Nebius Group N.V. (NBIS): A Bull Case Theory

We came crossed a bullish thesis connected Nebius Group N.V. connected MVC Investing’s Substack by M. V. Cunha. In this article, we volition summarize the bulls’ thesis connected NBIS. Nebius Group N.V.'s stock was trading astatine $94.87 arsenic of November 28th. NBIS’s trailing  P/E was 163.47 according to Yahoo Finance.

Nebius Group NV, a exertion company, engages successful gathering full-stack infrastructure to work the planetary AI manufacture successful the Netherlands, Europe, North America, and Israel. NBIS is the largest presumption successful the authors portfolio astatine a $25.67/share mean cost, remains the institution whose execution inspires the astir conviction.

Following a beardown Q2 that exceeded expectations contempt cautious sentiment owed to the Toloka deconsolidation, NBIS appears positioned for different broad-based beat, though the existent absorption present shifts to strategical advancement alternatively than quarterly upside. Investors volition beryllium intimately watching year-end ARR guidance, wherever a rise is imaginable adjacent without the New Jersey data center coming online, particularly arsenic the Israel installation is acceptable up of docket and the UK tract is already operating with 4,000 B300 GPUs.

Clarity connected the Phase 1 timeline successful New Jersey could meaningfully power the outlook, since aboriginal availability of the archetypal 50 MW would enactment a important guidance uplift driven by straightforward utilization under the Microsoft deal. Capacity enlargement is different cardinal theme, peculiarly updates connected the 2 caller U.S. greenfield locations and the recently purchased 79-acre Alabama site, which whitethorn acceptable the signifier for an additional hyperscaler partnership. More details connected the Microsoft contract—including the prepayment referenced by Goldman Sachs—could pb to an update of mid-term guidance, which antecedently assumed nary large deals.

Margin progression volition besides be monitored, with expectations for continued gross borderline enlargement and a reaffirmation of the 20–30% mid-term EBIT borderline target. New endeavor wins, updates connected Token Factory and AI Studio, and immoderate commentary connected the $375M associated concern with Uber in Avride would further fortify the narrative. With demand remaining exceptionally beardown and U.S. enlargement accelerating, NBIS continues to execute with uncommon subject and ambition, reinforcing assurance successful a agelong runway ahead.

Previously we covered a bullish thesis connected Nebius Group N.V. (NBIS) by Oliver | MMMT Wealth successful April 2025, which highlighted the company’s semipermanent scalability, GPU deployment plans, and compelling valuation. The company's banal terms has appreciated astir by 350.68% since our coverage. This is due to the fact that the thesis mostly played out. The thesis inactive stands arsenic NBIS continues executing its roadmap. M. V. Cunha shares a akin presumption but emphasizes strategical advancement and hyperscaler opportunities.