Last time I think I bought something in November, when I think I added to my existing holdings of Scanfil and Valmet. 
Purchase program launched, I bought about 2000 euros worth of this FOMO hype nonsense, i.e., Nebius.
(that’s 95 percent of the reasons why I bought this)
Last time I think I bought something in November, when I think I added to my existing holdings of Scanfil and Valmet.
What’s exciting is that Finland has enthusiastically embraced Nebius – the company’s data center is located here, featuring a lot of Nvidia, as you can read from the company thread’s initial post. Nvidia has invested in Nebius, and Nvidia hasn’t really put this much of its own money into other companies.
When discussing this company, one of its most important aspects often comes up: its innovative, motivated, and skilled staff. They manage (almost) the entire chain, are top experts in AI research, and the company has practically built and designed its cloud infrastructure itself. Furthermore, the team has a strong track record. They themselves test, develop, and optimize, and also focus on cost-efficiency.
The company’s expansion rate, partners, and customers are also factors that truly impress and likely attest to something. The customer base is broad, which brings a certain security and diversification when considering potential risks.
Nebius offers a rather comprehensive package, and it should not be forgotten that the company is very capable of customizing its services. They also possess specialized expertise that apparently not many other players have. The company can offer its services cost-effectively and can provide them to a wide variety of customers. And especially when considering the longer term, the company’s more environmentally friendly solutions compared to its competitors are not an obstacle on the path to potential success.
In Europe, there is an effort to get rid of – or at least reduce – dependence on US technology companies. Of course, this cannot fully succeed, but such goals are certainly beneficial for Nebius.
The company’s sector is growing, so in this respect too, things look good. As I understand it, players like Nebius are in a strong position – at least for now. Geographically, things also look good going forward: there are clear opportunities in India, a more vigorous push is being made into the United States, and there is still work to be done in Europe.
Then some mandatory reading
The following is quoted from this X-thread: https://x.com/meeijer/status/1949208452330631477
At the moment, $NBIS trades at a FY2025 P/S ratio of 20. While that’s not exactly cheap, it’s also not steep when you consider how rapidly $NBIS is compounding revenue and expanding its footprint. Personally, I see fair value a bit above $60.
Looking ahead, Goldman Sachs projects $2.8B in revenue for FY2027. Applying a conservative10x P/S multiple, that would imply a market cap of $28B, representing approximately 130% upside from today’s levels over the next 2.5 years.
Then some not-so-fancy stuff:
Also, as a note: there’s a lot above that I don’t actually concretely fully understand myself, as I’m not an expert in the field, and much of it is information I’ve only read from various sources. It’s also important to remember that there’s a certain hype and bull run around the company. As a Finn, one is accustomed to a certain moderation, so one doesn’t always remember the generally more enthusiastic attitude of English-language sources towards investment targets.
Risks listed include, for example, the potential spin-off of ClickHouse, weak pricing power in data centers in certain respects, dependence on struggling AI startups, etc. GPU supply issues, uncertainties, and clarity regarding future revenue streams have also been seen as problems. It is essential to consider what the current valuation expects – and whether the company will meet those expectations… whether I myself have considered it is another matter. 
The company thread raised good points about how Nebius’s communication has changed rapidly. Previously, strong cash reserves and debt-free status were emphasized, but now there’s talk of declining cash assets, loans, and even the sale of assets to finance core business operations. Building AI infrastructure proves to be extremely capital-intensive, which necessitates additional funding.
Hidden value is also seen in the company – or not exactly hidden, but the company is quite a diverse entity, and in these parts, as I understand it, there is value, if various estimates and stories are even approximately accurate. Of course, in these cases where there is hidden value and these “parts” that have value, it sometimes happens that one has thought a bit too bullishly, and that value hasn’t actually materialized – especially if the company doesn’t succeed in the competition.
Above, I referred to my purchase decision. I didn’t have the energy to write everything, and certainly many things were left unmentioned, and I probably mentioned things incorrectly, colored by typos.
Thanks @karhulalainen , @kettunen , @Kille100 and many others! 
And here is Nebius’s company thread:
NEBIUS
Nothing worked, so I’m putting all versions. Though perhaps these reflect my ramblings well as they are:
