Nebius Group N.V. (NBIS) secures major deals with Microsoft and Meta, totaling up to $22.4 billion. Demand for GPU capacity continues to exceed supply, with all available capacity sold out each quarter. The company aims to reach $7 billion to $9 billion in annualized run-rate revenue by 2026.

However, Nebius tightens its revenue outlook to $500 million to $550 million due to capacity timing issues. Capital expenditure guidance for 2025 rises to $5 billion. The company faces risks from macroeconomic uncertainties, rising expenses, and customer concentration with Microsoft and Meta.

CoreWeave, Inc. (CRWV) sees revenue backlog soar to $55.6 billion in Q3, driven by agreements with OpenAI, Meta, and NVIDIA partnerships. Alphabet Inc. (GOOGL) benefits from investments in infrastructure, cloud services, and strategic partnerships with NVIDIA. Google Cloud offers cutting-edge GPU technologies like the Vera Rubin GPUs.

Nebius Group N.V. (NBIS) shares have gained 212.3% in the past year, outperforming the industry. Valuation-wise, NBIS appears overvalued with a Value Score of F. The Zacks Consensus Estimate for 2025 earnings has seen downward revisions, and the stock currently holds a Zacks Rank #4 (Sell).

Read more at Nasdaq: Do Nebius Mega Deals Increase Customer Concentration Risk?