I've Changed My Mind on Nebius Stock. The AI Supercycle Has Room for More Than Just Hyperscalers.

Nebius Group has secured a potential $27 billion contract with META and a $2 billion investment from NVDA, positioning the AI infrastructure provider as a contender beyond the hyperscaler tier. The company is expanding data center capacity in the U.S. and U.K. to meet demand as the AI buildout accelerates.

NBIS is pivoting toward inference workloads, agentic AI, and enterprise applications—segments expected to grow as the first wave of large language model training plateaus. The META deal and NVDA backing signal validation of Nebius's infrastructure stack at a time when cloud capacity constraints are pushing enterprises to explore alternative providers.

The shift mirrors broader industry movement from pure training infrastructure to production AI deployment, where margins and utilization rates can be more predictable. NBIS is betting that enterprises will require specialized infrastructure outside AWS, Azure, and Google Cloud as inference costs and latency become competitive differentiators.