$Nebius(NBIS.US) Nebius carries a market capitalization of about $48.6 billion. Over the past 12 months, the company collected $877.9 million in revenue. Divide one by the other and the stock trades at roughly 55 times sales -- the sort of multiple usually attached to a software business. Nebius buys graphics processors by the billion and signs power contracts by the gigawatt. But the trailing figure in that fraction is doing something odd. In the first quarter, group revenue rose 684% year over year to $399 million. Revenue at the Nebius artificial intelligence (AI) cloud business alone rose 841% year over year to $390 million, up 82% from the previous quarter.The measure Nebius points investors toward is annualized run rate, which it calculates by taking the last month of a quarter's AI cloud revenue and multiplying by 12. That figure reached $1.9 billion at the end of March. It was $1.25 billion at the end of December, and it is up 674% year over year. Management guides for group revenue of $3 billion to $3.4 billion this year and a run rate of $7 billion to $9 billion exiting the year. It also expects a EBITDA of 40%. That last figure is not much of a stretch from where the business already sits. After all, the AI cloud business ran at a 45% adjusted EBITDA margin in the first quarter, though the group came in at 32%, dragged by two much smaller units. @Captain's Treasure