<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>圖片來源：Pixabay</em></p>
<p>快速增長的人工智能基礎設施和雲服務提供商 <strong>Nebius Group</strong> (NBIS) 上週經歷了一場劇烈的波動，突顯出市場對該行業發出的相互矛盾信號的高度敏感性。</p>
<p>本週早些時候，關於人工智能投資回報、盈利能力、人工智能數據中心建設的資本密集型特性以及債務水平上升的擔憂引發了與人工智能相關股票的廣泛拋售。由於投資者擔心其激進的債務融資擴張在人工智能支出放緩的情況下可能變得不可持續，Nebius 的股價在前兩個交易日暴跌了多達 12%。到週中，該股似乎正朝着顯著的修正方向發展。</p>
<p>然而，在週五出現了急劇反彈，NBIS 上漲了 14.6%，以大約比前一個星期五收盤高出 2% 的價格結束了這一週，抹去了之前大部分的損失。</p>
<h2>反彈源於對人工智能需求的重新信心</h2>
<p>反彈的催化劑是 <strong>美光科技</strong> (Micron Technology) 最新的季度財報，該報告對人工智能驅動的需求發出了強有力的信心信號。美光報告的結果強於預期，提升了指引，並強調了用於人工智能訓練和推理的高帶寬內存 (HBM) 的強勁訂單。該報告有效地打破了人工智能熱潮可能是泡沫的説法，向投資者保證超大規模企業和企業客户仍然致力於構建巨大的計算能力。</p>
<p><em>(點擊圖片放大)</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>積極的情緒迅速蔓延到其他人工智能基礎設施公司。分析師們也開始升級 Nebius 的同行 <strong>CoreWeave</strong> (CRWV)，這是一家高增長但負債累累的公司，因其上升的債務負擔而受到關注。<strong>花旗集團</strong> 重申了對 CRWV 的買入評級，同時將其目標價從每股 190 美元下調至 135 美元——仍然暗示出從近期水平接近翻倍的上漲空間。與此同時，<strong>瑞穗證券</strong> 以每股 92 美元的目標價啓動了覆蓋，暗示大約 35% 的潛在收益。這些舉措推動了 CRWV 股價在單日內上漲 23%，幫助提升了整個人工智能雲子行業。</p>
<p>Nebius 特別適合受益。與為其激進擴張融資而承擔大量債務的 CoreWeave 不同，Nebius 維持着更健康的資產負債表。儘管長期債務在第三季度飆升至超過 40 億美元，但它擁有近 48 億美元的現金及現金等價物，形成了負淨債務的財務狀況。它在資本支出方面也表現出謹慎的態度。</p>
<p>與 <strong>微軟</strong> (Microsoft) 和 <strong>Meta Platforms</strong> (META) 的近期多年合同進一步增強了其收入可見性和在 GPU 雲服務中的競爭優勢。</p>
<h2>總結</h2>
<p>美光的結果在很大程度上僅確認了 <strong>英偉達</strong> (Nvidia) 之前的強勁季度所發出的信號：人工智能計算需求結構上仍然強勁，尚未顯示出明顯放緩的跡象。</p>
<p>儘管如此，整個行業的債務炸彈並沒有消失。利率上升、數據中心建設中的執行風險，以及企業人工智能項目未能實現預期投資回報的可能性仍可能對估值施加壓力。Nebius 以其更清潔的財務狀況，比許多同行更具抗壓能力，但其較高的倍數使得失望的空間有限。</p>
<p>考慮到長期的人工智能順風，尚不足以發出明確的賣出指令，但在當前水平的激進買入在一個仍然容易出現情緒劇烈波動的市場中也帶來了相當大的風險。投資者最好更加謹慎，不要再次急於進入人工智能的炒作風暴。</p>
<hr/>
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NBIS

<p>Nebius Group (NBIS) 是一家人工智能基礎設施和雲服務提供商，經歷了波動的一週，其股票最初因對人工智能投資回報和債務水平的擔憂而下跌。然而，來自美光科技的積極財報提升了對人工智能需求的信心，導致 Nebius 的股價上漲了 14.6%。儘管與同行相比，Nebius 的資產負債表更為健康，但其高估值在潛在市場波動中對投資者仍需保持謹慎</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>圖片來源：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>快速增長的人工智能基礎設施和雲服務提供商 <strong>Nebius Group</strong> (NBIS) 上週經歷了一場劇烈的波動，突顯出市場對該行業發出的相互矛盾信號的高度敏感性。