· 个股论点
涉及标的： $NBIS
$NBIS 应该拥有足够的资金来支持建设，包括 48 亿美元现金储备加上 25 亿美元自动取款机(ATM)融资，以及从收入合同中获得的任何自由现金流(FCF)都将重新投入建设。 我认为 Nebius 管理层指的是如果出现极端的信贷紧缩，他们将出售投资组合中的公司，这在最后关头是合理的。 但他们处于健康的状态。如果我是他们，我会让它们继续增长，并寻找更多的并购(M&A)，就像 FTX 在加密领域所做的那样，或者 Meta 早期在核心运营业务之外对社交网络的投资，以建立更稳固的防御。 如果 Avride 成为一家 250 亿美元的企业，或者 Clickhouse 成为一家 800 亿美元的企业（鉴于它们的增长轨迹，这两种情况都非常可能），这些单独的业务价值将超过当前的市值。
$NBIS should have enough to fund buildout through $4.8B cash stack plus $2.5B ATM + any fcf they get from revenue contracts gets put back into buildout. I think Nebius management were referring to if there was extreme credit tightening, they would sell off portfolio companies, which would make sense in a last ditch scenario. But they're in a healthy spot. If I were them I would let them all keep growing, and look for more M&As like what FTX did in the crypto sector, Meta early stage with social media networks alongside their core operational business for more defensibly. In the event Avride becomes a $25B business or Clickhouse becomes a $80B business (which are both extremely plausible scenarios given their growth trajectories), those individual stacks would be worth more than the current market cap.