Nebius Group NV Shs Class-A-

NBIS: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Initiating Coverage on Nebius Group With $70 Fair Value Estimate and No Moat Rating

Javier Correonero

Dec 8, 2025

Business Strategy and Outlook

Once the supply/demand situation of artificial intelligence normalizes in the coming years, neocloud companies that simply purchase and rent GPUs without any real differentiation will have important struggles, as their current business model looks commoditized, and only viable due to the current scarcity of AI resources. Necloud firms are a new generation of AI-focused cloud infrastructure providers.

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Nebius Group NV Shs Class-A-

Initiating Coverage on Nebius Group With $70 Fair Value Estimate and No Moat Rating

Business Strategy and Outlook

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