Nebius operates a pure play GPU as a Service (GPUaaS) model. It heavily invests in building highly efficient, green data centers across Europe, equipping them with top tier Nvidia clusters (such as H100s and Blackwell), and leasing this intensive compute power to AI startups, enterprises, and sovereign entities on a high margin, scalable basis.

• Tier 1 Nvidia Access: Secured strategic supply chain allocations for next generation AI chips.
• Data Sovereignty: Native European infrastructure perfectly aligned with strict GDPR compliance and regional "Sovereign AI" demands.
• Cost Efficiency: Deep expertise in Nordic green energy data centers, significantly lowering power usage effectiveness (PUE) and operational costs.
• Engineering Pedigree: Inherited a world class R&D and machine learning engineering team from its tech giant predecessor.

NBIS represents a rare, pure play infrastructure bet on the European AI boom. While it boasts a massive total addressable market and a strong regional moat, it remains a highly capital intensive (CapEx) play in a hyper competitive space. Suitable for risk tolerant growth investors seeking alpha in AI hardware outside of US tech giants. Key metrics to monitor are GPU deployment speed and CapEx funding rates.