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Michael Burry adds to Nebius short after Q2 revenue jump
Nebius reported $582 million in Q2 revenue, up 454% year over year, and said its $20 billion to $25 billion capex outlook remains in place.
Nebius Group, the Amsterdam-based AI cloud provider, surged after posting Q2 results, and investor Michael Burry added to his short position the same day, according to Yahoo Finance.
The company reported Q2 revenue of $582 million, up 454% year over year, slightly above the $572.75 million Wall Street forecast. Nebius said its core AI cloud segment rose 514% to $575 million, and its annualized run rate revenue topped $3 billion by the end of June.
Nebius also said it closed four contracts averaging more than $1 billion each during the quarter, with about 70% of deals including upfront prepayments that covered 50% to 60% of related buildout costs. The AI cloud unit’s adjusted EBITDA margin reached 50%, up from 45% in the prior quarter, and Nebius ended June with $8 billion in cash.
Burry initially disclosed his Nebius short on Aug. 6 at around $212 per share, then added after the stock climbed to about $260 following the results. Nebius reaffirmed its full-year guidance, including capital spending of $20 billion to $25 billion, Yahoo Finance reported.