<p><strong>Nebius Group</strong>(NBIS -0.41%) 是 2025 年市场上最热门的股票之一，截至 7 月 16 日上涨了惊人的 92%。由于巨大的可寻址市场和华尔街的积极情绪，这家云计算公司的火热涨势似乎将持续下去。</p>
<p>这家荷兰公司专注于为客户提供人工智能（AI）云基础设施。其全栈 AI 基础设施允许开发者和客户按小时租用来自 <strong>Nvidia</strong>(NVDA 0.37%) 的强大图形处理单元（GPU），以便他们可以训练和微调模型，运行推理任务，并借助第三方工具创建定制的 AI 解决方案。</p>
<p>让我们更详细地了解 Nebius 的业务，并看看为什么这只 AI 股票即使在 2025 年取得了惊人的收益后，仍然预计会继续上涨。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUwODMvYWktd3JpdHRlbi1vbi1jaXJjdWl0LWJvYXJkLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUwODMvYWktd3JpdHRlbi1vbi1jaXJjdWl0LWJvYXJkLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>Nebius 正在快速增长，并且能够维持其势头</h2>
<p>Nebius 的客户可以根据需求从单个 GPU 扩展到大型集群，并可以使用来自 DeepSeek、<strong>Microsoft</strong>、<strong>Meta Platforms</strong>、Stability AI 等公司的流行大型语言模型（LLM）来构建应用程序。该公司以提供顶级的 Nvidia GPU（如 H100 和 H200）而闻名，并声称其客户 “将是首批获得 NVIDIA 下一代 Blackwell 平台访问权限的用户。”</p>
<p>值得注意的是，Nvidia 是 Nebius 的投资者。这家 AI 云基础设施提供商在去年 12 月宣布了一项价值 7 亿美元的私募融资。Nvidia 是参与这项战略融资的公司之一，Nebius 表示这笔资金是为了加速其全栈基础设施的推出。</p>
<p>因此，Nvidia 和 Nebius 享有密切的合作关系。这对后者来说是有利的，因为这家 AI 芯片巨头正在全球范围内推出 AI 基础设施。重要的是，Nebius 的业绩清楚表明，它在快速增长的云 AI 基础设施即服务市场中迅速崭露头角。</p>
<p>该公司在 2025 年第一季度的收入同比激增近 5 倍，达到 5530 万美元。Nebius 现在才刚刚起步，但重要的是要注意，它正在迅速建立一个稳固的收入管道。该公司表示，其年化运行收入（ARR）在第一季度增长了 684%，达到 2.49 亿美元，轻松超过了其收入的增长。</p>
<p>展望未来，Nebius 管理层对到 2025 年底实现 7.5 亿至 10 亿美元的 ARR 充满信心，因为它将推出更多的云容量。该公司在短短三个季度内从一个地点扩展到五个数据中心，并表示正在 “积极探索美国及全球的新地点”。</p>
<p>Nebius 指出，其强劲的资产负债表上有超过 14 亿美元的现金，只有 1.87 亿美元的债务，这将使其能够在 2025 年底之前将数据中心容量增加到 100 兆瓦（MW），并在 2026 年进行大幅增加。这一切都解释了为什么该公司预计 2025 年的收入将达到 5 亿至 7 亿美元，这将比去年的 1.17 亿美元大幅增长，即使是在估计的低端。</p>
<p>共识估计也预计 Nebius 的卓越增长将在未来几年继续。这并不令人惊讶，因为云 AI 基础设施市场有着 4000 亿美元的机会。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a36c8534480abf5ef81179cda1adb666.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a36c8534480abf5ef81179cda1adb666.png"/></p>
<p>当前财政年度的 NBIS 收入估计数据来自 YCharts。</p>
<p>因此，很容易理解为什么 <strong>高盛</strong> 预计这只 AI 股票将继续上涨，尽管其在最近几个月的涨势令人印象深刻。这家投资银行认为，Nebius 由于其显著的增长仍然被低估。高盛将 Nebius 评级为买入，并对该股票设定了 68 美元的 12 个月目标价。</p>
<p>这意味着从当前水平大约有 30% 的涨幅，尽管值得注意的是，Nebius 的股票在高盛覆盖后在一个交易日内上涨了 17%。然而，投资者可能会想知道，在最近的涨幅之后，是否值得购买 Nebius。</p>
<h2>股票价格昂贵，但其背后有更多原因</h2>
<p>Nebius 的股票目前以 68 倍的销售额交易，经历了 2025 年的惊人上涨。但与此同时，投资者应注意，其惊人的增长速度证明了其高估值是合理的。我们已经看到高盛在考虑其增长潜力后认为 Nebius 被低估。</p>
<p>事实上，该股票的前瞻性销售倍数远低于历史销售倍数。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/6eb765e4af8a18b7ae789eb3f05c5229.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/6eb765e4af8a18b7ae789eb3f05c5229.png"/></p>
<p>NBIS PS 比率（前瞻性）数据来自 YCharts。PS = 市盈率。</p>
<p>因此，Nebius 目前看起来是一个理想的选择，适合以增长为导向的投资者。其卓越的增长可能会导致更多的股市上涨，正如高盛所预测的那样。</p>

