Few Nebius notes after this quarter.

I continue to believe the market will punish the stock - or not reward it as much as many expect.

Not because the company isn’t excellent, but because it did not reward Google, so why would it reward Nebius for the same behavior?

Fundamentally, everyone will be bullish. Demand is through the roof, compute was sold out, management is planning to build more sites, etc...

Everything FinX wants to see.

From a market perspective, Q4 CapEx slowed down, guidance talks about ~20% increase of contracted power for FY26 without news on connected power, except for the upgrade from 7 sites to 16 sites.

This means FY26 CapEx will accelerate - just like for everyone else, and won't slow down FY27 as contracted power continues to climb.

More spending. Which was punished across all hyperscalers.

Also note that ARR guidance wasn’t increased, meaning no beat expected hence nothing above expectations and no buildouts closing faster than expected.

Some will say "why would you want more? It doesn't matter, they are executing at their pace"

I disagree. Acceleration is everything, otherwise you'll miss on expectations just like they did.

That revenue miss is due to real-world constraints, as I’ve shared yesterday and for months: you cannot build faster than physics and logistics allow you to.

The issue is that growth factually slows/doesn't accelerate. Growth stocks work on acceleration not stable growth.

The why doesn’t matter, even if you’re supply constrained.

Growth slows, CapEx increases, cash generation decreases, and there are no certainties that demand won’t be fulfilled by other hyperscalers by the time infrastructure is built.

Like many of you, I believe there will be demand and everything will be fine. But today, you cannot know. You can bet on it, but you cannot know.

That is the issue. And that is why the market might react like it did for Google.

I continue to believe the company is excellent and its future is bright. And that the stock won’t be rewarded as much as many expect in the short term.

I’d love to be wrong.