人工智能(AI)基础设施公司Nebius(NBIS.US)今日盘中大涨5.05%，延续了近期的强劲涨势。自4月以来，Nebius股价已累计上涨约125%，反映出市场对AI基础设施领域的持续看好。
尽管Nebius表现亮眼，但与同行CoreWeave(CRWV.US)相比仍有差距。数据显示，CoreWeave同期涨幅高达369%。分析认为，Nebius相对落后主要有以下原因：1）规模较小，2025年第一季度收入仅5500万美元，而CoreWeave达9.82亿美元；2）业务较为分散，不被视为"纯粹"的AI基建标的；3）尚未披露大型战略合同，缺乏明星客户效应。
然而，Nebius也具备独特优势。公司拥有健康的资产负债表，净现金14亿美元；客户分散于20多个行业，降低了集中风险；同时还有多个潜在催化剂，如即将到来的盈亏平衡点、行业定制AI基础设施等。随着这些优势逐步显现，Nebius有望缩小与竞争对手的估值差距，释放更多上涨空间。
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