Analysts expect Nebius Group to report Q2 2026 revenue of $185.4 million and an EPS loss of $0.53, with the stock trading at $22.45 against a $28.00 consensus target. The primary focus for investors is the scaling of the company's AI-centric cloud infrastructure and its GPU cluster utilization rates. Since its transformation from Yandex N.V., Nebius has pivoted toward providing high-performance computing for the European AI market, making infrastructure revenue the core growth driver. This quarter’s results are expected to reflect the impact of recent H100 and H200 cluster deployments on both the top-line growth and operating margins.