Despite recent market volatility and the AI selloff, $NBIS remains my highest-conviction investment and is once again the largest holding in our portfolios. It’s rare to find a generational opportunity at the intersection of seemingly insatiable demand, low-cost financing, and management execution that continues accelerating despite the company’s growing scale. The Street expects roughly $16B in exit ARR for 2027. Following Q2, our full-company model projected approximately $31B. I increasingly believe even that may prove too low. Management has discussed short-term capacity deals approaching $50M in annualized revenue per MW. If Nebius can capture more of this demand through short-term auctions rather than locking capacity into lower-priced multiyear agreements, revenue per MW could meaningfully exceed our assumptions. Combined with accelerating capacity deployment, $NBIS could potentially exit 2027 at more than 2x current Street expectations. I’ve been deploying significant cash from our flagship and active Growth portfolios during this selloff. Looking beyond 2027, our models suggest $NBIS could surpass $100B in annual revenue by 2030. I increasingly believe even that extraordinary forecast could be exceeded. Two developments are changing my expectations. First, Vera Rubin could materially increase the revenue potential of newly deployed capacity, particularly in short- and medium-term contracts. Alongside Nebius’s expanding software stack, including Token Factory and zero-day model support, the company is moving further beyond commodity GPU rentals. Second, capacity acquisition is accelerating. Much of our original forecast depended on greenfield developments across the US and Europe coming online in 2028 and 2029. Management’s hybrid approach, incorporating brownfield acquisitions, colocation, and faster near-term deployments, could pull substantial revenue forward. Higher revenue per MW combined with faster capacity deployment creates enormous upside to our existing scenarios. New management announcements continue strengthening the probability of our bull case. Of course, none of this comes cheaply. Our CapEx forecasts are also substantially above Street expectations. But unlike the financing concerns recently surrounding $CRWV , Nebius benefits from a strong cash position, attractive debt terms, and significant flexibility across debt, convertibles, equity, and potential subsidiary monetizations. Management has demonstrated an impressive ability to balance these financing sources without compromising growth. I suspect the upcoming Q3 earnings could be a major catalyst if management provides formal 2027 ARR and CapEx guidance. Both figures could catch Wall Street badly off guard. The market continues to underestimate not only the scale of infrastructure Nebius is building, but also the increasingly valuable software platform sitting on top of it. $NBIS remains my highest-conviction long-term holding, and recent volatility has only strengthened that conviction.