What smart money is saying about Nebius
7 funds in our archive have pitched Nebius — most recently Royal London AM Global Equity Transitions Fund in June 2026.
Nebius Group N.V. is a technology company dedicated to developing comprehensive infrastructure to serve the global artificial intelligence industry. Its operations encompass several key areas. Central to its mission is Nebius, an AI-focused cloud platform engineered to handle demanding AI workloads. This division constructs end-to-end AI infrastructure, featuring extensive GPU computing clusters, robust cloud platforms, and essential tools and services for developers. The group also includes Toloka AI, which functions as a data solutions provider, assisting with various phases of generative AI development. TripleTen operates as an educational technology venture, focused on equipping individuals with new skills for careers in the tech sector. Furthermore, Avride specializes in pioneering autonomous driving technologies for self-driving vehicles and delivery robots. Founded in 1989, the company was previously known as Yandex N.V. until its rebranding to Nebius Group N.V. in August 2024. Its headquarters are located in Amsterdam, the Netherlands, with additional research and development facilities spread across Europe, North America, and Israel.
Get an email when a fund writes about it
Position history
Between Q4 2025 and Q2 2026, 12 fund letters reported a position in Nebius — 6 opened or added to the position.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q2 2026 | 10 | 5 | 0 | 3 |
| Q1 2026 | 2 | 1 | 0 | 2 |
| Q4 2025 | 0 | 0 | 0 | 2 |
Fund activity · 12 positions · 6 moves
- June 2026
“The top contributors to the Portfolio’s relative performance were Advanced Micro Devices, Intel, and Nebius Group.”
Nebius - June 2026
“We increased the portfolio's exposure to specific parts of the AI infrastructure theme through purchases of Nebius Group and Arm Holdings.”
Nebius - June 2026
“We increased the portfolio's exposure to specific parts of the AI infrastructure theme through purchases of Nebius Group and Arm Holdings.”
Nebius - June 2026
“We added to Cisco Systems and Lumentum Holdings, reflecting our improving conviction in their respective wealth creation outlooks and attractive valuations. We also initiated a position in QXO, taking advantage of share price weakness to gain exposure to what we believe could become a leading consolidator in the highly fragmented building products distribution market. We increased the portfolio's exposure to specific parts of the AI infrastructure theme through purchases of Nebius Group and Arm Holdings.”
Nebius - June 2026
“• Nebius Group is a specialized AI infrastructure company that provides a full-stack platform, including GPU-accelerated cloud computing, to help enterprises build, train, and deploy large-scale artificial intelligence models. The company has positioned itself as a leading next-generation cloud provider purpose-built for machine learning and high-performance computing workloads. We believe the company’s appeal is anchored by its vertically integrated approach, which combines proprietary data center design with in-house software to deliver superior performance and lower operating costs compared to traditional GPU cloud providers. Shares contributed positively to performance after the company reported better-than-expected revenues, driven by surging demand for AI computing power.”
Nebius - June 2026
“We continued to upgrade the portfolio, increasing exposure to areas where we see stronger long-term wealth creation opportunities and more attractive risk-reward characteristics. We added to Cisco Systems, Lumentum Holdings and Hannover Re, reflecting improving conviction in their respective wealth creation outlooks and attractive valuation support. We also initiated a position in QXO, taking advantage of share price weakness to gain exposure to what we believe could become a leading consolidator in the highly fragmented building products distribution market. Within industrials, we switched part of our position from Volvo into Daimler Truck. While both companies score similarly within our framework, we believe Daimler Truck offers the more attractive valuation opportunity. The company is executing a significant operational turnaround, and current earnings expectations appear overly conservative given improving freight market conditions and the potential benefits from ongoing cost reduction initiatives. We increased the portfolio's exposure to specific parts of the AI infrastructure theme through purchases of Nebius Group and Arm Holdings.”
Nebius - June 2026
“PORTFOLIO UPDATE Class A shares of the Alger Small Cap Focus Fund outperformed the Russell 2000 Growth Index during the second quarter of 2026. Nebius Group, Credo Technology Group, and Guardant Health, Inc. were among the top contributors to performance.”
Nebius - June 2026
“On Nebius, we trimmed some of our position and wrote calls against a meaningful portion of it in June”
Nebius - June 2026
“From a stock specific perspective, the Fund’s 26.7% gain was driven by 32 contributors against 10 detractors. It is tempting to describe it as SpaceX and everything else, but it would not be correct and would not do the quarter justice. Taiwan Semiconductor (TSMC), ASML, Nebius, NVIDIA, Forgent, and Amazon contributed over 100bps each to absolute returns, while Datadog and CrowdStrike contributed over 200bps each. 24 of our holdings outperformed the double-digit returns of the Index, with 14 investments contributing between 20bps and 100bps each. 15 of our holdings appreciated over 30% during the quarter. CrowdStrike, Forgent, Snowflake, BillionToOne, and ASML each gained over 50%, while Datadog, which we have owned since its IPO in 2019 more than doubled (up 121.7%) and Nebius, which we bought just last quarter, was up a cool 166.2%.”
