$NEBIUS(NBIS)$ Arkady explained the core of the Nebius business at the Citi Conference. The full stack approach, from cloud up through inference and into higher-level agentics, gives them more room to operate. Otherwise they would just be another Neo cloud selling bare metal services at $10 million per megawatt to customers who then build products with OpenAI, Anthropic, Microsoft, or Google. Instead, Nebius builds its own full stack and its own product, selling at a much higher level with materially different margins. The pricing reflects that, roughly 2 to 4x higher, which supports strong margins and return on investment. They recently noted that CapEx payback comes in under 2 years, at 22 months on these prices. That product structure is what makes this level of efficiency possible. The alternative would be serving other companies' interests at the same margins while paying down the stack to other providers for racks.
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