· 个股论点
$NBIS 是我在这批新云厂商中真正最看好的。情况很微妙，但他们本质上是由 5 家不同业务组成的公司，且均实现三位数的同比增长。我最看好其与 $UBER 合作的自动驾驶出租车部门，以及 Clickhouse（他们持有约 1/4 股份），这两块未来估值很可能远超 150 亿美元。此外，其数据中心业务预计将在 2027 年 2 月报告前上线，带来约 70-90 亿美元的年度经常性收入 (ARR)。我认为市场尚未充分反映其分部加总价值，但我预计在其低调建设阶段结束、资本支出 (Capex) 开始转化为自由现金流 (FCF) 后，Nebius 的估值将得到重估。
$NBIS is my actually favorite Neocloud out of the bunch. It’s really nuanced but they actually are basically 5 different companies all scaling triple digits y/y. Biggest fan of their robotaxi division working with $UBER and Clickhouse would likely command higher valuations in the future than $15B (they own ~1/4th). This is on top of their DC business expected to come online and bring ~$7-9B ARR by Feb 2027 report. Don’t think sum of parts is priced in properly but I’d expect Nebius to be rerated after their silent buildout phase ends and they start turning capex to fcf