Nebius 是逢低买入的候选标的；尽管监管或开发放缓带来短期波动风险，AI 基础设施的长期需求依然完好。

which moves me into my pick which is actually a stock where if we see the same headline it's going to be the exact same thing and that's a neocloud or AI hyperscaler as some like to call it that's Nebus and it's the same story and I think Nebus with the story of of this weekend could also get hit because Nebus is a big winner when it comes [snorts] to well open source models open weight models taking more and more market share in this whole AI story.

They don't care which model you use. They just want to see usage come in.

Now, a Nebuse is a company worth double credo and is way way more expensive right now on paper because it's completely different business at the moment, right? Credo is benefiting from all of the buildouts.

Nebus is part of that buildout. So, the more Nebus wants to grow, probably Credo gets some business there as well.

But I do feel like if we go back to the deepseek moment, I think Nebulus on one day it was down 38%. Because the market was just seeing, oh, you know, deep sea comes out of China super bearish.

Every American model, every American AI company stock was down in one day close to 40% or so.

when the markets open over the next couple of days, we might see an overreaction as well because they see Nebus as a Neocloud player and if there is a slowdown in frontier AI models, maybe that could affect Nebus.

I've already seen some talk about how that could affect new cloud players again mostly because it might hurt or put some pressure on open-source open way models and if all the power all the concentration goes back into let's say three specific players although we didn't fully mentioned uh Google that working on Gemini 4 Google's core business extremely profitable meta which is coming out with some great models out their core business also extremely profitable and maybe maybe that is putting pressure on these other AI labs which yes are yet to go public are still losing quite a lot of money as of right now and so if we see a shift in let's say concentration or power this whole space from okay everybody can release a model everybody can move as fast as they can to hold on a little bit we believe this is not safe so let us decide what type of guards we are going to put it.

Although they did talk about using third party uh how do you call them referees and and analyst and etc etc. It's always when you add extra steps extra hurdles it's usually the bigger companies that benefit more than the smaller ones.

But I do think that as I've said before I don't think you can stop AI right now. I don't think we can stop the development especially not in open source and so whatever overreaction we're seeing from Nebus and in the short run especially over the next two years I don't see anything stopping the build out for Nebus or even uh a core reef for example the demand is there it's not going to disappear because some want to slow down uh AI plus this whole slowouting is part of the training part of of this whole AI story when you look at inference you cannot slow that down as well.

So, it's going to be a period where we're going to see a lot of headlines. It could affect some of these names, but I do think that this will be a good buy the deep opportunity.

Of course, expect a lot of volatility over the next couple of days. But these are businesses that see a huge amount of growth in their pipeline and that's not changing anytime soon.

and and and Neil, one thing I really enjoyed about what you mentioned is this is mainly on the training of new models, but there's so many software companies that have yet to implemented AI in their solution.

And what I mean by that is there's certain apps that you might go to already, you can either do talk to a chatbot or some form of AI solution that's being implemented, but there's so many places that can still add it.

So even if you slow down even if you slow down uh any waveform at the moment the model training I feel like there's such an much opportunity of so many different applications so many different solutions coming out with the type of AI that we have now and that alone would increase the demand for inference and then you have companies like Nebas or other or or other um Neocloud players that can benefit.

Uh, one final thing I want to mention is just some recent news that I saw from from Nebius um that I I know investors would love to hear about, right? That partnership with Palunteer, great news of kind of sovereign AI and this is one of the big things that we're hearing a lot from other players.

And then we saw kind of Nvidia partner up with Palanteer on sovereign AI. So in an indirect way, you can kind of see how this whole uh chain works really well um and some of the market demands that are pushing right now.

So pretty cool. I think that was a pretty cool partnership with them and some really big players to kind of work with in that space.