Nebius posted 684% revenue growth and I'm still not popping champagne

Nebius: 684% revenue growth, $399 million in Q1, adjusted EBITDA margin on the AI business at 45%. The headline writes itself. Here's what it skips. A $27 billion Meta contract sounds incredible. It's also five years of revenue riding on one customer. That's not a business model. That's a dependency. They raised capex guidance from $18 billion to $22.5 billion while adjusted net losses are still widening. Spending faster, concentrating harder, calling it momentum. The CEO said on the call, 'everything we build with is sold.' Great line. Also exactly what you say right before supply catches up with demand. The neocloud GPU rental model works. Until the hyperscalers decide they'd rather own the infrastructure than rent it. That's not a prediction. That's already the direction.