Nebius Is Turning Into The Open Source Anthropic

Nebius remains a strong buy, leveraging open-source AI models and a vertically integrated data center strategy to capture surging AI demand. NBIS's Token Factory enables cost-effective managed inference, positioning the company as a formidable open-source competitor to Anthropic and OpenAI. Revenue is projected to grow 537% this year, with adjusted EBITDA margins reaching 45% in Q1, supporting a forward multiple compression from 60x to a ~7x sales steady state. Despite risks from closed-source model advancements, I expect NBIS to deliver ~40% annualized returns through 2030 as it shifts toward higher-margin AI services.