</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>本週早些時候，關於人工智能投資回報、盈利能力、人工智能數據中心建設的資本密集型特性以及債務水平上升的擔憂引發了與人工智能相關股票的廣泛拋售。由於投資者擔心其激進的債務融資擴張在人工智能支出放緩的情況下可能變得不可持續，Nebius 的股價在前兩個交易日暴跌了多達 12%。到週中，該股似乎正朝着顯著的修正方向發展。</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，在週五出現了急劇反彈，NBIS 上漲了 14.6%，以大約比前一個星期五收盤高出 2% 的價格結束了這一週，抹去了之前大部分的損失。</p>
</div><h2>Rally Fueled by Renewed Confidence in AI Demand</h2>
<div class="lb-trans"><h2>反彈源於對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>反彈的催化劑是 <strong>美光科技</strong> (Micron Technology) 最新的季度財報，該報告對人工智能驅動的需求發出了強有力的信心信號。美光報告的結果強於預期，提升了指引，並強調了用於人工智能訓練和推理的高帶寬內存 (HBM) 的強勁訂單。該報告有效地打破了人工智能熱潮可能是泡沫的説法，向投資者保證超大規模企業和企業客户仍然致力於構建巨大的計算能力。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(點擊圖片放大)</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>積極的情緒迅速蔓延到其他人工智能基礎設施公司。分析師們也開始升級 Nebius 的同行 <strong>CoreWeave</strong> (CRWV)，這是一家高增長但負債累累的公司，因其上升的債務負擔而受到關注。<strong>花旗集團</strong> 重申了對 CRWV 的買入評級，同時將其目標價從每股 190 美元下調至 135 美元——仍然暗示出從近期水平接近翻倍的上漲空間。與此同時，<strong>瑞穗證券</strong> 以每股 92 美元的目標價啓動了覆蓋，暗示大約 35% 的潛在收益。這些舉措推動了 CRWV 股價在單日內上漲 23%，幫助提升了整個人工智能雲子行業。</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 特別適合受益。與為其激進擴張融資而承擔大量債務的 CoreWeave 不同，Nebius 維持着更健康的資產負債表。儘管長期債務在第三季度飆升至超過 40 億美元，但它擁有近 48 億美元的現金及現金等價物，形成了負淨債務的財務狀況。它在資本支出方面也表現出謹慎的態度。</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>與 <strong>微軟</strong> (Microsoft) 和 <strong>Meta Platforms</strong> (META) 的近期多年合同進一步增強了其收入可見性和在 GPU 雲服務中的競爭優勢。</p>
</div><h2>Bottom Line</h2>
<div class="lb-trans"><h2>總結</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>美光的結果在很大程度上僅確認了 <strong>英偉達</strong> (Nvidia) 之前的強勁季度所發出的信號：人工智能計算需求結構上仍然強勁，尚未顯示出明顯放緩的跡象。</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>儘管如此，整個行業的債務炸彈並沒有消失。利率上升、數據中心建設中的執行風險，以及企業人工智能項目未能實現預期投資回報的可能性仍可能對估值施加壓力。Nebius 以其更清潔的財務狀況，比許多同行更具抗壓能力，但其較高的倍數使得失望的空間有限。</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>考慮到長期的人工智能順風，尚不足以發出明確的賣出指令，但在當前水平的激進買入在一個仍然容易出現情緒劇烈波動的市場中也帶來了相當大的風險。投資者最好更加謹慎，不要再次急於進入人工智能的炒作風暴。</p>
</div><hr/>
<div class="lb-trans"><hr/>
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</div>

以下是 Nebius 為何突然再次成為成長股的原因