NB - Nebius N.V.

Steve is bullish on Nebius, a GPU cloud company. Leopold Ashen (notable investor) acquired a 5.6% stake, making him the second-largest shareholder. Steve sees Nebius following a similar trajectory to CoreWeave but with a cleaner balance sheet.

Host mentions Nebius as one of his AI trades that he's getting right, along with Micron and Nvidia.

Speculated as a potential next target. Focuses on niobium, scandium, titanium and rare earths. US produces zero of these domestically. CEO has publicly stated critical minerals are a top priority across White House, Congress and agencies.