NBIS 在下跌后于 170 附近显得被低估且具吸引力；Microsoft 和 Meta 的合同以及 Nvidia 的支持支撑 AI 云需求，营收增长 454% 至 5.82 亿美元，EBITDA 为正，但高额资本开支和 85 亿美元债务使管理层执行力成为关键风险。他并不十分看多，认为合理价值接近 200 美元。
逐段跳播
下一只股票，也就是我们的第二只股票，是 Nebius，股票代码是 NBIS。Nebius 是一家你在看它的股价之前绝对应该了解其商业模式的公司。本质上，Nebius 正在构建一个完整的 AI 云平台。
他们为企业提供 GPU、数据中心、网络、存储，以及训练和管理人工智能所需的软件基础设施。
The next stock, our second stock, is Nebius, whose ticker symbol is NBIS, and Nebius is a company whose business model you should definitely know about before you look at its share price.
Essentially, Nebius is building a full-fledged AI cloud platform. They provide companies with GPUs, data centers, networking, storage, and the software infrastructure needed to train and manage artificial intelligence.
是的，我知道我选了很多 AI 股票，因为它们的价格本周大幅下跌。本周我们看到 AI 公司股票大幅下跌，所以在我看来，这些股票现在被低估了。
Yes, I know I'm picking a lot of AI stocks because their prices have fallen a lot this week. This week we saw a big drop in AI company stocks , and so in my opinion these stocks are now undervalued.
我不是财务顾问。不过，让我对 Nebius 感兴趣的原因如下。全球最大的科技公司正在投入数十亿美元来利用其基础设施。显然，我是在 Nebius 股价约每股 90 美元时投资的，后来它涨到了 200 美元以上。
不过，考虑到它目前的状况，以及我做技术分析时看到的情况，你就会明白当前价格相对其最高价的折价有多吸引人。
I am not a financial advisor. However, what made me interested in Nebius is given below. The world's largest technology companies are investing billions of dollars to leverage their infrastructure.
And obviously, I invested in Nebius when its price was around $90 per share and it went up to over $200. However, given the current state of it and when I do its technical analysis, you will understand how attractive the current discount is compared to its highest price.
Nebius 与 Microsoft 签有一份为期5年的大合同，价值约174亿美元。此外，他们还与 Meta 建立了非常好的关系。所以，Microsoft、Meta，都很棒。Meta 此前已与 Nebius 有一份价值约29亿美元的合同，随后在2026年又宣布了另一笔为期5年、价值约270亿美元的交易。
Nebius has a huge 5-year deal with Microsoft, worth around $17.4 billion. In addition, they have also developed a great relationship with Meta. So, Microsoft, Meta—all are great.
Meta already had a contract with Nebius worth about $2.9 billion, and then in 2026 they announced another deal worth about $27 billion over 5 years.
除此之外，还有 Nvidia。Nvidia 直接向 Nebius 投资了20亿美元，所以从某种意义上说，它就像是一家有 Nvidia 背景的公司。而且双方还建立了战略合作伙伴关系，帮助扩展公司的 AI 云基础设施。
所以在我看来，这是非常重要的证据，说明 Nebius 会长期存在下去。
And with that, you also have Nvidia. So, Nvidia has invested $2 billion directly in Nebius, so in a way it's like an Nvidia-backed company. And they have entered into a strategic partnership to help expand the company's AI cloud infrastructure.
So to me, this is very important evidence that Nebius will be here for a long time.
当我看到股价下跌时，跌了多少来着，超过8%？我们会讨论技术层面，但这太不可思议了。绝对不可思议。所以我其实非常兴奋。Microsoft 需要 AI 基础设施，Meta 需要 AI 基础设施，而 Nvidia 比任何人都更了解这个市场，我会说几乎比任何人都了解，或者干脆说就是比任何人都了解。
这三家公司都愿意向 Nebius 投入大笔资金。所以这里的基本投资逻辑相当简单。对 AI 的需求持续增长，超大规模云厂商需要海量算力，而 Nebius 正在确立自己作为提供这种算力的公司之一的地位。
And when I saw the stock price drop , you know, how much was it, over 8 percent? We'll discuss the technical aspects, but it's incredible. Absolutely incredible. So, I'm actually really excited.
Microsoft needs AI infrastructure, Meta needs AI infrastructure, and Nvidia understands this market better than anyone else , I would say almost anyone , or literally anyone. And all three companies are willing to invest large sums of money in Nebius.
So, the basic investment concept here is quite simple. The demand for AI continues to grow , hyperscalers require massive amounts of computing capacity, and Nebius is establishing itself as one of the companies providing that capacity.
