Nebius: I'm Not Selling, But I'm Monetizing

Nebius remains roughly 25% of my portfolio, despite falling 14% since my previous coverage, as fundamental conviction remains intact. Palantir could help monetize Nebius capacity across enterprise and sovereign AI, but I currently model virtually zero incremental partnership revenue. Three customers generated roughly 59% of Q2 revenue, making Palantir-driven customer diversification potentially more valuable than the partnership headline itself. NBIS 30-day realized volatility reached 157% versus a 114.2% average, creating unusually attractive but potentially dangerous covered-call opportunities. I use covered calls on only 20%-30% of my position, preserving 70%-80% of shares for potentially explosive valuation resets. Even though Nebius ( NBIS ) still constitutes my biggest investment position (close to 25% of my portfolio), my conviction regarding this stock has not weakened, especially in light of the ever-strengthening capital flywheel of this business.