Nebius $NBIS: Renting the AI Boom

AI has created a new investment problem. Everyone wants exposure to the companies building the most advanced models. Yet the model developers themselves remain difficult to invest in. Firms such as OpenAI and Anthropic operate privately, rely heavily on external funding, and compete in an environment where capital intensity and technological uncertainty remain extremely high. For public market investors, the more interesting opportunity may not be the companies building the models but the infrastructure required to run them.

Training and deploying large language models requires enormous computing power. That demand has created a new class of companies with a powerful role: acquire large volumes of GPUs and rent them to the companies building AI systems. Nebius $NBIS ( ▲ 12.62% ) sits directly at that intersection.

The company has become one of the most visible infrastructure providers for AI workloads, offering GPU capacity to model developers and enterprises that need computing power but prefer not to build their own data centers.

I have covered Nebius before and remain constructive on the stock. Despite some volatility following its most recent earnings report, the company’s revenue growth, contracted capacity, and long-term demand outlook continue to support the investment thesis. Let’s take a deeper look at the most recent earnings results.

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