1. Nebius Group showcases disciplined growth with 322% YoY revenue surge and 9x AI infrastructure revenue in Q2, alongside 71.36% gross margins and early EBITDA profitability; 2. Strategic capacity investments, including delaying expansion for next-gen Nvidia Blackwell GPUs, enhance capital efficiency and pricing power amid high AI demand; 3. Despite a 36% stock rally, fundamentals outpace price appreciation, prompting a Strong Buy upgrade despite short-term liquidity risks.