Is Nebius Stock a Buy After Its 36% Pullback?

Nebius Group, an AI cloud company, has fallen 36% from its September highs amid concerns about funding for AI infrastructure. Despite the pullback, the company benefits from $40+ billion in long-term commitments from major customers like Microsoft and Meta, with revenue expected to surge from $3.34 billion this year to $12.24 billion next year. While the company faces significant capital expenditure needs ($20-25 billion annually) and shareholder dilution, its low valuation of less than 4x next year's revenue and substantial customer prepayments make it a potential buy for risk-seeking growth investors.