Nebius Co-Founder on AI Infrastructure Bubbles | How Price Elastic is Demand for Compute

The AI infrastructure race is in its early stages of enterprise adoption, driven by a massive, unmet demand for compute rather than a speculative bubble. Nebius operates across four strategic layers: physical capacity, managed multi-tenant cloud, managed inference via its "Token Factory," and future agentic workflows. By integrating vertically from hardware to software, the company optimizes total cost of ownership and provides reliable, scalable solutions for enterprises shifting from closed frontier models to specialized, open-source alternatives. While hyperscalers dominate the market, the increasing need for diversified, sovereign AI capabilities creates a significant opportunity for specialized providers. As intelligence becomes cheaper, consumption grows exponentially, fueling demand for efficient, high-performance infrastructure that abstracts away complex plumbing for developers. Success depends on executing at scale, maintaining a diversified customer portfolio, and continuously adapting to the rapid evolution of model capabilities.