2. Nebius Group NV (NASDAQ:NBIS)
Number of Hedge Fund Holdings in Q4 2025: 54
Data center infrastructure provider Nebius Group NV (NASDAQ:NBIS)’s shares are up by 440% over the past year and by 139% year-to-date. Earlier this month, Bank of America discussed the shares as it reiterated a Buy rating and a $205 share price target. It discussed the volatility in the stock and cautioned that it would continue in the future. Earlier in the month, Morgan Stanley had set a $126 share price target on May 5th. Cramer discussed Nebius Group NV (NASDAQ:NBIS) after it announced a partnership with Bloom Energy to use the latter’s fuel cell technology in its data centers:
“Very important, and Nebius remember, is a partner with Jensen. Bloom is so good, that’s great, clean energy. Really love those guys.”
Crossroads Capital discussed Nebius Group N.V. (NASDAQ:NBIS) in its Q1 2026 investor letter:
“Nebius Group N.V. (NASDAQ:NBIS): It’s worth pausing to remember where this one sat a year ago. When we first bought NBIS in late 2025, the bear case wrote itself. Nebius was a freshly re-listed carve-out of Yandex, operating a modest data center with a few co-locations across Europe, and a customer book composed almost entirely of VC-backed AI natives and other small, unproven firms. No anchor customer. No enterprise counterparties worth the name. A small but growing fleet of Nvidia GPUs financed with cash the company was burning faster than it was generating. And the elephant in the room was that nobody had any real idea how the capital markets would treat a Russian-adjacent carve-out asking them to underwrite a multi-gigawatt buildout. You had to squint to see a business. What you could see was a team, a collection of good assets arguably trading below liquidation value, and an execution-based timing window.
One year later, the questions that defined that bear case have been answered in sequence, and not one of them broke the wrong way. Late in 2025, NBIS added META to its customer list with a ~$3B capacity-constrained contract. In March, that became a $27B five-year commitment in two pieces: $12B of dedicated capacity on one of the first large-scale Vera Rubin deployments starting in early 2027, and a further $15B in which Meta commits to backstop Nebius’s uncommitted third-party capacity as it comes online. That second piece matters more than the headline suggests, as it turns Meta into a floor buyer for speculative builds and collapses demand risk on capacity Nebius was already planning to scale. Combined with Microsoft, committed contract value now sits at roughly $46B against a platform that did $228M of revenue in Q4. The platform thesis is scaling as we speak, with AAA counterparties…” (Click here to read the full text)
