This is a fantastic re-evaluation of Nebius! The Microsoft deal really changed the game and proves the demand for AI compute is much stronger than most analists anticipated. The unit economics of 24.2% ROI are impressive. It's exciting to see how Avride and ClickHouse are developing as well—those subsidiaries could be worth significantly more than initially projected.
The point about underestimating the subsidaries like ClickHouse is particularly interesting. The synergy between database optimization and AI inference is becoming clearer as more companies realize that data access speed is a bottleneck in AI applications. The Anthropic partnership validates this thesis nicely.
This is a really thorough analysis of the Nebius situation. The Microsoft deal is clearly a game-changer for their unit economcs, and your transparency about reassessing your initial position shows intellectual honesty. The 24.2% ROI calculation is quite compelling when you factor in the hyperscaler anchor tenant model. Looking forward to seeing how the Alabama facility develops!
Really apreciate the honest reassessment of your initial thesis. The Microsoft deal fundamentally changed the risk profile, and your updated unit economics analysis at 24.2% ROI is quite compelling. The fact that even hyperscalers need external capacity speaks volumes about the scale of AI demand. Looking forward to seeing how the Alabama facility develops!
Really appreciate the transparency in updating your investment thesis. The Microsoft deal fundamentaly changed the risk profile here - having such a strong anchor tenant validates the business model and significantly de-risks the capital structure. The unit economics at ~24% ROI are compelling, especially with the potential for additional hyperscaler deals. Watching closely how they deploy capital across the subsidiary portfolio.
Really insightful analysis Ray! Your ability to admit when you were wrong and reassess the situation speaks volumes about your credibility as an analyst. The Microsoft deal really changes the game for Nebius - that $17.4B anchor contract provides such strong revenue visiblity. I'm particularly intrigued by the ClickHouse potential with AI companies like Anthropic. Thanks for the comprehensive update!
Really apreciate the honest reassessment of your initial thesis. The Microsoft deal fundamentally changes the risk profile here - having such a creditworthy anchor tenant for the New Jersey facility is huge for securing favorable financing terms. The subsidiary valuations (especially ClickHouse serving Anthropic) are also more compelling than I initially thought.
Great analysis on the reevaluation of Nebius! The Microsoft deal really was a game-changer for validating their unit economics. I'm particularly intrested in how the subsidiary valuations could provide additional optionality for capital allocation going forward. The 24.2% ROI projection seems solid given the anchor tenant structure.
I enjoy when people reevaluate their thinking periodically, especially if it means admitting they made a mistake. It’s a sign of credibility.
Thanks, Eddie. As investors, we always need to reevaluate our thesis, facts change fast and you can get burned if you don't.
Great write-up.
Thanks Sir
😜👏👍
😆 I knew it. Well, maybe you were right!
This is a fantastic re-evaluation of Nebius! The Microsoft deal really changed the game and proves the demand for AI compute is much stronger than most analists anticipated. The unit economics of 24.2% ROI are impressive. It's exciting to see how Avride and ClickHouse are developing as well—those subsidiaries could be worth significantly more than initially projected.
The point about underestimating the subsidaries like ClickHouse is particularly interesting. The synergy between database optimization and AI inference is becoming clearer as more companies realize that data access speed is a bottleneck in AI applications. The Anthropic partnership validates this thesis nicely.
This is a really thorough analysis of the Nebius situation. The Microsoft deal is clearly a game-changer for their unit economcs, and your transparency about reassessing your initial position shows intellectual honesty. The 24.2% ROI calculation is quite compelling when you factor in the hyperscaler anchor tenant model. Looking forward to seeing how the Alabama facility develops!
Really apreciate the honest reassessment of your initial thesis. The Microsoft deal fundamentally changed the risk profile, and your updated unit economics analysis at 24.2% ROI is quite compelling. The fact that even hyperscalers need external capacity speaks volumes about the scale of AI demand. Looking forward to seeing how the Alabama facility develops!
Really appreciate the transparency in updating your investment thesis. The Microsoft deal fundamentaly changed the risk profile here - having such a strong anchor tenant validates the business model and significantly de-risks the capital structure. The unit economics at ~24% ROI are compelling, especially with the potential for additional hyperscaler deals. Watching closely how they deploy capital across the subsidiary portfolio.
Really insightful analysis Ray! Your ability to admit when you were wrong and reassess the situation speaks volumes about your credibility as an analyst. The Microsoft deal really changes the game for Nebius - that $17.4B anchor contract provides such strong revenue visiblity. I'm particularly intrigued by the ClickHouse potential with AI companies like Anthropic. Thanks for the comprehensive update!
Really apreciate the honest reassessment of your initial thesis. The Microsoft deal fundamentally changes the risk profile here - having such a creditworthy anchor tenant for the New Jersey facility is huge for securing favorable financing terms. The subsidiary valuations (especially ClickHouse serving Anthropic) are also more compelling than I initially thought.
Great analysis on the reevaluation of Nebius! The Microsoft deal really was a game-changer for validating their unit economics. I'm particularly intrested in how the subsidiary valuations could provide additional optionality for capital allocation going forward. The 24.2% ROI projection seems solid given the anchor tenant structure.