Nebius is making an interesting bet on the AI boom, which im seeing more ppl consider. it says it could sell all its 2027 GPU capacity today. but it's deliberately holding some back, betting that customers needing GPUs urgently will pay much higher prices. seems rational.. gpu rental prices across 6 providers is up 27% from jul-oct. Nebius also has $12B of dedicated Meta contracts, plus an arrangement for Meta to buy certain unsold capacity. so it's not entirely exposed to spot demand. but also consider the financing side. on Oct 17, Nebius signed a $3.5B secured bridge facility that matures in just 364 days. interest starts at SOFR + 2.75%, then steps up 25bps every 90 days, reaching as high as +3.5%. think about that. Nebius is keeping some compute capacity available to capture higher short-term prices, while using short-term debt to finance its expansion. that works beautifully while GPU demand is tight and capital is available. but i wonder whether Nebius can replace that bridge with cheaper, longer-duration financing before GPU rental prices (potentially) soften? the upside is capturing scarcity pricing. the risk is needing fresh capital when scarcity no longer commands a premium. That's the trade I'm watching in $NBIS.