Mr. Misunderstood

Sentiment around AI stocks has deteriorated significantly over the past month. Just look at these declines: • $IREN down 47% • $NBIS down 33% • $SNDK down 33% • $AMD down 19% • $CRWV down 36% • $CIFR down 56% • $FPS down 35% • $LRCX down 26% • $WULF down 35% And the selloff could easily continue. However, I want to remind investors, including myself as a major $NBIS shareholder, that a falling share price does not necessarily mean a deteriorating business. In most cases, the long-term fundamentals remain intact, even as market sentiment shifts dramatically. And if your investment thesis remains intact, and the underlying business continues to execute, short-term volatility shouldn’t shake your long-term conviction. Stock prices can change dramatically in a month. The long-term potential of a business rarely does.

The story behind Arkady Volozh, founder and CEO of $NBIS. Before $NBIS and Yandex, Arkady Volozh was a young mathematician whose research salary couldn’t even cover a small apartment. His story makes his achievements all the more impressive. Born in 1964 in what is now Kazakhstan, he was the son of a geologist and a music teacher. He attended a specialist physics and mathematics school in Almaty, where he met Ilya Segalovich, his future Yandex business partner. A school friendship that would eventually help shape an entire country’s internet. After graduating in applied mathematics in 1986, Volozh worked at a pipeline research institute. In a later interview, he recalled needing his parents’ financial support because his salary was so low. His first business ventures were remarkably practical: importing and selling computers. One of my favourite details is how he met his CompTek business partner. Volozh was taking English lessons from an American, Robert Stubblebine. When Stubblebine brought a computer magazine to a lesson, they discovered a shared business interest. His English teacher became his business partner. CompTek grew into a major distributor of networking and telecommunications equipment. Alongside that, Volozh founded Arkadia with computer linguist Arkady Borkovsky, developing software to search through text. He also helped found InfiNet Wireless, a wireless networking company. His experience already stretched across both software and the infrastructure connecting computers. That early search work eventually led to Yandex, launched in 1997. Volozh recalled that the site initially handled just 200–300 searches a day, with five people working on it. Yandex would go on to dominate Russia’s search market, list on Nasdaq and reach a valuation of roughly $30B. At that point, he could have retired. He had already built a hugely successful technology company and achieved more than most entrepreneurs ever will. Instead, at 60, following the separation of Yandex’s Russian businesses, he returned to lead what became $NBIS. He took on the enormous challenge of transforming the remaining international operations into a business focused on AI infrastructure. To this day, it blows my mind. After decades of building, and everything that happened along the way, he still had the ambition to take on another massive opportunity. From his first computer business to Yandex and now Nebius, he has spent his career building. That experience, combined with his continued drive, is a meaningful part of my conviction in $NBIS.

$NBIS ACQUIRES INFERIZE TO STRENGTHEN ITS INFERENCE PLATFORM Inferize’s technology reduces the time AI models need to load before serving requests, cutting idle GPU time and helping capacity scale with actual demand. For Nebius Token Factory, that means higher GPU utilization and better token economics. Inferize’s CEO summed up the objective: “serving more customer demand from every GPU.” Following Eigen AI and the addition of Clarifai’s core team, Nebius continues building out its inference stack. More capacity matters. Getting more out of that capacity matters too.

What’s one stock you think could realistically 10x over the next decade?

WILLIAM BLAIR INITIATES COVERAGE OF $NBIS WITH AN OUTPERFORM RATING The firm says the company is "not just another neocloud." Nebius "has many of the attributes required to become a differentiated AI-native cloud platform," including infrastructure scale, software capabilities, major customer relationships, and low-cost access to capital. Blair believes the stock's current valuation understates Nebius' long-term earning power, creating a favorable risk/reward.

A few weeks ago, it was Muse by $META. Today, it’s Dots by OpenAI. The next chapter of AI is taking shape: the adoption of AI agents. And with it, a new wave of demand for AI compute.

Power is becoming one of the biggest constraints on AI and data center expansion. So here are 10 companies helping power the AI buildout: 1) $FPS | Forgent Power Solutions 2) $BE | Bloom Energy 3) $FTAI | FTAI Aviation 4) $VRT | Vertiv 5) $VST | Vistra 6) $GEV | GE Vernova 7) $CAT | Caterpillar 8) $CEG | Constellation Energy 9) $TLN | Talen Energy 10) $LEU | Centrus

$NBIS delivered $582M in revenue during the last quarter. BofA now expects $NBIS to do ~$7B in quarterly revenue on average in 2028. That’s a 12x in less than 2 years. And still, I find this estimate low. My 2027 price target: $541/share

People are still severely underestimating the potential of AI. Truist expects AI cloud ARR to grow at a 47% CAGR through 2030. Hell, plenty of people still barely use AI, let alone use it effectively. Most business only recently started utilizing AI. The AI industry continues to perform exceptionally. My pick in this sector is $NBIS. I’ve owned it since early 2025 and kept adding on the way down, including below $20/share. $NBIS now represents nearly 50% of my portfolio, and I have no plans to change that. Demand is incredible, and the company’s execution too.

$FTAI, a great stock nobody talks about: • 41% YoY revenue growth • Already profitable • Becoming less capital-intensive • Launched a new AI segment recently • Signed a major deal through its AI segment It amazes me that the company trades at just 13x 2027 net income.

SEMIANALYSIS RELEASES CLUSTERMAX 3.0: In both the first and second editions, $CRWV stood alone at the top. Now, for the first time, $NBIS has joined CoreWeave as one of the highest-ranked neoclouds. Nebius continues to improve.

Avride being among the top three of this list is incredible. FYI, $NBIS owns almost 100% of Avride.

Trump just said this: • “If they (communities in the US) want to be successful and rich, with far lower taxes and jobs all over the place, let Data reign.” • “China could not be happier with this anti data center movement.” Overall, bullish for data center companies like $NBIS, $CRWV, and others, as the administration continues to make it clear that expanding US AI and datacenter infra is a strategic priority.

Just published my 5,000 words deep dive on FTAI Aviation: • 41% YoY revenue growth • Already profitable • Becoming less capital-intensive • Launched a new AI segment recently • Signed a major deal through its AI segment The company remains extremely overlooked and undiscovered. Link to the article is in my bio.