Financial Data and Key Metrics Changes - In Q4 2025, the company reported group revenue of $228 million, representing a year-over-year growth of 547% and a quarter-over-quarter growth of 56% [10] - The annualized run rate revenue for the core AI cloud business reached $1.2 billion at the end of December, exceeding the high end of the Q3 guidance range of $1.1 billion [10][11] - Group adjusted EBITDA margin improved from 19% in Q3 to 24% in Q4, with positive adjusted EBITDA achieved at the group level [11][12] Business Line Data and Key Metrics Changes - The core AI cloud business revenue grew 830% year-over-year and 63% quarter-over-quarter, driven by high utilization and strong pricing [11] - The average contract duration for new cloud customers increased by 50%, indicating a growing commitment from clients [5][25] Market Data and Key Metrics Changes - The company sold out of capacity in Q3 and Q4 of 2025, with demand continuing to exceed available capacity [4][11] - The company is on track to exceed 3 gigawatts of contracted power by the end of 2026, having already secured over 2 gigawatts as of February [6][12] Company Strategy and Development Direction - The main strategic focus is to scale the core AI cloud business, expanding both organically and through targeted acquisitions [7] - The company plans to invest $16 billion to $20 billion in capital expenditures in 2026 to capture growth opportunities [16][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving an annualized run rate revenue of $7 billion to $9 billion by the end of 2026, citing strong demand and a robust pipeline [8][12] - The company noted that AI startups are evolving into enterprise-scale customers, significantly increasing their demand for compute resources [5][24] Other Important Information - The company announced the acquisition of Tavily, enhancing its platform capabilities and expanding its developer ecosystem [7][66] - The company is exploring various funding options, including corporate debt and asset-backed financing, to support its growth plans [17][29] Q&A Session Summary Question: What gives you conviction that the demand for AI will continue to justify these investments? - Management highlighted the ongoing conversations with large clients about expanding capacity and the growth of AI startups into real enterprises, indicating strong demand signals across sectors [21][24] Question: How are you thinking through to meet the expectations for CapEx? - The COO stated that cash flows from long-term contracts will finance around 60% of the CapEx needs, with plans to optimize the capital structure by incorporating some debt [28][29] Question: Can you help us bridge to the 3 GW of contracted power guidance by year-end? - The company is accelerating the build-out and deployment of capacity, with ongoing projects expected to contribute to the contracted power goals [36][38] Question: How should we think about your progress against the $7 billion-$9 billion ARR guide? - Management clarified that the 2026 ARR target is not dependent on new mega deals, as strong pipeline growth and existing customer commitments will drive revenue [44][45] Question: What drove the upside in the December 2025 ARR? - The upside was attributed to solid execution, strong pricing, and utilization, with robust demand trends continuing into Q1 2026 [50][51] Question: How is Nebius handling data center equipment shortages? - The company is managing risks by securing long lead items and diversifying its portfolio of sites to ensure capacity deployment [55][56]

