Michael Burry has disclosed a short position in Nebius, the AI neocloud set to report earnings this week. Nebius is expanding rapidly, with first-quarter revenue surging 684% year over year to $399 million, but its long-term debt more than doubled sequentially to $8.4 billion in Q1 2026, not including $1 billion in operating lease liabilities. The company holds $9.3 billion in cash after heavy borrowing to fund data center construction, and it has signed long-term deals with Meta Platforms and Microsoft. While Burry’s short raises near-term concerns, the article argues that Nebius’s position in the AI infrastructure build-out supports a solid long-term outlook.
