<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2016/04/20/08/21/entrepreneur-1340649_960_720.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="960" height="679" original-src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2016/04/20/08/21/entrepreneur-1340649_960_720.jpg"/></p>
<p><em>图片来源：Pixabay</em></p>
<p>快速增长的人工智能基础设施和云服务提供商 <strong>Nebius Group</strong> (NBIS) 上周经历了一场剧烈的波动，突显出市场对该行业发出的相互矛盾信号的高度敏感性。</p>
<p>本周早些时候，关于人工智能投资回报、盈利能力、人工智能数据中心建设的资本密集型特性以及债务水平上升的担忧引发了与人工智能相关股票的广泛抛售。由于投资者担心其激进的债务融资扩张在人工智能支出放缓的情况下可能变得不可持续，Nebius 的股价在前两个交易日暴跌了多达 12%。到周中，该股似乎正朝着显著的修正方向发展。</p>
<p>然而，在周五出现了急剧反弹，NBIS 上涨了 14.6%，以大约比前一个星期五收盘高出 2% 的价格结束了这一周，抹去了之前大部分的损失。</p>
<h2>反弹源于对人工智能需求的重新信心</h2>
<p>反弹的催化剂是 <strong>美光科技</strong> (Micron Technology) 最新的季度财报，该报告对人工智能驱动的需求发出了强有力的信心信号。美光报告的结果强于预期，提升了指引，并强调了用于人工智能训练和推理的高带宽内存 (HBM) 的强劲订单。该报告有效地打破了人工智能热潮可能是泡沫的说法，向投资者保证超大规模企业和企业客户仍然致力于构建巨大的计算能力。</p>
<p><em>(点击图片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://moneymorning.com/wp-content/blogs.dir/1/files/2025/12/NBIS-Chart.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1560" height="692" original-src="https://imageproxy.pbkrs.com/https://moneymorning.com/wp-content/blogs.dir/1/files/2025/12/NBIS-Chart.png"/></p>
<p>积极的情绪迅速蔓延到其他人工智能基础设施公司。分析师们也开始升级 Nebius 的同行 <strong>CoreWeave</strong> (CRWV)，这是一家高增长但负债累累的公司，因其上升的债务负担而受到关注。<strong>花旗集团</strong> 重申了对 CRWV 的买入评级，同时将其目标价从每股 190 美元下调至 135 美元——仍然暗示出从近期水平接近翻倍的上涨空间。与此同时，<strong>瑞穗证券</strong> 以每股 92 美元的目标价启动了覆盖，暗示大约 35% 的潜在收益。这些举措推动了 CRWV 股价在单日内上涨 23%，帮助提升了整个人工智能云子行业。</p>
<p>Nebius 特别适合受益。与为其激进扩张融资而承担大量债务的 CoreWeave 不同，Nebius 维持着更健康的资产负债表。尽管长期债务在第三季度飙升至超过 40 亿美元，但它拥有近 48 亿美元的现金及现金等价物，形成了负净债务的财务状况。它在资本支出方面也表现出谨慎的态度。</p>
<p>与 <strong>微软</strong> (Microsoft) 和 <strong>Meta Platforms</strong> (META) 的近期多年合同进一步增强了其收入可见性和在 GPU 云服务中的竞争优势。</p>
<h2>总结</h2>
<p>美光的结果在很大程度上仅确认了 <strong>英伟达</strong> (Nvidia) 之前的强劲季度所发出的信号：人工智能计算需求结构上仍然强劲，尚未显示出明显放缓的迹象。</p>
<p>尽管如此，整个行业的债务炸弹并没有消失。利率上升、数据中心建设中的执行风险，以及企业人工智能项目未能实现预期投资回报的可能性仍可能对估值施加压力。Nebius 以其更清洁的财务状况，比许多同行更具抗压能力，但其较高的倍数使得失望的空间有限。</p>
<p>考虑到长期的人工智能顺风，尚不足以发出明确的卖出指令，但在当前水平的激进买入在一个仍然容易出现情绪剧烈波动的市场中也带来了相当大的风险。投资者最好更加谨慎，不要再次急于进入人工智能的炒作风暴。</p>
<hr/>
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NBIS

<p>Nebius Group (NBIS) 是一家人工智能基础设施和云服务提供商，经历了波动的一周，其股票最初因对人工智能投资回报和债务水平的担忧而下跌。然而，来自美光科技的积极财报提升了对人工智能需求的信心，导致 Nebius 的股价上涨了 14.6%。尽管与同行相比，Nebius 的资产负债表更为健康，但其高估值在潜在市场波动中对投资者仍需保持谨慎</p>

<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2016/04/20/08/21/entrepreneur-1340649_960_720.jpg" alt="" original-src="https://cdn.pixabay.com/photo/2016/04/20/08/21/entrepreneur-1340649_960_720.jpg"/></p>
<p><em>Image Source: Pixabay</em></p>
<div class="lb-trans"><p><em>图片来源：Pixabay</em></p>
</div><p>Fast-growing AI infrastructure and cloud provider <strong>Nebius Group</strong> (NBIS) experienced a wild ride last week that underscored the market’s heightened sensitivity to conflicting signals the market is giving off about the sector.</p>