英伟达

NBIS

<p>Nebius Group (NBIS) 在 2025 年上涨了 92%，这得益于其人工智能云基础设施服务的强劲需求。该公司获得了英伟达的支持，报告称 2025 年第一季度收入同比增长近 5 倍，达到 5530 万美元，年化收入达 2.49 亿美元。高盛将 Nebius 评级为买入，12 个月目标价为 68 美元，暗示潜在上涨空间为 30%。尽管市盈率高达 68 倍，但其在 4000 亿美元的云人工智能市场中的增长前景使得这一价格合理，成为一个有吸引力的投资机会</p>

<p><strong>Nebius Group</strong>(NBIS -0.41%) has been one of the hottest stocks on the market in 2025, rising a whopping 92% as of July 16. It looks like the cloud computing company's red-hot rally is here to stay, thanks to a huge addressable market and positive Wall Street sentiment.</p>
<div class="lb-trans"><p><strong>Nebius Group</strong>(NBIS -0.41%) 是 2025 年市场上最热门的股票之一，截至 7 月 16 日上涨了惊人的 92%。由于巨大的可寻址市场和华尔街的积极情绪，这家云计算公司的火热涨势似乎将持续下去。</p>
</div><p>The Dutch company is in the business of providing artificial intelligence (AI) cloud infrastructure to customers. Its full-stack AI infrastructure allows developers and customers to rent powerful graphics processing units (GPUs) from the likes of <strong>Nvidia</strong>(NVDA 0.37%) on an hourly basis so that they can train and fine-tune models, run inference tasks, and create custom AI solutions with the help of third-party tools.</p>
<div class="lb-trans"><p>这家荷兰公司专注于为客户提供人工智能（AI）云基础设施。其全栈 AI 基础设施允许开发者和客户按小时租用来自 <strong>Nvidia</strong>(NVDA 0.37%) 的强大图形处理单元（GPU），以便他们可以训练和微调模型，运行推理任务，并借助第三方工具创建定制的 AI 解决方案。</p>
</div><p>Let's take a closer look at what Nebius does, and check why this AI stock is expected to soar higher even after clocking phenomenal gains so far in 2025.</p>
<div class="lb-trans"><p>让我们更详细地了解 Nebius 的业务，并看看为什么这只 AI 股票即使在 2025 年取得了惊人的收益后，仍然预计会继续上涨。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUwODMvYWktd3JpdHRlbi1vbi1jaXJjdWl0LWJvYXJkLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F825083%2Fai-written-on-circuit-board.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Nebius is growing rapidly, and it can sustain its momentum</h2>
<div class="lb-trans"><h2>Nebius 正在快速增长，并且能够维持其势头</h2>
</div><p>Nebius customers can scale from a single GPU to large clusters based on their requirements, and they can use popular large language models (LLMs) from DeepSeek, <strong>Microsoft</strong>, <strong>Meta Platforms</strong>, Stability AI, and others to build apps. The company has made its name by offering top Nvidia GPUs such as the H100 and the H200, and claims that its customers &#34;will be among the first to gain access to NVIDIA's next-generation Blackwell platform.&#34;</p>
<div class="lb-trans"><p>Nebius 的客户可以根据需求从单个 GPU 扩展到大型集群，并可以使用来自 DeepSeek、<strong>Microsoft</strong>、<strong>Meta Platforms</strong>、Stability AI 等公司的流行大型语言模型（LLM）来构建应用程序。该公司以提供顶级的 Nvidia GPU（如 H100 和 H200）而闻名，并声称其客户 “将是首批获得 NVIDIA 下一代 Blackwell 平台访问权限的用户。”</p>
</div><p>It's worth noting that Nvidia is an investor in Nebius. The AI cloud infrastructure provider announced a private placement financing worth $700 million in December last year. Nvidia was one of the companies that took part in this strategic financing that Nebius says was for accelerating the rollout of its full-stack infrastructure.</p>
