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The AI infrastructure company formerly born from Yandex's restructuring posted $582.3 million in Q2 revenue, but Michael Burry is betting against it.
Nebius Group, the Amsterdam-based AI infrastructure company trading on NASDAQ, just posted quarterly revenue that made Wall Street do a double take. Q2 2026 revenue came in at $582.3 million, a 454% increase year-over-year, and Bank of America responded by hiking its price target from $280 to $310.
Analyst Tal Liani maintained a Buy rating on the stock, which closed near $259.20 after the earnings release. That implies roughly 20% upside from current levels to the new target. For a stock already up more than 200% year-to-date, that kind of headroom still looks generous.
The numbers behind the hype #
Nebius didn’t just grow the top line. It flipped its profitability picture entirely. Adjusted EBITDA for Q2 2026 hit $236.2 million, compared to a $21 million loss in the same quarter a year earlier.
The company also issued full-year 2026 revenue guidance of $3 to $3.4 billion. Even more eye-catching: an annualized run-rate revenue expectation of $7 to $9 billion.
The business model centers on large-scale GPU clusters and cloud services built specifically for enterprise AI workloads.
From Yandex’s ashes to AI darling #
Nebius didn’t materialize out of thin air. The company emerged from the restructuring of Yandex N.V. in 2024, a process driven by geopolitical pressures that forced the Russian tech giant to divest its international operations. Under CEO Arkady Volozh, the newly independent entity pivoted hard toward global AI infrastructure.
Burry bets the other way #
Not everyone is buying the story. Michael Burry has increased his short position on NBIS at around $247 per share.
Burry’s bearish stance creates an interesting tension in the market narrative. On one side, you have Bank of America setting a $310 target and citing strong fundamentals. On the other, you have a contrarian investor known for identifying bubbles placing a meaningful wager that the stock is overextended.
Institutional investors watching the AI infrastructure space now face a choice between two credible but contradictory frameworks: Bank of America’s thesis that Nebius is still undervalued relative to its growth trajectory, and Burry’s implicit argument that the market has already priced in too much future success.
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