly with established hyperscalers like AWS, Azure, and GoogleCloudPlatform. Capacity is expected to be significantly increased this year. Through deep vertical integration – from its own land to custom cloud solutions – Nebius achieves significant cost advantages (TCO) over its competitors. The enormous capital requirement of $16 to $20 billion for the current year is increasingly secured by aggressive upfront payments...