Financial Data and Key Metrics Changes - In Q4 2025, Nebius Group reported group revenue of $228 million, representing year-over-year growth of 547% and a quarter-over-quarter growth of 56% [11] - The annualized run rate revenue for the core AI cloud business reached $1.2 billion at the end of December, exceeding the high end of the previous guidance [12] - Group adjusted EBITDA margin improved from 19% in Q3 to 24% in Q4, with positive adjusted EBITDA achieved at the group level [12][15] Business Line Data and Key Metrics Changes - Revenue from the core AI cloud business grew 830% year-over-year and 63% quarter-over-quarter, driven by high utilization and strong pricing [12] - The average contract duration for new cloud customers increased by 50%, indicating a growing commitment from clients [5][25] Market Data and Key Metrics Changes - Demand for AI cloud services remains robust, with significant growth observed in both AI startups and enterprise clients transitioning to AI solutions [5][24] - The company has already contracted more than 2 gigawatts of capacity and is on track to exceed 3 gigawatts in 2026 [9][14] Company Strategy and Development Direction - The main strategic focus is to scale the core AI cloud business through organic growth and targeted acquisitions, such as the recent acquisition of Tavily [7][8] - The company plans to invest between $16 billion and $20 billion in capital expenditures in 2026 to support its growth and capacity expansion [17][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving an annualized run rate revenue of $7 billion to $9 billion by the end of 2026, supported by strong demand and a growing pipeline [8][13] - The company anticipates that the adjusted EBITDA margin will reach approximately 40% in 2026, reflecting the scaling of the AI cloud business [14][61] Other Important Information - The company ended 2025 with $3.7 billion in cash and cash equivalents, positioning it well to fund growth plans [12][13] - A new VP of Investor Relations, Gili Naftalovich, has been appointed to enhance the investor relations function [20] Q&A Session Summary Question: What gives you conviction that the demand for AI will continue to justify these investments? - Management noted that all sectors are increasingly utilizing AI, with large clients expanding their capacity needs and AI startups transitioning to real enterprises with significant revenue growth [22][24] Question: How are you thinking through the CapEx financing plans? - The company plans to finance CapEx primarily through cash flows from long-term contracts, with a healthy balance sheet allowing for additional financing options [27][29] Question: Can you help us bridge to the contracted power guidance? - The company is accelerating the build-out and deployment of capacity, expecting to achieve its goals for 2026 through a mix of smaller and larger projects [35][36] Question: What drove the upside in December 2025 ARR? - The upside was attributed to solid execution, strong pricing, and utilization, with robust demand trends continuing into Q1 2026 [48][49] Question: How is Nebius handling data center equipment shortages? - The company is managing risks effectively by securing necessary components in advance and maintaining a diverse portfolio of data center sites [51][53] Question: What is the strategic rationale behind the acquisition of Tavily? - Tavily enhances the company's platform capabilities by providing agentic search, aligning with the strategy to support AI developers [63][64]

Group 1 - Nebius Group reported a significant increase in quarterly capital spending, reaching approximately $2.1 billion in the December quarter, up from $416 million in the same period last year, driven by investments in AI processors and data centers [3][4] - The company plans to expand its data center footprint with nine new sites across the U.S., France, Israel, and the UK to meet the growing demand for AI cloud services [1][2] - Nebius has secured over 2 gigawatts (GW) of contracted power, with expectations to exceed 3 GW by year-end, up from a previous forecast of over 2.5 GW [4] Group 2 - The company reported a more than six-fold increase in revenue to $227.7 million for the fourth quarter, although it fell short of estimates of $246.1 million [4] - Nebius anticipates an annualized revenue run-rate of $7 billion to $9 billion by the end of 2026, a significant increase from $1.25 billion at the end of 2025 [5] - The company has benefited from increased enterprise spending on AI, positioning itself alongside larger rivals like CoreWeave in the neocloud sector [2][3]

| In USD $ millions | | Three months ended Dec 31 | | | Twelve months ended Dec 31 | | | --- | --- | --- | --- | --- | --- | --- | | | 2024 | 2025 | Change | 2024 | 2025 | Change | | Revenues | 35.2 | 227.7 | 547% | 91.5 | 529.8 | 479% | | Adjusted EBITDA / (loss) | (63.9) | 15.0 | n/m | (226.3) | (64.9) | -71% | | Net income / (loss) from continuing operations | (122.9) | (249.6) | 103% | (352.0) | 29.0 | n/m | | Adjusted net loss | (69.0) | (173.0) | 151% | (238.5) | (446.7) | 87% | Nebius如今已成为"新云服务"提供商中的 ...

