NBIS is attractive despite a 25% drop: revenue is growing 454% YoY and 45% QoQ; in the second quarter, agreements averaged over $1 billion with 70% upfront, and growth could accelerate, especially in 2027. Full-stack and partner-financed models support margins and avoid debt, while token sales add high-margin growth.

It's crazy that shares of Nebulae and Corvo have dropped by about 25%, isn't it?

I do not own a "Nebbiolo" in the field of NeoCloud.

Nabius has achieved truly great success in its market for deduction tokens.

Nebeus has taken another big hit, dropping to around 160 billion, or roughly $160 the last time I checked . Nebeus is starting from a smaller base, but its revenues are still growing by 454% year-over-year and by 45% quarter-over-quarter . We will continue to see this.

They have many other solutions and they are not just a purely AI cloud, are they? They have diverse investments. They have self-driving vehicle (AV) solutions. They also have partnerships with other players in the field of artificial intelligence and AI labs.

So, they really are, once again, not just a purely artificial intelligence cloud. They have many opportunities for growth.

Now, what's really exciting about them is that they focus heavily on "full stack" solutions , and that's what allows them to achieve better profit margins. So, I'll talk a little about that in a bit .

But the demand, the demand right now is also insane. In the second quarter, they reported four major agreements with an average of over $1 billion in total contracts. Customers are so obsessed with computing right now that they are willing to make deals with upfront payments, and strong upfront payments.

Approximately 70% of the deals that closed in the second quarter involved upfront payments. Much of the future revenue they are guaranteeing now is primarily projected for 2027.

So, right now, this is a company that is already growing at an incredible pace, isn't it? We have seen some of those numbers, but growth could get faster and faster, especially in 2027 when much of that revenue is expected to be generated thanks to the many partnerships they are working with.

Now, the great thing, as I mentioned, is that they are experimenting with different fields. One of the cool things they're trying right now is a lightweight model where they say, "Hey, maybe we don't need to build the whole AI infrastructure.

Maybe we don't need to build the whole data center. Maybe we just manage certain parts of it." This becomes a basic, lightweight model for them as they continue to generate revenue and improve profit margins, while the partners finance, build, and operate the facility.

Nebius contributes to cloud software, systems design, and customer access. So, this is a great opportunity for Nebius, and we see it in other ways, but Nebius is ahead of the curve in this area where you can generate a lot of revenue without having to build the infrastructure yourself and incur debt, right?

Therefore, the market is punishing the world for the massive growth in debt and the way financing has been done. Nebius says, "Wait, we already have a lean business model that doesn't require us to be the ones building on that debt."

Obviously, they will continue to build their own solutions as well, but they have the opportunity to act flexibly depending on what happens in the world of finance. CoreWeave does something similar and other players do it too, but I think Nebius is one of the companies that is currently ahead of everyone else.

Now, the other thing I want to mention is inference, isn't that right? The reasoning continues to be a tremendous opportunity for them. When you are able to sell tokens, this is one of the biggest profit margins available in the AI infrastructure world right now.

If you are able to create your own model and sell tokens, that is much better. But , when you are able to sell tokens and they have a “token factory ” to support the heuristic, this is an opportunity that will continue to generate positive profit margins for them, and more importantly, it will help them expand further into the corporate world, right?

Because he's a player in the corporate world, isn't he? The corporate client does not want to do everything himself. They just want to get the codes ready to work for them. This is a market with many opportunities.