NBIS被上调至买入，此前自上次持有评级以来已从209美元以上跌至160美元以下，跌幅约35%。每兆瓦租金已从约1000万至1500万升至4000万，需求仍超过受限的供给；折现现金流显示估值偏低，且100亿美元的长期债务低于竞争对手的510亿美元。仅适合高风险承受能力者，属于你能买到的最具风险的投资之一。
逐段跳播
Nebius Group 正试图将自己与其他现代云服务提供商区分开来，指出其一体化产品赋予它竞争优势和更高的利润率。
Nebius Group is trying to differentiate itself from other modern cloud service providers, pointing out that its integrated offerings give it a competitive advantage and better profit margins.
无论如何，这家公司被归入与其他云公司相同的类别，这导致其股价大幅下跌。当然，10 月 14 日是我上一次评估 Nebios Group 的时间，当时我提醒投资者，尽管股价截至那天已经下跌，但看起来并不像买入机会。
Regardless, the company is classified in the same category as other cloud companies, which has led to a collapse in its stock price. Of course, October 14th was the last time I assessed the Nebios Group, and I warned investors at the time that although the price had fallen up to that date, it did not look like a buying opportunity.
我评估 Nebius 时，该股股价在 209 美元以上，此后已跌至每股 160 美元以下。所以，投资者问我：“股价进一步下跌后，你现在怎么看这家公司？你认为这次下跌之后现在是买入该股的好时机吗？”
At the moment I evaluated Nebius, the stock was trading at over $209, and has since fallen to below $160 per share. So, investors ask me: "What do you think of the company now that the stock price has fallen further?
Do you think now is a good time to buy the stock after this drop?"
正如我所说，10 月 14 日是我上一次评估 Nebios 的时间，当时我给出的评级不是买入机会，而是“持有”，而且由于这类公司波动性很高，我对这一评级的信心和把握程度都较低。
On October 14, as I explained, was the last time I evaluated Nebios and rated it as not a buy opportunity, but rather a "hold" option, and I had a low level of confidence and conviction in this rating due to the high volatility surrounding these companies.
10 月 14 日，股价达到 198.60 美元，而今天，也就是录制这段视频时，股价略低于 160 美元。因此，自从我将其评级为不值得买入的机会以来，该股已下跌约 35%。
On October 14, the stock price reached $198.60, and today, at the time of recording this video, the stock is slightly below $160. Therefore, the stock has fallen by about 35% since I rated it as an opportunity not worth buying.
幸运的是，每兆瓦的价格，也就是租赁价格，正从每兆瓦约 1000 万到 1500 万上涨，最高已达到每兆瓦 4000 万。因此，这符合她的最大利益。
Fortunately, the price per megawatt, i.e. the rental price, is rising from about 10 to 15 million per megawatt. It has reached up to 40 million per megawatt. Therefore, this is in her best interest.
供需动态对它有利，需求仍然超过供给，而且考虑到种种限制，要获得这些供给已变得更加困难，不是吗？
The dynamics of supply and demand are working in its favor, and there is still demand that exceeds supply, and it has become more difficult to secure this supply given all the constraints, hasn't it?
在这一类别中，Nebius 略优于同行。它记录的长期债务为 100 亿美元，而其竞争对手之一 Coreweave 的长期债务为 510 亿美元。
Nebius is slightly better than its peers in this category. It has recorded long-term debt of $10 billion, compared to $51 billion in long-term debt for one of its competitors, Coreweave.
那么，为了回答我在标题中提出的问题，正如你可以从上一张幻灯片中推断的那样——我们在那里看了折现现金流和较低的估值——我今天，也就是 2026 年 10 月 23 日，会将 Nebius Group 的股票评级上调为买入机会。
So, to answer the question I posed in the title, and as you can deduce from the previous slide where we looked at discounted cash flow and the low valuation, I would upgrade the Nebius Group stock rating to a buy opportunity today, October 23, 2026.
正如我提到的，我一直在关注这一切，不是吗？所以，今天我上调了评级，这是对我任何输入变化的最新更新，该变化的日期是 2026 年 10 月 23 日。
As I mentioned, I am keeping an eye on all of this, aren't I? So, today I raised the rating, and this is the latest update to any change in my inputs, and the date of that change was October 23, 2026.
当然，这应该只适合风险承受能力高的投资者考虑。这是你能买到的最具风险的投资之一。所以，如果你在寻找高风险、高回报的仓位，这可能适合你。
Of course, this should only be considered for investors with a high risk tolerance. This is one of the riskiest investments you can buy. So, if you are looking for high-risk, high-reward positions, this may be right for you.
这个频道对 $NBIS 的历次判断
Parkev Tatevosian, CFA 在这只股票上共 2 条判断，这里只列相邻的几条。