在最近一个季度，Nebius 实现了近5.82亿美元的营收，同比增幅高达454%。是的，这确实不可思议。现在，我们也看到 Nebius 的营业利润大幅增长。EBITDA 约为2.36亿美元，而去年同期为2100万美元的 EBITDA 亏损。
这正是我希望从一家高速增长的公司身上看到的。而且，增长的不仅仅是收入。随着 Nebius 扩张，我们确实看到了显著的运营效益。
In the latest quarter, Nebius generated revenue of nearly $582 million, an incredible 454 percent increase over the previous year. Yes, it is truly incredible. Now, we are also seeing Nebius' operating profit increase significantly.
EBITDA came in at around $236 million, compared to an EBITDA loss of $21 million in the same quarter last year. That's exactly what I want to see from a fast-growing company. Now, it's not just income that's increasing.
We are indeed seeing significant operational benefits as Nebius expands.
但是，就像 Corvette 一样，总有个“但是”，对吧？建设 AI 基础设施极其昂贵，我是说贵得离谱、贵得愚蠢。仅第二季度，Nebius 就在物业、设备及无形资产上花费了近57亿美元。
而他们的长期债务在季末达到了约85亿美元。所以，这确实有一些不利之处，但考虑到当前的市场状况，我认为这只股票被低估了。
But, just like with Corvette, there's a but, you know? Building AI infrastructure is incredibly, I mean ridiculously, stupidly expensive. And Nebius spent nearly $5.7 billion on property, equipment, and intangible assets in the second quarter alone.
And their long-term debt reached about 8.5 billion at the end of the quarter. So again , there are some downsides to this , but considering the current market situation, I think the stock is undervalued.
现在，与其他 AI 基础设施公司相比，我喜欢的一个很大不同点是，Nebia 拥有约80亿美元现金。是的，这实际上证明了他们在季末拥有强劲的资产负债表和现金等价资产。所以，是的，他们花了很多钱，也承担了大量债务，但他们是靠创造收入和实现近400%的增长来做到这一点的。
EBITDA 一直为正，而且他们从 Microsoft 和 Meta 这样的公司获得了实实在在的数十亿美元长期承诺。这就是为什么我在现阶段觉得 Nebia 非常有意思。
Now, one big difference I like compared to other AI infrastructure companies is that Nebia had about $8 billion in cash. Yes, this is actually a testament to their strong balance sheet and cash equivalent assets at the end of the quarter.
So yes, they are spending a lot of money and taking on a lot of debt, but they are doing it by generating revenue and achieving growth of almost 400%. EBITDA has been positive and they have received literally billions of dollars in long-term commitments from companies like Microsoft and Meta.
And that's why I find Nebia very interesting at this stage.
至于这里是否存在对基础设施的需求，这并不是一个大问题，因为这一点相当清楚。真正的问题是，管理层能否以足够的技巧建设这种能力，把这些巨额合同转化为可持续的利润和现金流？这就是为什么我不想只在这个价格买入 NBS。我实际上在考虑卖出一份看跌期权。
And whether there is a need for infrastructure here or not is not a big question , because it is quite clear. The real question is, can management build this capability with sufficient skill to convert these huge contracts into sustainable profits and cash flow?
That's why I do n't want to buy NBS at just this price. I'm actually thinking about selling a put option.
总之，让我给你们看看图表是什么样子，以及我目前对 NEBIAS 的看法。好了，朋友们。这是 NEBIAS 的6个月图表。在我录制这段视频时，股价下跌了7%。它已跌破每股175美元，我认为这只股票现在相当有吸引力。
你可以看到股价已经跌到布林带下方多远。布林带基本在183，而股价是174。我认为股票目前的交易价位将为投资者创造一个很好的机会。
Anyway, let me show you what the chart looks like and what my opinion is on NEBIAS at this point. Okay, friends. So, this is the 6-month chart of NEBIAS. While I was recording this video, the share price fell by 7%.
It has dropped below $ 175 per share and I think the stock is quite attractive now. You can see how far the stock has fallen below the Bollinger Bands. So, the Bollinger Band is basically at 183 and the share price is 174.
The level at which the stock is trading now, I think, will create a good opportunity for investors.
说实话，我并不非常看好 NEBIAS，但我认为它应该值每股200美元左右。所以，我不需要过于看涨就能获得不错的利润，因为这只股票已经被低估了。我认为这里波动很大，这让它现在非常有意思，因为没有多少股票会下跌7%。
至少我通常交易的股票里没有多少。我几乎从没见过一只股票下跌7%。所以，当我看到像 NEBIAS 这样的公司跌了这么多，在170左右时，它显得非常非常有吸引力。
To be honest , I'm not very bullish on NEBIAS, but I think it should be worth around $200 per share. So, I don't need to be too bullish to make a good profit , because the stock is already undervalued.
I think there's a lot of volatility here , which makes it very interesting right now because not many stocks are down 7%. At least not very many of the stocks I usually trade. I almost never see a stock fall 7%.
So, when I see a company like NEBIAS go down so much, it seems very, very attractive at around 170.
这个频道对 $NBIS 的历次判断
Invest with Henry 在这只股票上共 3 条判断，这里只列相邻的几条。