<div class="lb-trans"><p>值得注意的是，Nvidia 是 Nebius 的投资者。这家 AI 云基础设施提供商在去年 12 月宣布了一项价值 7 亿美元的私募融资。Nvidia 是参与这项战略融资的公司之一，Nebius 表示这笔资金是为了加速其全栈基础设施的推出。</p>
</div><p>So, Nvidia and Nebius enjoy a close partnership. That's expected to be beneficial for the latter, since the AI chip giant is busy rolling out AI infrastructure around the globe. Importantly, Nebius' results make it clear that it is quickly making its presence felt in the fast-growing cloud AI infrastructure-as-a-service market.</p>
<div class="lb-trans"><p>因此，Nvidia 和 Nebius 享有密切的合作关系。这对后者来说是有利的，因为这家 AI 芯片巨头正在全球范围内推出 AI 基础设施。重要的是，Nebius 的业绩清楚表明，它在快速增长的云 AI 基础设施即服务市场中迅速崭露头角。</p>
</div><p>The company's revenue in the first quarter of 2025 shot up by almost 5x year over year to $55.3 million. Nebius is just getting started right now, but the important thing to note here is that it's quickly building a solid revenue pipeline. The company says that its annualized run-rate revenue (ARR) increased by 684% in Q1 to $249 million, easily outpacing the growth in its top line.</p>
<div class="lb-trans"><p>该公司在 2025 年第一季度的收入同比激增近 5 倍，达到 5530 万美元。Nebius 现在才刚刚起步，但重要的是要注意，它正在迅速建立一个稳固的收入管道。该公司表示，其年化运行收入（ARR）在第一季度增长了 684%，达到 2.49 亿美元，轻松超过了其收入的增长。</p>
</div><p>Looking ahead, Nebius management is confident of achieving an ARR of $750 million to $1 billion by the end of 2025 as it rolls out more cloud capacity. The company has gone from just one location to five data center locations in the space of just three quarters, and says it is &#34;actively exploring new sites in the U.S. and around the world.&#34;</p>
<div class="lb-trans"><p>展望未来，Nebius 管理层对到 2025 年底实现 7.5 亿至 10 亿美元的 ARR 充满信心，因为它将推出更多的云容量。该公司在短短三个季度内从一个地点扩展到五个数据中心，并表示正在 “积极探索美国及全球的新地点”。</p>
</div><p>Nebius points out that its robust balance sheet, which has over $1.4 billion in cash and only $187 million in debt, will allow it to increase its data center capacity to 100 megawatts (MW) by the end of 2025, followed by a significant increase in 2026. All this explains why the company is forecasting revenue of $500 million to $700 million in 2025, which would be a massive increase over last year's top line of $117 million, even at the lower end of the estimate.</p>
<div class="lb-trans"><p>Nebius 指出，其强劲的资产负债表上有超过 14 亿美元的现金，只有 1.87 亿美元的债务，这将使其能够在 2025 年底之前将数据中心容量增加到 100 兆瓦（MW），并在 2026 年进行大幅增加。这一切都解释了为什么该公司预计 2025 年的收入将达到 5 亿至 7 亿美元，这将比去年的 1.17 亿美元大幅增长，即使是在估计的低端。</p>
</div><p>Consensus estimates are expecting Nebius' outstanding growth to continue over the next couple of years as well. That's not surprising, considering the $400 billion opportunity in the cloud AI infrastructure market.</p>
