NBIS reports Thursday. Did the market just dump an Amsterdam company over American problems?

NBIS reports before the market opens Thursday, November 12. Circle that date.

Last week the stock got punched in the face, dropping roughly 14% after reports that Microsoft was tightening oversight of certain data-center projects run by Nebius and other neocloud companies.

And suddenly everybody is running for the exit.

But hold on. Nebius is headquartered in Amsterdam. It operates internationally, with a substantial European presence. This isn’t some little American data-center operator whose entire business depends on getting a building approved in Texas.

Yes, it has major U.S. projects. Yes, the Microsoft relationship matters. But Reuters specifically reported tighter oversight, not canceled contracts. There’s a difference. The market apparently didn’t feel like waiting around to find out.

Now comes the fun part. Nvidia put $2 billion into Nebius and announced a strategic partnership to help it deploy more than 5 GW of Nvidia systems by 2030. That’s not a random endorsement from some AI influencer on X.

Q2 revenue was $582 million, up 454% year over year. Adjusted EBITDA reached $236 million. Wall Street is looking for roughly $907 million in Q3 revenue.

And the company has a $3.5 billion Citi financing facility to help keep the expansion moving. Of course, spending billions on data centers isn’t exactly cheap. This thing still has plenty to prove.

But Thursday is coming fast. The question is whether the Microsoft headlines actually show up in the numbers, or whether NBIS got caught in a panic selling anything with the letters AI attached to it.

Could earnings be a pleasant surprise? Maybe. The stock closed Friday at $129.49, nowhere near its $299.86 52-week high. Expectations have certainly cooled.

Safe earnings? There is no such thing. But selling an Amsterdam-based global AI cloud company because Washington and American data-center projects are making investors nervous might be a little too lazy.

Let’s see what the numbers say Thursday morning. The bears have had their fun. Now management gets to explain what they’re actually building.

Not financial advice.