Is Nebius a Millionaire-Maker Stock?

Nebius Group, a Dutch AI cloud company, has experienced explosive growth with Q2 2026 revenue up 454% year-over-year and $40+ billion in customer commitments. However, the stock is unlikely to be a true 'millionaire-maker' as it would need to reach a $4.6 trillion market cap. Key concerns include extreme capital intensity (capex nearly 10x quarterly revenue), heavy reliance on AI cloud sales (98% of revenue), and a high valuation at 34x trailing sales despite recent pullbacks.