Nebius has a good balance sheet but relies entirely on financing/fundraising.

Now, at least Nebius isn't that bad. Nebius actually has a decent balance sheet. I mean, they've got about $5.5 billion Dollar... I don't have exposure to Nepos, but they have about $5.5 billion in plants, real estate, and equipment.

$8.5 billion in long-term debt. But they have $1.48 billion in bills in cash. So, that's not bad. We have some liquidity here. I like that.

Sorry, actually, their plants, real estate, and equipment went up to 13. I read the wrong line there, but they still have $8 billion in cash and $13 billion in plants, real estate, and equipment. Their balance sheet is actually good.

Again, I don't own stock in Nepos, N Scale, or Coreweave. I don't have long or short positions in them.

Nebius has an acceptable balance sheet, but it's entirely dependent on financing or fundraising.