Buy NBIS by Aug 12, 2026.

Numbers: * Rev $399M (+684%) * ARR $1.92B (+674%) * Adj EBITDA 129.5M(vs−129.5*M*(*vs*−53.7M) * AI Cloud margin 45% Key drivers: * Demand still > supply. Pipeline up 3.5x QoQ. * Moving from training → inference (acquired Tavily, Clarifai) * Power capacity was raised to 4GW+ by 2026 * 6.3Bfinancing,6.3*Bfinancing*,9.3B cash AI demand is not peaking. But stock = high expectations, high volatility now. Watch GPU pricing + power rollout. High IV favors spreads over naked calls. Core thesis intact. Timing …