智通财经网·2025-06-24 06:53Core Insights - Nebius (NBIS.US) has seen a stock price increase of approximately 125% since April, but this is significantly lower than CoreWeave's (CRWV.US) 369% rise during the same period, raising questions about Nebius's market perception despite its strong fundamentals [1] - CoreWeave's revenue for Q1 2025 grew by 420% year-over-year to $982 million, while Nebius reported revenue of approximately $55 million, highlighting a stark contrast in scale and market recognition [1][2] - CoreWeave is perceived as a "purer" AI infrastructure player, focusing on large-scale AI computing tasks, while Nebius is seen as a more diversified technology company due to its Yandex background [2] Financial Performance - CoreWeave has a low float of shares, which can amplify price movements during demand surges, while Nebius's valuation remains relatively low despite its strong fundamentals [2] - CoreWeave's aggressive capital strategy has raised $2.6 billion through various funding rounds, while Nebius has a healthier balance sheet with $5.4 billion from the sale of Yandex assets and minimal debt [3] - As of Q1 2025, CoreWeave reported an adjusted EBITDA of $606 million with a 62% profit margin, whereas Nebius reported an adjusted EBITDA of -$62.6 million and a net loss of $113.6 million, indicating a significant execution gap [6] Customer Base and Market Position - CoreWeave's revenue is heavily reliant on a few large clients, with 77% of its income coming from two customers, including Microsoft, which contributes 62% [5] - Nebius has diversified its customer base across over 20 industries, reducing risk despite lacking high-profile contracts like those of CoreWeave [5] - Geographical factors also play a role, as CoreWeave's U.S. headquarters aligns it closely with American AI labs, while Nebius has only recently gained attention from U.S. investors after relocating its headquarters to the Netherlands [5] Future Catalysts - Nebius is approaching a potential breakeven point, with management expecting to achieve positive adjusted EBITDA in the second half of 2025, which could shift market sentiment [7] - The recent issuance of $1 billion in convertible bonds and a cash reserve of $1.45 billion provide Nebius with ample growth capital without resorting to dilutive financing [7] - Nebius plans to release industry-specific AI infrastructure products, which may help it stand out among general cloud providers and attract larger contracts [7] Summary - Nebius possesses unique advantages, including undervalued quality assets, ample cash reserves, and a promising execution strategy, positioning it as a potential "invisible winner" in the AI sector [7]