Nebius stock after 55% correction — After a 55% decline, Nebius Group N.V. (NBIS) has found at least one aggressive buyer. Yiannis Zourmpanos, a longtime bull on the stock, says he is accumulating shares again, calling the selloff an attractive entry point. The position marks a shift for an analyst who had previously been one of Nebius’s most vocal supporters.
Why the Bull Is Buying
The core of the case rests on two pillars: a steep technical washout and an upcoming earnings report that could serve as a catalyst. Nebius reports third-quarter results on November 12. Consensus expects revenue of $905.74 million.
Zourmpanos frames the 55% correction as a buying opportunity rather than a warning sign. He points to the stock’s relative strength index falling below 30, a level often read as oversold. He also highlights record selling volume alongside a bullish divergence, which he interprets as possible capitulation and the early stage of a recovery.
The Revenue Math Behind the Thesis
The bull case does not rely on technicals alone. Meeting a $3.35 billion annual revenue run rate would require roughly 62% sequential growth in the fourth quarter, according to the analysis. That is a steep ask, but Zourmpanos argues that pricing data from IREN broadly corroborates Nebius’s assumptions, even though the two companies structure their contracts differently.
IREN’s long-term megawatt pricing sits at $22 million, while short-term pricing is $40 million. Those figures are presented as a rough external check on the economics Nebius is pursuing, not as a direct comparison. The differing contract structures mean the numbers are not apples-to-apples, but the analyst sees them as supportive of the broader revenue trajectory.
A Track Record of Contrarian Calls
Zourmpanos describes his investment style as hunting for asymmetric opportunities, often before they break out. He previously worked in audit and consulting at Deloitte and KPMG and is a Fellow Member of ACCA Global, with BSc and MSc degrees from U.K. business schools. His stated horizon is two to three years, which he says allows him to ride out volatility.
That longer horizon matters here. The call is not a prediction that the stock will rebound immediately after earnings. It is a bet that the current price offers a margin of safety for patient capital, with upside potential that outweighs the downside risk.
What to Watch on November 12
The Q3 report will be the first real test of the thesis. Revenue of $905.74 million is the consensus figure, and deployment progress is cited as a potential recovery catalyst. If Nebius can show momentum toward the annual run rate, the bull case gains credibility. If not, the correction may have further to run.
For now, the stock sits at the center of a debate between those who see a broken growth story and those who see an oversold opportunity. Zourmpanos has made his choice clear: he is buying the crash, not running from it.
Disclosure: The analyst holds a beneficial long position in NBIS through stock ownership, options, or other derivatives. This article reflects his own opinions, and he receives no compensation beyond Seeking Alpha. Past performance is no guarantee of future results, and nothing here constitutes investment advice.
