Nebius Q2 Outlook

As Nebius Group NV (NASDAQ: NBIS ) approaches its second-quarter earnings, investors face a stark contrast between Goldman Sachs ‘ ultra-bullish $35.5 billion revenue projection and Jim Cramer ‘s blunt warning to investors who bought data-center stocks with borrowed money.

The upcoming second-quarter results will test whether the AI cloud provider’s massive capacity expansion can outpace the broader sector’s recent volatility.

Goldman’s Trillion-Dollar Blueprint Goldman Sachs recently raised its 2030 revenue estimate for Nebius to $35.5 billion, reflecting a 61% increase from its previous forecast following the company’s major AI infrastructure contracts.

Nebius is riding the momentum of a record first quarter, highlighted by a massive up to $27 billion, five-year agreement with Meta Platforms Inc. (NASDAQ: META ).

Nebius will become the next $1 trillion hyperscaler.

Goldman Sachs just revised model raises Nebius’ 2030 revenue estimate to $35.5 billion from a prior $22.1 billion, a 61% increase.

The firm also lifted 2030 EBITDA to $29.1 billion from $17.7 billion, a 64.5% jump.

Goldman… pic.twitter.com/X5i7NP4Zdi — Melvin (@MelvinInvests) August 8, 2026 CEO Arkady Volozh emphasized the company ‘s unique market position, noting, “We are building an AI-native hyperscaler.” The demand is palpable; as Volozh stated, there are typically “several customers competing for every GPU we bring online.” This insatiable appetite drove the first-quarter pipeline generation up 3.5 times sequentially, prompting Nebius to raise its 2026 CapEx guidance to between $20 billion and $25 billion to support capacity expansion tied to expected 2027 demand.

Read Also: CoreWeave or Nebius? Analyst Says the Risk-Reward Now Favors One AI Stock Cramer’s Margin Warning and ETF Volatility Conversely, Cramer has sounded the alarm on the broader AI infrastructure trade, particularly for retail traders using leverage. “If you’re borrowing money to buy something related to the data center, then… …sell it no matter what,” Cramer warned on CNBC. “You won’t regret it.” Additionally, the Big Short investor, Michael Burry, disclosed his short position on NBIS at $211.77, describing his latest bearish bets as "a bit like shooting fish in a barrel." This trade was done alongside a short on Oracle Corp. (NYSE: ORCL ), saying put options on Nebius had become too expensive, so he shorted NBIS shares directly.

The fragility Cramer highlighted is evident in Nebius’ leveraged ETFs.

The Leverage Shares 2x Long NBIS Daily ETF (NASDAQ: NBIG ) and GraniteShares 2x Long NBIS Daily ETF (NASDAQ: NBIL ) have plummeted 38.79% and 38.49%, respectively, over the past month.

These steep declines underscore the severe risks of margin trading amid the recent tech sector pullback.

Leveraged ETFs 1-Month YTD 1-Year 6-Months Leverage Shares 2x Long NBIS Daily ETF -38.79% 114.09% -10.86% 108.47% GraniteShares 2x Long NBIS Daily ETF -38.49% 121.50% -20.41% 114.61% Q2 Expectations and Margin Squeeze Looking ahead to the second-quarter report, Wall Street consensus estimates, according to, project revenue of $576.7 million and a non-GAAP EPS loss of $0.82.

While top-line growth remains explosive, investors are bracing for a near-term margin squeeze.

Chief Financial Officer Dado Alonso cautioned that heavy, back-end-weighted capacity deployments will result in a “nonlinear quarterly adjusted EBITDA margin progression,” with second-quarter margins expected to dip before recovering in the third quarter.

How Has NBIS Performed In 2026? NBIS shares rose 130.85% year-to-date, advanced 175.10% over the last year, and 118.07% over the last six months.

It closed 4.95% higher at $193.23 per share on Tuesday, and it was 7.54% higher in overnight trading. ’s Edge Stock Rankings indicate that NBIS maintains a strong price trend in the long term but a weak trend in the short and medium terms, with a poor value score.

Read Also: Nebius Group Short Interest Hits 27% Ahead of Earnings Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published editors.

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