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 ...

[Filing Overview](index=1&type=section&id=Filing%20Overview) This section provides identification details of the Form 6-K filing by NEBIUS GROUP N.V. and its purpose [Report Identification](index=1&type=section&id=Report%20Identification) Identifies the Form 6-K filing by NEBIUS GROUP N.V. on April 30, 2025, as a foreign private issuer report - Company: **NEBIUS GROUP N.V.**[1](index=1&type=chunk) - Filing Type: **Form 6-K**, indicating the registrant files annual reports under Form 20-F[1](index=1&type=chunk)[2](index=2&type=chunk) - Filing Date: **April 30, 2025**[1](index=1&type=chunk) [Purpose of Filing](index=2&type=section&id=Purpose%20of%20Filing) Furnishes Exhibit 99.1, a press release announcing Nebius Group N.V.'s Q1 2025 results and conference call - The report furnishes **Exhibit 99.1**, a press release[3](index=3&type=chunk) - The press release announces the date of the Company's results and conference call for the **first quarter ended March 31, 2025**[3](index=3&type=chunk) [Exhibits](index=2&type=section&id=Exhibits) This section details the exhibits included in the filing, specifically Exhibit 99.1, a press release [Exhibit 99.1 - Press Release Details](index=2&type=section&id=Exhibit%2099.1%20-%20Press%20Release%20Details) Exhibit 99.1, a press release by Nebius Group N.V. on April 30, 2025, announces Q1 2025 results and conference call - **Exhibit 99.1** is a press release of Nebius Group N.V.[5](index=5&type=chunk) - Date of press release: **April 30, 2025**[5](index=5&type=chunk) - Content: Announcing the date of the Company's results and conference call for the **first quarter ended March 31, 2025**[5](index=5&type=chunk) [Signatures](index=3&type=section&id=Signatures) This section provides the official signatory information for the Form 6-K filing, confirming its authorization [Signatory Information](index=3&type=section&id=Signatory%20Information) Signed by Boaz Tal, General Counsel for NEBIUS GROUP N.V., on April 30, 2025, confirming report authorization - The report is signed on behalf of **NEBIUS GROUP N.V.**[8](index=8&type=chunk) - Signatory: **Boaz Tal, General Counsel**[9](index=9&type=chunk) - Date of signature: **April 30, 2025**[9](index=9&type=chunk)

Core Viewpoint - Nebius Group N.V. (NBIS) shares have declined by 24.2% over the past three months, reflecting both broader market volatility and company-specific challenges [1][2] Market Context - Broader market volatility has been influenced by tariff and trade tensions, particularly between the United States and China, despite a temporary pause in reciprocal tariffs announced by President Trump [1] - The stock has underperformed compared to the Zacks Computer & Technology sector and the Zacks Internet Software Services industry, which declined by 12.9% and 3.7%, respectively [4] Company Performance - Nebius has faced operating losses, divestment of Yandex, and pricing pressure from larger competitors, leading to cautious investor sentiment [2] - The stock is currently trading 53% below its 52-week high, closing at $24.11, indicating a distressed position [5] - The company's net loss widened to $136.6 million in Q4 2024, compared to a loss of $88.3 million in the same quarter the previous year [8] Competitive Landscape - Nebius is a new entrant in the AI cloud infrastructure market, competing against established players like Amazon and Microsoft, which dominate over half of the market [7] - Microsoft's exclusive partnership with OpenAI provides Azure cloud with priority access to leading AI models, intensifying pricing pressure on Nebius [7] Operational Challenges - Growth prospects for Nebius are muted due to a challenging global macroeconomic environment and increasing lead times as customers become more selective [6] - Extended deal cycles create uncertainty in revenue flow and can lead to customer churn, impacting overall business stability [10][11] Valuation and Sentiment - Analysts have revised earnings estimates downward for NBIS, and the stock is trading below its 50-day and 100-day moving averages, indicating bearish sentiment [12][13] - In terms of Price/Book ratio, NBIS shares are trading at 1.74X, lower than the industry average of 3.65, suggesting more risk than opportunity [14] Conclusion - Nebius faces significant competition in the AI infrastructure space and must focus on building customer trust and a partner ecosystem to differentiate itself [17]

Group 1 - Nebius Group (NASDAQ: NBIS) is an emerging AI infrastructure company that is vertically integrated, designing its own data centers, building its own racks, procuring its own compute, and deploying its own AI software layer [1] - The company's operations require core competencies that span several areas, indicating a comprehensive approach to AI infrastructure [1]

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Group 1 - The article introduces Nebius Group as a promising opportunity in the AI sector, suggesting it is well-positioned to benefit from the AI megatrend [1] - The analysis indicates a beneficial long position in Nebius Group shares, highlighting investor confidence in the company's future performance [1]