Core Insights - The article highlights Uttam's focus on growth-oriented investment analysis, particularly in the technology sector, including semiconductors, artificial intelligence, and cloud software [1] - Uttam's research extends to other sectors such as MedTech, Defense Tech, and Renewable Energy, indicating a broad investment interest [1] - The Pragmatic Optimist Newsletter, co-authored by Uttam and Amrita Roy, is recognized and cited by major publications like the Wall Street Journal and Forbes, showcasing its influence in the investment community [1] - Prior experience in Silicon Valley with leading technology firms like Apple and Google adds credibility to Uttam's research and insights [1]

Core Insights - Nebius Group has seen a significant increase in its share price, rising over 11% recently, driven by strategic investments and positive analyst coverage [1] Investment and Strategic Moves - Jeff Bezos, through his private investment firm, has invested $72 million into Nebius's unit Tokola, which focuses on AI model training and analysis [2] - The investment will support Tokola's development amid high demand for AI, while Nebius retains a majority stake in Tokola [3] Analyst Recommendations - Nehal Chokshi from Northland initiated coverage on Nebius with a bullish rating, setting a price target of $34 per share, indicating a potential 20% upside [4] - The positive sentiment from both the investment by Bezos and the bullish analyst rating is expected to enhance market confidence in Nebius [5]

Group 1 - The stock of Nebius (NBIS) has declined by almost 50% over the last three months, indicating poor performance despite the company's potential [1] - The author emphasizes the importance of fundamental analysis and the balance between risk and reward in investment decisions, reflecting a deep understanding of the market [1] - The article aims to provide accessible insights for investors of all experience levels, focusing on technology stocks and diverse sectors [1] Group 2 - The author holds a beneficial long position in NBIS shares, indicating a personal investment interest in the company [2] - The article expresses the author's own opinions and is not influenced by compensation from any company mentioned [2] - Seeking Alpha clarifies that past performance does not guarantee future results and that the views expressed may not reflect the platform's overall stance [3]

Investment Strategy - The company employs a contrarian investment style, focusing on high-risk, illiquid options and shares [1] - The investment portfolio is split approximately 50%-50% between shares and call options, with a typical investment timeframe of 3-24 months [1] - The company targets stocks that have recently experienced sell-offs due to non-recurrent events, particularly when insiders are buying shares at lower prices [1] Screening and Analysis - Fundamental analysis is utilized to assess the health of companies, including their leverage and financial ratios compared to sector and industry averages [1] - Professional background checks are conducted on insiders who purchased shares after sell-offs to ensure credibility [1] - Technical analysis is employed to optimize entry and exit points, using multicolor lines for support and resistance levels on weekly charts [1]

Group 1 - Nebius Group N.V. (NASDAQ: NBIS) is expected to experience a rally, potentially crossing $30 per share in their upcoming earnings report [1] - The company operates in the technology sector, with a focus on momentum as a key investment strategy [1]

Group 1 - The Federal Reserve held interest rates steady, noting increasing uncertainty and risks of slow growth and rising prices [1] - Shares of Nebius Group soared nearly 10% following a significant investment announcement [1] - Nebius Group emerged from the restructuring of Yandex and consists of a core AI infrastructure business and three additional holdings [3] Group 2 - Jeff Bezos' private investment office, Bezos Expeditions, led a $72 million strategic investment in Toloka, a data partner for AI development [4][5] - The investment will allow Toloka to pursue its strategic direction while Nebius retains a significant majority economic stake [5] - Toloka partners with major technology companies, including Amazon and Shopify, and is expected to enter a new growth phase [6]

Core Insights - Nebius Group (NASDAQ: NBIS) published its audited financial statements for the previous year, revealing detailed financials for each of its business segments [1] Financial Performance - The report includes comprehensive financial data that highlights the performance of Nebius Group's various business segments [1]

Group 1 - The article highlights Oliver Rodzianko's macro-focused investment strategy, emphasizing valuation discipline and long-term fundamentals in sectors such as technology, semiconductors, AI, and energy [1] - Rodzianko manages a long-only, unleveraged portfolio aimed at capital preservation and capturing asymmetric upside during key market dislocations, with positions held through medium-term cycles [1] - The Nasdaq High-Alpha Black Swan Portfolio is a central component of his investment approach, designed for resilience and long-term outperformance, with plans to formalize this strategy within an asset management firm [1]

Core Viewpoint - Nebius Group's shares have surged significantly due to positive news regarding capital investments in AI infrastructure from major tech companies like Microsoft and Meta Platforms [1][3]. Company Overview - Nebius was formed from the restructuring of Yandex, focusing on AI infrastructure after the sale of all Russian assets to a local group [2]. Financial Performance and Projections - Nebius reported revenue of $117.5 million in 2024, but expects to generate sales at an annual rate of $750 million to $1 billion by December 2025, driven by increased data center capacity and new GPU technology [4]. Industry Trends - Microsoft plans to maintain its $80 billion capital spending target through the fiscal year ending in June, with growth expected in fiscal 2026. Meta has increased its 2025 spending plans to between $64 billion and $72 billion, up from a previous midpoint of $62.5 billion [3]. Strategic Developments - Nebius is enhancing its cloud offerings and has announced a partnership with an advanced data intelligence platform to improve performance, efficiency, and scalability for enterprise customers [4]. Upcoming Events - The company is expected to provide further updates in its earnings release scheduled for May 20 [5].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR WASHINGTON, D.C. 20549 ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 FORM 20-F OR (Mark ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY PURSUANT TO SECTION 13 ...