Roman Chernin

Harry Stebbings × Roman Chernin

Nebius’s 40% one-week stock drop during DeepSeek panic coincided with its best commercial week, as cheaper intelligence made more inference workloads viable and increased consumption.Nebius has raised prices yet faces pipeline pressure, while its four-layer stack expands from scarce bare-metal capacity to managed inference and speculative agentic workloads; consolidation into three or five super-model empires remains the key risk.