My $Nebius(NBIS.US) position has certainly been a roller coaster. I went from being in a loss, to seeing the position turn profitable, and now the stock has pulled back again, putting me at close to a 6% paper loss. While the volatility can be uncomfortable, I see this more as a reflection of how aggressively the market is pricing AI infrastructure stocks rather than a deterioration in the long-term story. For me, the short-term price movement is less important than whether Nebius continues executing and benefiting from the structural growth in AI computing demand.

Fundamentally, the latest numbers give me confidence to stay patient. Nebius reported Q2 2026 revenue of $582.3 million, up more than fourfold year-on-year, while its AI Cloud revenue nearly increased sixfold. Adjusted EBITDA also turned positive at $236 million. More importantly, the company secured four major AI cloud contracts during the quarter, with total customer commitments now exceeding $40 billion. This is important because Nebius is not simply an AI-themed stock riding on hype — it is building an actual AI infrastructure business with customers willing to commit significant capital for computing capacity.

The project pipeline is another major reason I remain bullish over the mid to long term. Nebius has major relationships with $Microsoft(MSFT.US) and $Meta Platforms(META.US) , including a new five-year Meta agreement worth up to approximately $27 billion, consisting of $12 billion of dedicated AI capacity plus up to another $15 billion of additional compute purchases. The company is also aggressively expanding its data-centre footprint and deploying next-generation $NVIDIA(NVDA.US) infrastructure. These projects require substantial capital spending today, which can pressure earnings and create volatility, but they are also laying the foundation for significantly greater AI computing capacity and recurring revenue in the future.

Therefore, I’m not too concerned about seeing my position move back into a roughly 6% loss. Nebius is clearly a high-risk, high-volatility stock, and the recent convertible financing and huge investment requirements are legitimate risks that I will continue to monitor. But with AI adoption still accelerating, strong customer commitments, rapidly growing revenue and an expanding infrastructure pipeline, I believe the underlying business remains on a strong growth trajectory. My view is that the stock may continue to swing sharply in the short term, but as long as Nebius continues executing on its AI infrastructure projects, I remain confident that the longer-term trend can stay bullish.