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Nebius surges as AI compute pricing debate pits Burry against ChatGPT
Nebius shares are up nearly 210% year to date, while the company reported a 454% year over year jump in quarterly revenue and swung to positive adjusted EBITDA of $236.2 million.
Nebius (NASDAQ: NBIS) has drawn fresh attention after media reports highlighted a disagreement between Michael Burry and ChatGPT over the stock's valuation in the AI infrastructure boom, with Burry pointing to compute contract pricing as a key concern.
According to the reports, Nebius has been a standout performer, with the stock rising nearly 210% year to date and up about 280% over the past year, far outpacing gains in the S&P 500 over the same period.
The company builds and operates data centers with high-end GPUs and rents out that computing power. Yahoo Finance also cites that Nebius posted quarterly revenue growth of 454% year over year, with adjusted EBITDA turning positive at $236.2 million, compared with a loss the prior year, and a 50% segment margin for its Nebius AI unit.
In Q1, Nebius had guided to ending the year with 1 GW of capacity and up to $9 billion in ARR, implying pricing of about $9 million per MW, but in Q2 it signed AI compute deals at more than $20 million per MW. The material also says the stock trades at 53 times trailing sales and 20.5 times forward sales versus a sector median near 3.7 and 3.4, and notes short interest of about 25%.
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