$NEBIUS(NBIS)$ The stock is down around 5% recently, even after announcing a compute agreement worth over $1 billion with Reflection AI, extending through 2029 and using Nvidia's GB300 GPUs.

Reflection AI isn't just any startup. It was founded by former DeepMind researchers, has backing from Nvidia, recently signed a multi-billion dollar compute deal with SpaceX, and is reportedly raising $2.5 billion at a $25 billion valuation.

Nebius continues to add major customers like Meta, Microsoft, Nvidia, and now Reflection AI. That points to AI compute demand staying strong and expanding beyond just the hyperscalers.

So, what's behind the recent drop? The market seems to be reacting to news about permitting issues in New York and construction delays in Alabama—not to a drop-off in demand.

The real question here is about execution. These contracts only translate into revenue when the new data center capacity actually comes online. If construction timelines slip, the timing for that recurring revenue slips as well.

From where I stand, this is still a story about how fast they can build, not about whether customers will show up. The long-term demand picture still looks solid. I remain bullish on Nebius.