Michael Burry's Nebius Short Is Underwater After a 454% Revenue Quarter

• Michael Burry disclosed short position in Nebius Group at $212/share. • Q2 results showed 454% revenue growth but stock rose 34%. • Concerns remain over depreciation and balance sheet obligations. Michael Burry shorted Nebius Group (NBIS) at $212/share on Aug. 6, a larger bet than his Oracle short. Six days later, Nebius reported Q2 results with revenue surging 454% to $582.3M, reaffirming full-year guidance. The stock jumped 34% to $259, leaving Burry's position underwater. Nebius' AI cloud business grew 514% to $575M with a $3B annualized run rate. AI cloud EBITDA margins reached 50%, and the company closed four $1B+ contracts. Operating cash flow hit $2.2B with $8B cash on hand. However, depreciation remains a concern. Q2 depreciation of $259.7M exceeded adjusted EBITDA, and the company uses 5-year depreciation schedules. Capital expenditures of $5.7B would imply over $1.1B annual depreciation once in service. At $259, Nebius trades at 20x 2024 revenue guidance. The stock sold 12.7M shares through June at $223.60 average, raising $2.8B with 12.3M shares remaining.