Nebius Turns EBITDA-Positive and Lands Another AI Megadeal — Now the Capex Bill Comes Due
Nebius shares jumped as much as 18% Wednesday after the AI-infrastructure operator posted its first positive adjusted EBITDA quarter and signed a new $1 billion-plus compute deal with Reflection AI. The move reopens the neocloud debate: capital-efficient growth story, or capex outrunning cash flow?