Nebius: A Cloud’s Shadow & the Illusion of Progress

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Meta Platforms, that vast digital estate, continues its relentless pursuit of the artificial – an ambition, one might observe, mirroring humanity’s age-old yearning to play God. They are, predictably, throwing money at the problem – a sum bordering on the astronomical, some $115 to $135 billion this year. A vulgar display, perhaps, but then, what isn’t these days? The usual suspect, Nvidia, stands to benefit, naturally. One imagines their executives already polishing their yachts.

But let us not be distracted by the obvious. While the titans gorge themselves, a lesser, more… interesting player emerges from the fog. Nebius Group, a name that sounds suspiciously like a forgotten Roman emperor, is poised to capitalize on this digital frenzy. They provide the infrastructure, the very scaffolding upon which Meta’s artificial dreams are built. A humble role, you say? Hardly. It is the unseen hand that guides the spectacle.

The Cloud’s Alchemy: Turning Silicon into Gold

Meta, in its boundless generosity, intends to purchase “millions” of Nvidia’s latest creations – Blackwell and Rubin GPUs. A digital horde, amassed for… what exactly? To refine algorithms? To predict our desires before we ourselves articulate them? It matters little. The point is, Meta will not deploy this power in isolation. They will rely on Nvidia’s cloud partners, and Nebius happens to be one of them. A clever arrangement, allowing Meta to feign humility while quietly controlling the levers of power.

Nebius offers access to these silicon deities – H200, H100, Blackwell – for a modest hourly rental. A digital serfdom, where data is the currency and processing power the lord’s estate. They even offer tokens, those ephemeral units of data, for running various AI models. A modern alchemy, turning electricity into… what? More algorithms? More predictions? It is a vicious cycle, and Nebius sits comfortably in the center.

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And the contracts! A $3 billion award from Meta, a mere trifle, naturally. And Microsoft, with a contract exceeding $19 billion. One begins to suspect a conspiracy – a quiet agreement between the giants to prop up this unassuming cloud provider. Or perhaps it is simply the inevitable consequence of unchecked growth, a system spiraling out of control.

Analysts predict an exponential increase in Nebius’ revenue – a jump to $3.4 billion in 2026 from a paltry $530 million this year. A ludicrous projection, one might say. Yet, considering the contracts already secured, it seems… plausible. The backlog of over $20 billion from Meta and Microsoft is a formidable foundation. And with data center spending on the rise, the sky – or rather, the cloud – is the limit.

The Illusion of Growth & the Specter of Excess

Nebius plans to expand its data center sites to 16 this year, up from a mere seven. And to increase its power capacity to 800 megawatts – or even a gigawatt. A prodigious undertaking, fueled by the insatiable hunger for data. One can almost smell the electricity, the ozone crackling in the air. It is a magnificent spectacle, and yet… deeply unsettling.

A 140% jump in the past year! The stock market, that fickle mistress, has rewarded Nebius handsomely. But for how long? The system is built on sand, on the illusion of perpetual growth. Sooner or later, the tide will turn. The data will flow, the algorithms will churn, and the whole edifice will come crashing down. But until then, Nebius will continue to thrive, a silent beneficiary of our digital follies. One can’t help but admire their audacity. Or perhaps, simply, their luck. It is, after all, a strange and capricious world.

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2026-02-23 13:32