Nebius - June 2026
“Portfolio Performance & Attribution During the second quarter of 2026, the Polen 5Perspectives Growth Opportunities Portfolio (the “Portfolio”) returned 25.16% net of fees compared to the 17.05% return of the Russell 3000 Growth Index (the “Index”). The top contributors to the Portfolio’s relative performance in the quarter were Bloom Energy, Advanced Micro Devices, and Nebius Group.”
Nebius - March 2026
“• Nebius Group is a specialized AI infrastructure company that provides a full-stack platform, including GPU-accelerated cloud computing, to help enterprises build, train, and deploy large-scale artificial intelligence models. The company has positioned itself as a leading next-generation cloud provider purpose-built for machine learning and high-performance computing workloads. We believe the company is anchored by its vertically integrated approach, which combines proprietary data center design with in-house software to deliver superior performance and lower operating costs compared to traditional GPU cloud providers. During the quarter, shares contributed positively to performance driven by several reinforcing catalysts.”
Nebius - March 2026
“Next up is a quick comment on Nebius, which has been equal parts rewarding and humbling. When we initiated the position last year, the company had a lot to prove, though we saw a massive margin of safety and described the 2 Contribution as a percentage of total net gains/losses. 3 https://www.crossroadscap.io/insights/the-long-duration-case-for-merlin-labs Crossroads Capital Q1 2026 Investor Letter | 4 business as trading below liquidation value. We liked the team, we liked the assets, and we were right on the thesis. But if we’re being honest with ourselves, we sized it too small. Our methodology is to start small and average up as milestones get achieved. In this case, the milestones came so fast that we should have matched that pace with our own, adding more aggressively as the business de-risked in real time as opposed to our more patient approach. First- world problems, admittedly, but when a company is executing at that tempo, our investment pace needs to keep up. We’ve internalized that lesson, and will act accordingly going forward. But that bump in the road didn’t throw us off track: We stayed true to our methodology, and with time and performance, we now hold a more aggressive position in Nebius while the business continues to fire on all cylinders.”
Nebius
Also mentioned · 4
These funds discuss Nebius — as a competitor, benchmark or comparable — without disclosing a position in it.
- July 2026
“2. Fragile economics further down the chain. Behind the cash-rich hyperscalers, the picture is more precarious. The neoclouds – CoreWeave, Nebius, Crusoe, Lambda, and others – are highly indebted entities with aggressive expansion plans,”
Nebius - June 2026
“The big spenders are Alphabet, Amazon, Meta, Microsoft, Oracle, CoreWeave, Nebius, and SpaceX.”
Nebius - MentionedHotchkis & Wiley Value OpportunitiesJune 2026
“The big spenders are Alphabet, Amazon, Meta, Microsoft, Oracle, CoreWeave, Nebius, and SpaceX.”
Nebius - June 2026
“The big spenders are Alphabet, Amazon, Meta, Microsoft, Oracle, CoreWeave, Nebius, and SpaceX.”
Nebius
Fund coverage · 7 theses
Nebius is an AI infrastructure and cloud company whose underappreciated full-stack platform is validated by large contracts and offers exposure to a very large market.
Read the full thesisNebius Group is an AI infrastructure platform gaining scale through contracted demand, priority silicon access, and asset-light expansion, with improving economics and major long-term customer commitments.
Read the full thesis- Alger.com Focus Equity FundJune 2026
Nebius Group provides GPU-accelerated AI cloud infrastructure with vertically integrated advantages and strong demand tailwinds.
Read the full thesis Nebius Group is scaling an AI cloud platform with large AAA contracts, Nvidia support, strong financing access, and a structurally advantaged power and capacity footprint.
Read the full thesis- Baron Global Opportunity FundMarch 2026
Nebius is a founder-led neocloud building a vertically integrated AI cloud platform, de-risked by large bare-metal GPU contracts and valuable equity stakes, with significant market share potential.
Read the full thesis - Alger Spectra FundDecember 2025
Nebius Group N.V. is an AI-focused cloud infrastructure provider benefiting from strong GPU demand and long-term contracts despite sector volatility.
Read the full thesis - Crossroads CapitalDecember 2025
Nebius Group is an AI-first cloud and infrastructure platform with multi-year hyperscaler contracts, secured multi-gigawatt power, and constructive financing that underpin undervalued long-term earnings potential.
Read the full thesis
Read every full thesis on Nebius
Unlock all 7 theses — the full reasoning behind what funds are buying, plus unlimited access to the entire archive.
View plans→