$NEBIUS(NBIS)$  Just because a generalist like Walmart adds gas stations doesn't mean specialized oil majors like BP or Shell go away. The same logic applies here: Meta building its own infrastructure is a large consumer securing its basic supply, which doesn't really threaten specialized, high-tier wholesalers like Nebius. Nebius is positioned more as a premium, high-performance provider engineered for demanding, precision-heavy workloads—think advanced robotics and custom AI clustering. This whole infrastructure push suggests AI computing is becoming the new critical resource, and the market is dealing with a structural shortage, not just a speculative bubble. Looking ahead, as regulatory shifts like the AI Act push heavy industries into localized, secure ecosystems, specialized sovereign clouds could capture the highest-margin contracts, which would set the stage for significant long-term valuation growth.