<div class="lb-trans"><p>共识估计也预计 Nebius 的卓越增长将在未来几年继续。这并不令人惊讶，因为云 AI 基础设施市场有着 4000 亿美元的机会。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a36c8534480abf5ef81179cda1adb666.png" alt="" original-src="https://media.ycharts.com/charts/a36c8534480abf5ef81179cda1adb666.png"/></p>
<p>NBIS Revenue Estimates for Current Fiscal Year data by YCharts.</p>
<div class="lb-trans"><p>当前财政年度的 NBIS 收入估计数据来自 YCharts。</p>
</div><p>So, it's easy to see why <strong>Goldman Sachs</strong> expects this AI stock to fly higher, despite its impressive rally in recent months. The investment bank believes that Nebius remains undervalued on account of the remarkable growth that it is delivering. Goldman rates Nebius as a buy and has a 12-month price target of $68 on the stock.</p>
<div class="lb-trans"><p>因此，很容易理解为什么 <strong>高盛</strong> 预计这只 AI 股票将继续上涨，尽管其在最近几个月的涨势令人印象深刻。这家投资银行认为，Nebius 由于其显著的增长仍然被低估。高盛将 Nebius 评级为买入，并对该股票设定了 68 美元的 12 个月目标价。</p>
</div><p>That points toward roughly 30% gains from current levels, though it's worth noting that Nebius stock popped 17% in a single session following Goldman's coverage. Investors, however, may be wondering if it is worth buying Nebius following its recent gains.</p>
<div class="lb-trans"><p>这意味着从当前水平大约有 30% 的涨幅，尽管值得注意的是，Nebius 的股票在高盛覆盖后在一个交易日内上涨了 17%。然而，投资者可能会想知道，在最近的涨幅之后，是否值得购买 Nebius。</p>
</div><h2>The stock is expensive, but there's more to it than the valuation</h2>
<div class="lb-trans"><h2>股票价格昂贵，但其背后有更多原因</h2>
</div><p>Nebius stock is trading at a rich 68 times sales right now following its phenomenal jump in 2025. But at the same time, investors should note that its stunning pace of growth justifies its expensive valuation. We have already seen that Goldman Sachs believes Nebius to be undervalued after taking its growth potential into account.</p>
<div class="lb-trans"><p>Nebius 的股票目前以 68 倍的销售额交易，经历了 2025 年的惊人上涨。但与此同时，投资者应注意，其惊人的增长速度证明了其高估值是合理的。我们已经看到高盛在考虑其增长潜力后认为 Nebius 被低估。</p>
</div><p>In fact, the stock's forward sales multiple is way lower than the trailing one.</p>
<div class="lb-trans"><p>事实上，该股票的前瞻性销售倍数远低于历史销售倍数。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/6eb765e4af8a18b7ae789eb3f05c5229.png" alt="" original-src="https://media.ycharts.com/charts/6eb765e4af8a18b7ae789eb3f05c5229.png"/></p>
<p>NBIS PS Ratio (Forward) data by YCharts. PS = price-to-sales.</p>
<div class="lb-trans"><p>NBIS PS 比率（前瞻性）数据来自 YCharts。PS = 市盈率。</p>
</div><p>Nebius, therefore, looks like an ideal pick for growth-oriented investors right now. Its outstanding growth is likely to result in more stock market upside, just like Goldman predicts.</p>
<div class="lb-trans"><p>因此，Nebius 目前看起来是一个理想的选择，适合以增长为导向的投资者。其卓越的增长可能会导致更多的股市上涨，正如高盛所预测的那样。</p>
</div>

Nvidia Backs It. Goldman Sachs Loves It. Should You Invest in Nebius Stock?

- Nebius Group 股票在 2025 年上涨 92%，受益于云计算市场和积极情绪。  
- 公司提供 AI 云基础设施，第一季度收入同比增长近 5 倍，预计 2025 年收入达 5 亿至 7 亿美元。  
- 高盛认为 Nebius 被低估，目标价为 68 美元，预计未来仍将持续增长。  

英伟达支持 Nebius，高盛对其青睐有加。你是否应该投资 Nebius 的股票呢？