Nebius Group NV

NBIS is exhibiting clear Stage 4 decline characteristics with persistent lower highs and lower lows under down-sloping EMAs. Although oversold, recent bounces have been rejected at the 9/20 EMA zone, reinforcing a medium-term bearish bias. Execution should be deferred to rallies into the short-EMA resistance area for trimming, while the long-term uptrend remains intact above the 200DMA.

• ↑Q1 revenue jumped 684% YoY to $399M, limited by capacity.
• ↑Adjusted EBITDA margin improved to 32%, up from a loss last year.
• ↓Valued at 75× sales, risking a steep multiple contraction.