Nebius is a full-stack AI cloud operator with hyperscaler-validated demand, NVIDIA as a strategic investor and co-architect, and a revenue ramp that ran 684% higher last quarter, among the fastest in infrastructure history. Deferred revenue went from near zero to $1.6B in a year, and gross margin climbed to 74%. The demand is real and the backer is the best in the business. The tension is the tape: 62 times sales, a quarter of the float sold short, and a fresh distribution break. So the only real debate is the entry.