Nebius
NBIScompute· NASDAQNebius, the European GPU cloud: a neocloud (spun out of the former Yandex assets) renting NVIDIA capacity to AI customers.
Why it matters
Nebius is a second listed neocloud, with a European footprint and its own data-center buildout, riding the same rent-the-GPU demand as CoreWeave.
The read
Levered to Scaling owned GPU capacity and customers fast enough to matter, priced against hyperscaler GPU rates.
Bull case: A second listed neocloud with a European base and sovereignty pull, owning data centers and tooling to improve unit economics versus pure resellers.