CoreWeave offers superior near-term revenue visibility and execution certainty versus Nebius, supporting a Buy rating on CRWV and a Sell/hedge on NBIS. Both NBIS and CRWV now trade at similar growth-adjusted valuations, but CRWV's backlog and contracted revenue provide greater downside protection through 2027. NBIS's recent rally has closed its historical valuation gap, while CRWV's muted price action and sold-out 2026 capacity make it the preferred exposure amid macro uncertainty.