$Nebius(NBIS.US) is currently sitting at a 16.8% paper gain in my portfolio, but interestingly, I am not thinking about taking profit yet. Instead, I am becoming more comfortable holding it for the longer term because the fundamental story continues to develop in the direction I want to see.

The Numbers Are Getting Harder to Ignore

Nebius reported Q2 revenue of US$582.3 million, up 454% year over year, while its AI Cloud revenue jumped 514%. More importantly, the company secured four major AI cloud deals worth more than US$1 billion each and raised its 2026 contracted power target to 5GW.

I Am Looking Beyond the 16.8%

For me, the bigger story is not the current paper gain. It is whether Nebius can continue converting the enormous demand for AI infrastructure into contracted and profitable growth. Its long-term agreement with Meta, potentially worth up to US$27 billion, also gives me more confidence in the company's ability to secure large customers.

Of course, I know the risks. Nebius is spending heavily to expand capacity, competition in AI infrastructure is increasing, and the valuation is no longer cheap. But I am investing based on where I believe the business can be several years from now, rather than trying to predict the next few weeks of price movement.

My Plan: Hold Longer

With a 16.8% paper gain, I could easily take some profit and feel good about the trade. But I would rather let the thesis play out. As long as Nebius continues showing strong demand, growing contracts and improving economics, I remain bullish and plan to continue holding for the longer term.

For me, this is not a stock I bought simply for a quick rebound. I see Nebius as a long-term AI infrastructure play, and I am willing to sit through volatility if the fundamentals continue moving in the right direction.