Nebius Group (NBIS): Upgrading our estimates/PT to reflect a more positive view on growth opportunities; reiterate Buy

Research evidence excerpt

Nebius Group (NBIS): Upgrading our estimates/PT to reflect a more positive view on growth opportunities; reiterate Buy

Equity Research

29 June 2026 | 6:01AM BST

Nebius Group (NBIS): Upgrading our estimates/PT to reflect a more

positive view on growth opportunities; reiterate Buy

Alexander Duval

+44(20)7552-2995 |

alexander.duval@gs.com

Goldman Sachs International

Anant Jakhar

+1(332)245-7829 |

anant.x.jakhar@gs.com

Goldman Sachs India SPL

We update our estimates and 12M PT for Nebius to reflect our incrementally positive

Ayo Odunaiyaview on the company’s growth trajectory in the coming years. We reiterate our Buy +44(20)7051-5995 |

rating. Please see more details below. ayo.x.odunaiya@gs.comGoldman Sachs International

What has happened?

We believe that recent commentary from the AI ecosystem underscores continued

strong AI demand, driven by increasing adoption trends based on dynamics,

including the adoption of Agentic AI. For example, in the semis space, Micron at its

recent 3QFY26 results guided next quarter revenue 15% above consensus and

commented that it expects the memory supply-demand imbalance to persist

beyond 2027 with supply gradually improving in 2028. Additionally, we highlight an

increase in Enterprise adoption of AI, as companies deploy Agentic AI with the aim of

streamlining workflows, improving efficiency and reducing costs. As such, we believe

that Nebius is well-positioned to benefit from these tailwinds in the coming years

given 1) its solid execution in ramping power capacity, 2) AI platform approach that

combines hardware and software capabilities, 3) relatively higher reliability of its

solutions.

n First, recent datapoints from the AI supply chain point to a robust demand

outlook, given accelerating AI adoption.