NBIS - Nebius Group

Stock down on Intel deal concerns, but signed a 10-year 22MW deal with CoW Data. The length of the deal (10 years) is the key highlight, showing recurring long-term revenue potential. Host says to be patient.

Host has more money in Nebius than CoreWeave. Benefits from skyrocketing GPU prices since they can raise prices monthly (unlike CoreWeave locked in 5-year deals). Good for small customers buying chips by the hour at high margins. However, warned they will need to take on debt as they scale.

Discussed as a GPU cloud competitor to CoreWeave. Offers full-stack platform and can service both large and small customers with flexible pricing. Currently benefiting from spot pricing as customers avoid long-term contracts. Host notes it as a name to watch but doesn't give a direct buy recommendation.

Safer than CoreWeave - serves smaller customers with flexible pricing, has minority stakes in other businesses (Clickhouse, Toka, AV ride) that add value. Depreciation extended to 5-year period as chips last longer than expected. However, host notes it's overvalued at current levels.

Host is positive on Nebius's strategy, noting the company is well-positioned in AI infrastructure with a differentiated full-stack approach. He views the stock selloff during the call as market-driven rather than fundamental, and wishes Nebius investors well, indicating a constructive long-term view.

Part of the compute layer, involved in AI power plants and infrastructure.

Host mentions being a buyer of Nebius and sees it as a beneficiary of the AI infrastructure boom. Nebius is differentiated from Azure and Oracle, potentially moving into platinum tier ranking. Described as smaller than Coreweave but growing.

Host highlights Nebius as a Nvidia-backed neocloud with strong financial backing from Nvidia. Compares it to Coreweave as a company Nvidia co-signs and supports. Sees it as a potential Oracle-level business.

Host is a strong believer in Nebius, noting 600%+ revenue growth with improving margins. He went from $80 to $270 and still sees upside, though he now favors CoreWeave on risk/reward. He has a full position and sells covered calls against it. He would consider trimming at $400 to rotate into CoreWeave.

Hosts mention Nebius as a Neocloud player that has been performing well (up 4.99% in after-hours). They see the Neocloud space as having multibagger potential given compute shortages. Nebius was noted as one of the first to adopt NVIDIA's Vera CPU.