智通财经APP获悉，AI云计算服务提供商Nebius(NBIS.US)公布了其2025年第四季度业绩。财报显示，Nebius四季度营收同比暴增547%至2.277亿美元，但不 及市场预期的2.475亿美元;调整后的息税折旧摊销前利润(BEBITDA)为1500万美元;调整后的净亏损为1.73亿美元，较上年同期的净亏损0.69亿美元扩大 151%。 Nebius如今已成为"新云服务"提供商中的佼佼者。其核心业务包括供应英伟达(NVDA.US)GPU及AI云服务，助力企业扩展AI基础设施。全球AI算力需求的持 续旺盛——即便是微软、亚马逊(AMZN.US)等头部云厂商也面临算力短缺——让Nebius及其主要竞争对手CoreWeave(CRWV.US)迎来需求爆发。Nebius因与 美国超大规模企业达成多项备受瞩目的人工智能基础设施供应协议而声名鹊起，其中包括与微软的170亿美元合作及与Meta(META.US)的30亿美元订单。 值得一提的是，Nebius周四宣布，计划在法国Béthune新建一座240兆瓦的数据中心，建成后将成为欧洲最大的数据中心之一。该公司首席传播官汤姆·布莱克 韦尔称，该项目将对原倍耐力轮胎 ...

Core Insights - The article emphasizes that Alphabet (GOOG, GOOGL) is positioned to be a significant beneficiary in the AI sector, with expectations of further stock price appreciation following its recent gains [1]. Company Analysis - Alphabet's stock has experienced a notable increase, indicating strong market performance and investor confidence in its AI capabilities [1]. - The company is highlighted as having a robust balance sheet and effective management, which are critical factors for long-term growth potential [1]. Investment Strategy - The investment approach discussed focuses on identifying undervalued companies with sustainable growth trajectories, particularly in sectors like AI that are expected to expand significantly [1]. - The strategy combines growth-oriented principles with strict valuation criteria to enhance investment safety and potential returns [1].

This is increasingly becoming an AI world. Alphabet ( GOOG ) ( GOOGL ) might be one of the biggest winners in AI. The stock has already enjoyed a nice run-up, but I expect more upside ahead as the marketJulian Lin is a financial analyst. He finds undervalued companies with secular growth that appreciate over time. His approach is to look for companies with strong balance sheets and management teams in sectors with long growth runways. Julian is the leader of the investing group Best Of Breed Growth Stocks w ...

Core Viewpoint - Goldman Sachs predicts that Xiaomi will invest approximately 10 billion RMB in AI by 2026, positioning Kingsoft Cloud as a major beneficiary of Xiaomi's increased investment in AI development [1] Group 1: Investment and Revenue Projections - Kingsoft Cloud is expected to update its related transaction agreement with Xiaomi by mid-year, which will increase the revenue ceiling from Xiaomi by 10% to 15% for 2026 to 2027 [1] - The annual compound growth rate of revenue from Xiaomi for Kingsoft Cloud is projected to reach 37% from 2025 to 2028 [1] Group 2: Market Reaction - Kingsoft Cloud's stock rose over 4% in pre-market trading, reaching $15.13 at the time of reporting [1]

Core Insights - Nebius, an Amsterdam-based AI cloud services firm, is planning to construct a 240-megawatt data centre in Béthune, France, which will be among the largest in Europe upon completion [1][1] - The project involves redeveloping a former Bridgestone tyre plant and is expected to deliver capacity in phases, with the first capacity expected to be operational by late summer and approximately half of the site operational by the end of 2026 [1][1] - Nebius has gained recognition for securing significant deals to provide AI infrastructure to major U.S. companies, including a $17 billion agreement with Microsoft and a $3 billion deal with Meta [1][1] Financial Implications - Although the financial specifics of the Béthune project were not disclosed, a data centre of this magnitude is anticipated to require several billion euros in investment [1][1]

Group 1 - Nutanix, Inc. (NASDAQ:NTNX) is considered one of the most oversold stocks on NASDAQ, with Goldman Sachs revising its price target to $60 from $75 while maintaining a Buy rating [1] - UBS also cut its price target for Nutanix to $57 from $91, while still maintaining a Buy rating, indicating achievable mid-teens growth in FY27-28 [2] - Barclays downgraded Nutanix to Equal Weight from Overweight, reducing the price target to $53 from $64 [2] Group 2 - Nutanix provides a cloud platform that utilizes web-scale engineering and consumer-grade design, with operations segmented geographically into the United States, Europe, the Middle East, Africa, Asia Pacific, and Other Americas [3]