Why Nebius Stock Has Skyrocketed by More Than 400% Over the Past 12 Months

NBIS is increasingly acting like a capacity bottleneck arb rather than a simple “AI stock”: the market is pricing scarcity of usable GPU clusters, not just demand for tokens. That matters because the next leg of upside is less about headline growth and more about whether management can convert backlog into contracted, billable capacity faster than peers can add power, racks, and networking. If they execute, the valuation can stay disconnected from traditional cloud comps for longer than skeptics expect.

The second-order beneficiary set is broader than NBIS itself. META’s appetite for outside capacity signals that even the largest buyers are still forced into the open market, which is a positive read-through for GPU vendors, liquid cooling, switchgear, and power infrastructure names. Conversely, AMZN, GOOGL, and ORCL are exposed if AI cloud pricing remains elevated: they either have to spend harder to defend share or concede a premium niche to specialists, compressing ROI on their own AI capex cycle.

The main risk is not “AI demand slows”; it is supply normalizes faster than expected, compressing gross margins and turning contracted growth into lower-quality revenue. That is a 6-18 month risk, not a next-week catalyst, because the constraint is physical deployment, permitting, and energy availability. In the near term, the stock likely stays momentum-driven unless there is a financing event, dilution, or evidence that backlog is less durable than implied.

Consensus appears to be underestimating how fragile the bull case is to power and execution. If NBIS misses capacity ramp timing by even one or two quarters, the market could quickly re-rate it from infrastructure platform to expensive project developer. The more contrarian view is that the best risk/reward may be in picks-and-shovels suppliers to the buildout, which participate in the capex wave without taking customer concentration and execution risk.