HUGE $NBIS news today, showcasing why they're the premier neocloud: -> Nebius announces a new business model that lets infrastructure partners deploy Nebius’s AI cloud platform in their own AI data centers. This is so f*cking good. Simply: - Nebius will let partners (e.g. DC developers, infra funds, sovereign AI projects) build + pay for data centres. - Then pair that partner capacity with Nebius's systems, software stackm and customer book. - Meaning that Nebius can expand their capacity "pool" even faster. - With no capex or financing risks like debt/dilution. Also, for Nebius: they get a very high margin rev stream w/ minimal financing requirements. Since the partners will fund all the expensive stuff like the actual building / power / GPUs. And then Nebius supplies genuinely scarce stuff like systems architecture / $NVDA supply chain access / software stack. And ofc, the GTM strategy w/ access to Nebius's customers. Meaning that Nebius would sell a partner's DC capacity via their own in-house Nebius sales org. With identical service levels to their owned sites. Then, Nebius takes a revenue cut / licensing fees / commissions / committed capacity deals. Unbelievable from Nebius lol. Nebius sells out capacity every quarter and sits on ~$46B of contracted backlog (mainly $MSFT and $META). So their main constraint is nothing to do with customers or tech. Rather, their limiting factor has been capital + energized power where every GW costs upwards of billions of dollars. But...this announcement removes the capital constraints to crazy high expansion.