Sell NBIS by Sep 20, 2026.

Every $800 target on Nebius is built the same way. Take booked GPU capacity. Multiply by an assumed utilization and price-per-GPU-hour. Grow it on a hyperscaler curve. Slap a multiple on it. The model is clean. That's the problem. It's clean because it skips the hard part. I'm not calling it a short. I run a constraint-signal framework for my own research — find the physical bottleneck a thesis depends on *before* I touch the revenue line. On NBIS the …