<div class="lb-trans"><p>快速增长的人工智能基础设施和云服务提供商 <strong>Nebius Group</strong> (NBIS) 上周经历了一场剧烈的波动，突显出市场对该行业发出的相互矛盾信号的高度敏感性。</p>
</div><p>Earlier in the week, growing concerns about AI investment returns, profitability, the capital-intensive nature of AI data-center buildouts, and rising debt levels triggered a broad sell-off in AI-related stocks. Nebius shares plunged as much as 12% in the first two trading sessions as investors feared that its aggressive debt-financed expansion could become unsustainable if AI spending slows. By midweek, the stock appeared headed for a meaningful correction.</p>
<div class="lb-trans"><p>本周早些时候，关于人工智能投资回报、盈利能力、人工智能数据中心建设的资本密集型特性以及债务水平上升的担忧引发了与人工智能相关股票的广泛抛售。由于投资者担心其激进的债务融资扩张在人工智能支出放缓的情况下可能变得不可持续，Nebius 的股价在前两个交易日暴跌了多达 12%。到周中，该股似乎正朝着显著的修正方向发展。</p>
</div><p>Yet, in a sharp reversal, NBIS rallied 14.6% on Friday, finishing the week roughly 2% above its prior Friday close and erasing much of the earlier losses.</p>
<div class="lb-trans"><p>然而，在周五出现了急剧反弹，NBIS 上涨了 14.6%，以大约比前一个星期五收盘高出 2% 的价格结束了这一周，抹去了之前大部分的损失。</p>
</div><h2>Rally Fueled by Renewed Confidence in AI Demand</h2>
<div class="lb-trans"><h2>反弹源于对人工智能需求的重新信心</h2>
</div><p>The catalyst for the comeback was <strong>Micron Technology</strong>’s (MU) latest quarterly earnings report, which delivered a resounding vote of confidence in AI-driven demand. Micron reported stronger-than-expected results, raised its guidance, and emphasized robust orders for high-bandwidth memory (HBM) used in AI training and inference. The report effectively punctured the narrative that the AI boom might be a bubble, reassuring investors that hyperscalers and enterprise customers remain committed to building out massive compute capacity.</p>
<div class="lb-trans"><p>反弹的催化剂是 <strong>美光科技</strong> (Micron Technology) 最新的季度财报，该报告对人工智能驱动的需求发出了强有力的信心信号。美光报告的结果强于预期，提升了指引，并强调了用于人工智能训练和推理的高带宽内存 (HBM) 的强劲订单。该报告有效地打破了人工智能热潮可能是泡沫的说法，向投资者保证超大规模企业和企业客户仍然致力于构建巨大的计算能力。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://moneymorning.com/wp-content/blogs.dir/1/files/2025/12/NBIS-Chart.png" alt="" original-src="https://moneymorning.com/wp-content/blogs.dir/1/files/2025/12/NBIS-Chart.png"/></p>
<p>The positive sentiment quickly spilled over to other AI infrastructure names. Analysts also began upgrading Nebius’s peer <strong>CoreWeave</strong> (CRWV), a high-growth but heavily leveraged player that has been under scrutiny for its rising debt load. <strong>Citigroup</strong> reiterated its Buy rating on CRWV while trimming its price target from $190 to $135 per share– still implying near double the upside from recent levels. <strong>Mizuho</strong>, meanwhile, initiated coverage with a $92 per share target, suggesting roughly 35% potential gains. These moves fueled a 23% single-day surge in CRWV shares that helped lift the entire AI cloud subsector.</p>
