Someone Bought $27 Million in Calls Into a 47% Crash

Nebius Group (NBIS) has become a high-stakes battleground following a 47% drawdown from its June highs, despite maintaining a 90% year-to-date gain. Large-scale options activity reveals nearly $27 million in call premium purchased during the final minutes of consecutive trading sessions, targeting break-even prices of $246 and $278 by Spring 2027. These bullish bets contrast sharply with a deteriorating credit environment for "neocloud" providers and high-profile short positions held by investors like Michael Burry. While the company faces scrutiny over its $8.4 billion debt load and rising cost of capital, its operational growth remains explosive, with Q2 revenue up 454% and Q3 expectations nearing $905 million. The market remains deeply divided, as evidenced by Bank of America’s $310 price target versus Piper Sandler’s recent cut to $185, leaving the stock’s recovery dependent on management’s ability to defend its capital-intensive buildout during the upcoming November earnings report.