Nebius Group remains a buy, leveraging a transition from pure infrastructure to a full-stack, software-augmented AI platform. NBIS's diversified customer strategy—targeting 3–4 customers per GPU—drives pricing power, utilisation, and structural advantage across the AI stack. Q1 2026 saw explosive 684% revenue growth and improved operating leverage, though core profitability remains modest and capital intensity high.
Why Nebius Needs An Offering For Every Customer Type
Source: Seeking Alpha