<div class="lb-trans"><p>积极的情绪迅速蔓延到其他人工智能基础设施公司。分析师们也开始升级 Nebius 的同行 <strong>CoreWeave</strong> (CRWV)，这是一家高增长但负债累累的公司，因其上升的债务负担而受到关注。<strong>花旗集团</strong> 重申了对 CRWV 的买入评级，同时将其目标价从每股 190 美元下调至 135 美元——仍然暗示出从近期水平接近翻倍的上涨空间。与此同时，<strong>瑞穗证券</strong> 以每股 92 美元的目标价启动了覆盖，暗示大约 35% 的潜在收益。这些举措推动了 CRWV 股价在单日内上涨 23%，帮助提升了整个人工智能云子行业。</p>
</div><p>Nebius is particularly well positioned to benefit. Unlike CoreWeave, which carries significant debt to fund its aggressive expansion, Nebius maintains a much healthier balance sheet. Although long-term debt ballooned to over $4 billion from zero in the third quarter, it has nearly $4.8 billion in cash and equivalents, giving it a negative net debt profile. It also displays a disciplined approach to capital spending.</p>
<div class="lb-trans"><p>Nebius 特别适合受益。与为其激进扩张融资而承担大量债务的 CoreWeave 不同，Nebius 维持着更健康的资产负债表。尽管长期债务在第三季度飙升至超过 40 亿美元，但它拥有近 48 亿美元的现金及现金等价物，形成了负净债务的财务状况。它在资本支出方面也表现出谨慎的态度。</p>
</div><p>Recent multiyear contracts with <strong>Microsoft</strong> (MSFT) and <strong>Meta Platforms</strong> (META) further bolster its revenue visibility and competitive moat in GPU cloud services.</p>
<div class="lb-trans"><p>与 <strong>微软</strong> (Microsoft) 和 <strong>Meta Platforms</strong> (META) 的近期多年合同进一步增强了其收入可见性和在 GPU 云服务中的竞争优势。</p>
</div><h2>Bottom Line</h2>
<div class="lb-trans"><h2>总结</h2>
</div><p>Micron’s results largely only confirmed what <strong>Nvidia</strong>’s (NVDA) earlier blowout quarter had already signaled: AI compute demand remains structurally strong and not yet showing signs of meaningful slowdown.</p>
<div class="lb-trans"><p>美光的结果在很大程度上仅确认了 <strong>英伟达</strong> (Nvidia) 之前的强劲季度所发出的信号：人工智能计算需求结构上仍然强劲，尚未显示出明显放缓的迹象。</p>
</div><p>That said, the debt bomb ticking across the sector hasn’t disappeared. Rising interest rates, execution risks in data-center construction, and the possibility that enterprise AI projects fail to deliver expected ROI could still pressure valuations. Nebius, with its cleaner financial profile, is better insulated than many peers, but its elevated multiples leave little room for disappointment.</p>
<div class="lb-trans"><p>尽管如此，整个行业的债务炸弹并没有消失。利率上升、数据中心建设中的执行风险，以及企业人工智能项目未能实现预期投资回报的可能性仍可能对估值施加压力。Nebius 以其更清洁的财务状况，比许多同行更具抗压能力，但其较高的倍数使得失望的空间有限。</p>
</div><p>That is not enough to issue a clear sell order given the long-term AI tailwinds, but aggressive buying at current levels also carries meaningful risk in a market that remains prone to sharp sentiment shifts. Investors would do well to be more cautious and not rush into the AI hype storm again.</p>
<div class="lb-trans"><p>考虑到长期的人工智能顺风，尚不足以发出明确的卖出指令，但在当前水平的激进买入在一个仍然容易出现情绪剧烈波动的市场中也带来了相当大的风险。投资者最好更加谨慎，不要再次急于进入人工智能的炒作风暴。</p>
</div><hr/>
<div class="lb-trans"><hr/>
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<div class="lb-trans"><p>SoFi Technologies 真的能成为一只万亿美元的股票吗？</p>
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</div>

以下是 Nebius 为何突然再次成为成长股的原因