1. Nebius achieved 625% YoY revenue growth in Q2 2025, with raised ARR guidance implying over 1000% annual growth, reflecting surging demand for AI computing; 2. The company is nearing profitability with improved operational efficiency, achieving positive adjusted EBITDA ahead of schedule; 3. Despite high valuation, the author maintains a buy rating due to exceptional growth and cost control aligning with long-term potential.