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Nebius $NBIS: The Next Phase of the AI Infrastructure Story

Nebius already won the compute race. Now it's moving into software, inference, and recurring AI services.

Author

George Babis
July 08, 2026

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Nebius $NBIS ( ▲ 8.56% ) has quickly become one of the largest names in the neocloud market, competing for a share of one of the fastest-growing infrastructure opportunities in AI. But the recent pullback has reopened an important debate. What happens when simply renting GPUs is no longer enough?

Competition is increasing. Hyperscalers are becoming more aggressive. Meta $META ( ▼ 1.43% ) may enter the AI compute market more directly. And building massive GPU clusters requires billions of dollars before much of the contracted revenue arrives.

Yet Nebius may already be preparing for that next phase. Because behind the huge infrastructure contracts and gigawatts of power, a second business is beginning to take shape. And over the long term, that may prove just as important as the GPUs themselves. Let’s take a deeper dive.

$NBIS has lost nearly 30% of its value since Meta’s announcement

My portfolio updates channel inside our Investment Club

💡 I've started slowly adding to some of my favorite AI positions. In my view, the recent selloff looks overdone — and I'd rather be positioned early than wait for the recovery to be obvious.

Investment Club members have been following along in real time. If you'd like to join us, you can here.

George

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