Nebius (NBIS)

The company originates from the international assets separated from Yandex after sanctions and geopolitical disruption linked to Russia’s war in Ukraine. As an independent business, Nebius is positioned around operations outside Russia, with infrastructure development across Europe and the United States. A key part of its model is vertical integration: it designs and operates data centres and server systems rather than relying entirely on third-party capacity. This can give the company more control over performance, power efficiency, hardware configuration, and deployment schedules.

Nebius competes in a market shaped by surging demand for GPUs and AI cloud capacity. Its customers include companies seeking alternatives or additions to the largest hyperscale cloud platforms. The business gained greater visibility after Microsoft entered a multiyear agreement to buy substantial computing capacity from Nebius, a deal reported at $17 billion in revenue potential. For investors, Nebius represents exposure to the AI infrastructure supply chain, including data-centre buildout, accelerated servers, and cloud services aimed at model developers and enterprise AI users.