Key Takeaways Nebius is expanding GPU capacity fast, lifting contracted power targets to 2.5 gigawatts by 2026.NBIS won hyperscale deals with Meta and Microsoft, but rising costs and heavy capital spending hurt profits.Microsoft is embedding AI across Azure and Copilot, boosting scale with massive global data center.Artificial intelligence (AI) spending continues to accelerate, and investors are increasingly focused on the infrastructure powering this boom. From data centers and GPUs to cloud platforms opti ...