Our NBIS Thesis Is Playing Out

When GoAI first flagged Nebius (NBIS) as a High-Conviction Opportunity, the thesis was clear: superior unit economics, a world-class engineering team, and a valuation gap that the market had yet to recognize.

The market is now catching on. Below, we break down why our original conviction remains intact—and why the opportunity may be even larger than initially assessed.

The Core Thesis: Why We Were Right