Nebius Group N.V. (NBIS) — the peer cohort

Long reads

• Agentic Infrastructure Software: The Orchestration LayerDossier · $39 · 24 Feb 2026Together AI · Fireworks · Anyscale (Ray Serve) · Replicate · Modal · CoreWeave · Nebius (NBIS) Data Platforms & Vector Storage Layer 2 — The Memory Layer This is the persistence bottleneck — the single most critical infrastructure gap for…
• Portfolio Construction — Build a Barbell · Closelooknet Heresy IIIHeresy · 16 May 2026Live cohort as of May 2026: COHR · CRWV · GLW · INTC · IREN · LITE · MRVL · NBIS · NOK · SNPS.
• Pattern 03 — NVIDIA Strategic Authority InvestmentReport · 12 May 2026The 16-Event Timeline (2023-07-12 → 2026-05-12) 2024 2025 2026 RXRX 23-07 ARM 23-09 APLD 24-09 NBIS 24-12 MRVL 25-03 CRWV 25-03 INTC 25-09 NOK 25-10 SNPS 25-12 LITE COHR 26-03 IREN 26-05 GLW 26-05 exit RXRX exit APLD exit ARM Tier 1 …
• Nvidia’s Equity Stakes — Follow the Wise Men, Pattern 03 PreviewWeekly Signal · 10 May 2026Nebius has risen from $20 in late 2024 to a $200 peak earlier this month, and is now at $177.05 after a 4% pullback on Friday.

101 and glossary

• Alt-Hyperscalers: Why CoreWeave, Nebius, and Lambda Labs Matter101A new class of cloud providers — CoreWeave, Nebius (ex-Yandex), Lambda Labs, Together AI, and others — is challenging the AWS/Azure/GCP oligopoly by offering what the hyperscalers cannot or will not: bare-metal GPU access without…
• Sovereign AI: The National Compute Arms Race and Its Investment Map101The investment implications span from NVIDIA (selling DGX Cloud to governments globally) to Nebius (Yandex spin-off building European sovereign cloud) to Dell and HPE (on-premises AI infrastructure for nations with data residency…

Dailies

• AI Credit — Oracle invokes force majeure on a New Mexico data center; the 30-year hits 5.45%Midday 10 · 24 Sept 2026Private-credit lenders lower but calm: OBDC (-1.6%), Ares Capital (-0.91%), BXSL (-0.73%); the neoclouds mixed: Applied Digital (-2.53%), TeraWulf (-2.11%), Core Scientific (-1.57%), CoreWeave (-0.93%), Nebius $239.80 (+5.82%)
• Hypergrowth — Nebius Bought Back $13 Cheaper and Four Calls Sold Over the BookDaily Pulse · 19 Sept 2026Hypergrowth bought back the 50 Nebius shares it had sold on Friday, 13 dollars cheaper, and wrote four covered calls over names it already holds, collecting about 9,500 dollars of premium in an afternoon.
• Oil settles at $107.63, the 10-year hits 4.95% and the 30-year 5.36%, its highest since 2007: chips lead a fourth down day, Oracle beats and jumps 4% after hours, Adobe beats and slips — and Asia sells its chipmakers 3% to 7%Morning 10 · 11 Sept 2026Our Euro-AI Sovereign 50 fell 1.5%, its chip-equipment group −4.4%, industrial automation −2.8% with Kion −5.8% and Munters −4.3%; enterprise software was the one group up, +0.4%, with OVHcloud +4.3% and Nynomic +4.6% the two best names…
• Oil knocks on $100 and Wall Street sells everything but the AI pipe: Intel +9%, Lumentum +11%, Dow −1.2% — Seoul buys the dip and the Kospi is back above 7,000Morning 10 · 9 Sept 2026The one exception inside agentic software was the compute layer: CoreWeave +11.7%, Nebius +7.7%, IREN +5.0%, DigitalOcean +12.6%, lifting our Compute Operators sub-index 3.3% and 11.0% on the week.
• The Treasury buys duration with bills, hard assets read it first — Bitcoin toward 70,000, gold through 4,400, as the minutes turn hawkish and Korea answers its crash with a buybackMorning 10 · 20 Aug 2026SOXX −2.21%, XSD −2.79%, SMH −1.55% Wednesday even as the DRAM ETF held flat +0.07% to 55.14; singles AMAT −3.53% (496.17), LITE −5.23%, COHR −6.19%, FN −5.81% (454.55), NBIS −9.87%, CRWV −2.47%.
• Options Diary — Everything Got More Time, Except the One That Didn’tDaily Pulse · 15 Aug 2026Two January 2027 short puts were rolled out to June 2027 at a net credit — NBIS up a strike to 160, PLTR flat at 150 — while IONQ's puts were closed outright with no replacement, the one position in the book given no extension at all.
• The macro week breaks at the last print — retail and Michigan miss, bonds slip the floor, and Lumentum runs from the middleMidday 10 · 14 Aug 2026And in the single names, the week's sorting keeps writing itself: Applied Materials confirms its charge in cash, Nebius extends into a third-day payment, and Lumentum is running AWAY from the middle of its record with hours to the window…
• No Bursting Bubble — The Rotation Inside the AI Trade, in Four Panels, With PPI as the HingeDaily Pulse · 13 Aug 2026Overnight, the same message in single names Wednesday's close paid the rotation's challengers: Nebius +34.1% to 259.20, straight through a famously disclosed short entry near 212, on a print that merely reiterated guidance; CoreWeave…