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Nebius Group (NBIS) reported Q3 sales of $146.1 million, a 355% YoY increase, and a Q3 ARR of $551 million. The company aims to grow ARR to at least $7 billion by the end of 2024, and management believes it can reach $9 billion. However, the rapid expansion has led to concerns about share dilution and debt financing, which has ballooned to over $4 billion. Despite this, the AI industry is forecast to grow from $255 billion in 2025 to $1.7 trillion by 2031, providing a potential tailwind for Nebius.

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