Restacking this because it's a good example of how to actually think about a company.

Luca strips out the assets, gets to a real implied value for the core business, and is upfront about what the contracts do and don't mean. No hype, no magic math. Just the work.

What worries me is that accounts with ten thousands+ followers are doing the opposite; posting contract-vs-market-cap comparisons to hundreds of thousands of people who trust them, with nothing underneath it.

No asset breakdown, no margin discussion, no acknowledgment of what it actually costs to deliver on those contracts. Just a big number, a smaller number, and a conclusion.

Follow Luca instead of these accounts if you are in Nebius, is all I can say.