NBIS 尽管下跌25%仍有吸引力：营收同比增长454%、环比增长45%；第二季度协议平均规模超过10亿美元，其中70%为预付款，增长可能加速，尤其是在2027年。全栈和合作伙伴融资模式支撑利润率并避免负债，而代币销售带来高利润增长。
逐段跳播
Nebulae 和 Corvo 的股价跌了大约 25%，这太疯狂了，不是吗？
It's crazy that shares of Nebulae and Corvo have dropped by about 25%, isn't it?
我在 NeoCloud 领域没有持有“Nebbiolo”。
I do not own a "Nebbiolo" in the field of NeoCloud.
Nabius 在其推理代币市场上取得了真正巨大的成功。
Nabius has achieved truly great success in its market for deduction tokens.
Nebeus 又遭受了一次重创，跌到约 1600 亿，或者我上次查看时大约是 160 美元。Nebeus 的基数较小，但收入仍同比增长 454%，环比增长 45%。我们会继续看到这一点。
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.
他们还有许多其他解决方案，并不只是一家纯粹的 AI 云公司，对吧？他们有多元化的投资。他们有自动驾驶汽车（AV）解决方案。他们还与人工智能领域的其他参与者以及 AI 实验室建立了合作关系。
所以，他们真的再次说明，并不只是一家纯粹的人工智能云公司。他们有许多增长机会。
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.
现在，他们真正令人兴奋的地方在于，他们高度重视“全栈”解决方案，这正是他们能够实现更好利润率的原因。所以，我稍后会稍微谈谈这一点。但需求，现在的需求也是疯狂得离谱。在第二季度，他们报告了四项重大协议，合同总额平均超过 10 亿美元。
客户现在对算力如此着迷，以至于愿意达成预付款交易，而且是强劲的预付款。第二季度完成的交易中，大约 70% 涉及预付款。他们现在锁定的未来收入，大部分主要预计在 2027 年实现。
所以，现在这是一家已经以惊人速度增长的公司，不是吗？我们已经看到其中一些数字，但增长可能会越来越快，尤其是在 2027 年，届时预计大部分收入将得益于他们正在推进的众多合作关系而产生。
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.
现在，正如我提到的，很棒的一点是他们在尝试不同领域。他们目前正在尝试的一件很酷的事情是轻量级模式，他们说：“嘿，也许我们不需要建设整个 AI 基础设施。也许我们不需要建设整个数据中心。
也许我们只管理其中的某些部分。”随着他们持续产生收入并提高利润率，这成为他们的一个基础性、轻量级模式，而由合作伙伴来融资、建设和运营设施。Nebius 提供云软件、系统设计和客户接入。
所以，这对 Nebius 来说是一个巨大的机会，我们也从其他方面看到了这一点，但 Nebius 在这个领域走在了前面——你可以产生大量收入，而不必自己建设基础设施并背上债务，对吧？
因此，市场正在惩罚整个世界，因为债务的大规模增长以及融资方式。Nebius 说：“等等，我们已经有了一个精简的商业模式，不需要我们自己靠那些债务来建设。”显然，他们也会继续建设自己的解决方案，但他们有机会根据金融世界的变化灵活行动。
CoreWeave 也做类似的事情，其他参与者也在做，但我认为 Nebius 是目前领先于所有人的公司之一。
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.
另外我还想提一点，就是推理，对吧？推理对他们来说仍然是一个巨大的机会。当你能卖token时，这是目前AI基础设施领域里利润率最高的业务之一。如果你能打造自己的模型并卖token，那还要好得多。
但是，当你能卖token，而且他们有一个“token工厂”来支撑这套启发式方法时，这就是一个会持续为他们带来正利润率的机会，更重要的是，这会帮助他们进一步拓展到企业市场，对吧？
因为他是企业市场里的参与者，不是吗？企业客户不想什么都自己来做，他们只想让代码准备好为自己服务。这是一个充满机会的市场。
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.
观察点
这个频道对 $NBIS 的历次判断
Jose Najarro Stocks 在这只股票上共 6 条判断，这里只列相邻的几条。