Nebius Group (NBIS) and Former Bitcoin Miners Initiated as Key AI/HPC Power Providers by JMP, Poised for Value Unlock Amid Scarcity and Strong GPU Cluster Pricing

Group 1 - Nebius Group (NASDAQ:NBIS) has been initiated with an Outperform rating and a price target of $175 by Citizens JMP, highlighting its potential as a key provider of power supply for HPC and AI [1] - The company reported a year-over-year revenue growth of 355% in Q3 2025, reaching $146 million, driven by significant contracts with Meta and Microsoft valued at approximately $3 billion and between $17.4 billion and $19.4 billion, respectively [2] - Nebius is expanding its infrastructure to increase contracted power to 2.5 gigawatts by the end of 2026, necessitating a rise in 2025 CapEx guidance from $2 billion to approximately $5 billion [3] Group 2 - The company focuses on developing its core AI cloud and aims for a high annual recurring revenue (ARR) target of $7 to $9 billion for 2026 [3] - Nebius operates in the technology sector, providing full-stack infrastructure to service the global AI industry across multiple regions including the Netherlands, Europe, North America, and Israel [4]