NBIS medium-term margin pressure from US expansion is acknowledged but does not warrant a downgrade.

Nebus obviously is going to be issuing a ton of debt into the future as they sort of enter that phase of their business and how much of that is going to be at different rates if it's US lenders.

One of Pounders's partners, Nebius, is up after hours. They are increasing GPU rental prices by 20% on October 1st.

See, we kind of already knew that that was coming. And this is the terrible market that constantly happens is like they literally said this on the last fireside chat that they did a price auction that was 20% higher than their latest pricing round and they said that this would give us uh the ability to raise our prices going forward because we've see the demand now can be priced this much higher.

Like they literally called it out and then they do it and then the stock pops.

No, they said they said the short term is going to be great. The long term is going to be great. The medium-term is going to be bad. But honestly, I agree with them because they're going to spend a ton of money on the United States expansion and that will impact medium-term guidance.

It won't be affected. It won't be affected in the early term because won't be built out fast enough, but in the next 3 to 5 years, it it likely will impact margins because they're growing into the biggest uh sector.

And then 10 years out from now, they'll probably be benefiting from that sector. So, they're probably right. But it's not worth a downgrade.