$NBIS Nebius is raising on-demand H100/H200/B200/B300 rates 17%–21% from Oct 1, which has definitely drawn significant attention to its ability to capitalize on all those GPUs. But the more interesting move is actually outside GPUs. Specifically, CPU-only instances rise 25% and memory about 41%. That's very interesting piece of evidence showing that AI-cloud scarcity is spreading into the host stack, not staying isolated in accelerators. And Nebius already produced a 50% adjusted EBITDA margin in AI Cloud in Q2, and its pricing page offers up to 35% commitment discounts for large clusters. So the model is now clearly turning into a two-tiered layer. That is, monetize scarcity on-demand while using discounts to lock in longer-duration capacity. If that pricing holds without slowing demand, incremental capacity should arrive with better unit economics of scale, which in theory should significantly boost the revenues. Into the longer term, this is easily a $500+ stock given its ability to scale and its capacity to expand without incurring significantly more cost.