Nebius Group N.V. Q2 FY2025 Earnings Call

Thank you, and welcome to Nebius Group's Second Quarter 2025 Earnings Conference Call. Joining me today are Arkady Volozh, Founder and CEO; and our broader management team. Our remarks today will include forward-looking statements, which are based on assumptions as of today. Actual results may differ materially as the results of various factors, including those set forth in today's earnings release and in our annual report on Form 20-F filed with the SEC. We undertake no obligation to update any forward-looking statements. During this call, we will present both GAAP and certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The earnings press release, shareholder letter and accompanying investor presentation are available on our website at group.nebius.com/investor-hub. And now I'd like to turn the call over to Arkady.

Thanks, Neil, and thank you to everyone for joining the call today. I'm pleased to report that we had an excellent quarter. We more than doubled our revenue for the group from Q1, and this quarter we also achieved EBITDA positivity in our core AI infrastructure business earlier than we had anticipated. While we could grow faster, we were oversold on our supply of previous generation hoppers, so we chose to wait for the new generation of GPUs. The new Blackwells are coming to market in large quantities, and we are significantly increasing our data center capacity. Consequently, we expect to see a substantial rise in our sales by the end of this year, which is why we are raising our ARR guidance for year-end from the previous $700 million to $1 billion to a new range of $900 million to $1.1 billion. Regarding our capacity, I see this as one of the key updates of this call. We are aggressively ramping up. By year-end, we expect to secure 220 megawatts of connected power that is either active or prepared for GPU deployment, including our data centers in New Jersey and Finland. Additionally, we are close to finalizing two significant new greenfield sites in the U.S. Overall, we are working to secure over 1 gigawatt of power by the end of 2026 to capture industry growth next year. We've also made significant enhancements to our software cloud platform to support our expanding capacity and address the demand for large-scale clusters. Furthermore, we are continuously expanding our customer base. We have started to gain real traction on the enterprise front, adding large global technology customers like Cloudflare, Prosus, and Shopify. We continue to be a leading cloud provider for native AI tech startups, adding clients such as HeyGen, Lightning.AI, Photoroom, and many others. On the financing side, as you know, we are fortunate to have various options to fund our ambitious growth. We have raised over $4 billion in capital to date. We maintain a robust balance sheet and have access to potentially billions more thanks to our noncore businesses and other equity stakes in companies like Avride, ClickHouse, and Toloka. In summary, this is an exciting time for Nebius. We are in a unique position to seize a once-in-a-generation opportunity, as we believe the demand for AI compute is strong and will only continue to grow. We are rapidly increasing our capacity to pave the way for accelerated growth in 2026 and beyond. With that, let me introduce our new Chief Financial Officer, Dado Alonso. Dado, welcome again, and the floor is yours.

Thank you, Arkady. I'm really excited to be joining Nebius. I've long believed that AI will fundamentally transform our world, and Nebius is well positioned to make that happen. Of course, I'm also looking forward to getting to know our investors and analysts over the coming months. While the details of our Q2 financial performance can be found in our shareholder letter, I'd like to highlight a few key items and then conclude with guidance. We reported $105.1 million in revenue, up 625% year-over-year and up 106% quarter-over-quarter, driven by strength in our core business and solid execution from our Tripleten team. Our AI cloud infrastructure revenue increased more than 9x year-over-year, driven by strong customer demand for our copper GPUs and near peak utilization of our platform. Even as we achieve hyper growth, we continue to operate with discipline. This focus allowed us to achieve positive adjusted EBITDA in our core business ahead of our expectations. Below the operating income/loss line, we recorded a gain from revaluation of investment in equity securities related to our equity investment. We also reported a gain from discontinued operations. These 2 non-business-related items made for the quarter GAAP net income profitable. It is important to notice that we view these gains as onetime in nature. Turning to guidance. We see very strong momentum in our business and demand for AI compute remains exceptionally high. Given our plans to further scale our platform this year, we are updating our full-year outlook. For annualized run rate revenue, as Arkady already mentioned, we are raising guidance from $750 million to $1 billion to $900 million to $1.1 billion. This is based on closed contracts for existing and future capacity as well as sales we anticipate for the rest of the year. For our core business revenue, we are maintaining our guidance of $400 million to $600 million. Let me share a few points. We continue to experience strong demand and are building capacity to take advantage of the large opportunity in front of us. Of the 220 megawatts of connected power we expect to have at the end of the year, we will have 100 megawatts of active power. And as we are building out our data center capacity, most of our GPU installations will take place in Q4. So we expect our annualized run rate revenue and revenue to be back-end weighted. For group revenue, we are keeping the projections that we already provided, that is group revenue of $450 million to $630 million. This excludes the 2025 revenue guidance of $50 million to $70 million we previously gave for Toloka. As we announced, effective from Q2, we have deconsolidated Toloka from the group. Turning to adjusted EBITDA. As we previously announced, we expect to be slightly positive by the end of the year at the group level, but still we will be negative for the full year. Finally, we are maintaining our CapEx guidance of around $2 billion in 2025. In closing, we are experiencing hyper growth with demand to support continued strong results. We are investing in capacity to capture the large and growing opportunity in front of us and are positioning the company to become a leader in AI cloud infrastructure. Look, I truly believe the future of Nebius is incredibly bright. We're not just well positioned. We have the resources, the expertise and, most importantly, the team to lead and win. Now let me turn the call over to Neil for Q&A.

Great. Thanks, Dado. We've started to collect questions from the online platform, and we'll give it a minute just to consolidate. Great. All right. So our first question comes from our analyst from Goldman Sachs, Alex Duval. And maybe I'll give this to Marc. Marc, can you maybe talk about the overall demand environment? And how does demand look like as we're moving into the second half of this year?

Yes. And thank you, Alex, for the question. The demand environment in the second quarter, as you can tell from our results, was very strong. As we brought on more capacity, we sold through it. By the end of the quarter, we were at peak utilization. There's a nice trend that we're actually starting to witness. As we bring on larger clusters, we are able to bring on new large customers who want to purchase greater and greater capacity. This allows us to expand and diversify our customer base and has been a clear signal there is growing opportunity in the market. This also suggests strong demand to support ramping up our capacity. If we had more capacity in the second quarter, we probably would have sold more as well. At the same time, we were able to improve the maturity of our platform, which has contributed nicely to increasing our competitive win rate, all of which is continuing on into this quarter.

Great. Thanks, Marc. And that was Marc, our new Chief Revenue Officer. A question on EBITDA. Dado, maybe you can take this one. It's good to see positive adjusted EBITDA for the AI cloud business to come in ahead of expectations. How should we think about adjusted EBITDA for the core business and for the whole group going forward for the remainder of this year?

Well, look, we are very pleased to report that our core business reached adjusted EBITDA profitability this quarter ahead of our initial guidance. Looking ahead, we expect the core business to remain positive throughout the rest of the year. At the group level, we anticipate turning adjusted EBITDA positive by the end of the year. However, for the full year, it will remain negative. That said, we expect group adjusted EBITDA to be positive starting next year.

Great. Thank you, Dado. And Dado, maybe we'll stick with you. Analyst Nehal Chokshi from Northland is asking about ARR. So really, as we think about ARR for the year, what are the dynamics around ARR? And can you give any update for ARR this quarter?

Sure. Thanks, Nehal. Reality is that we show strong momentum in Q2 with annualized run rate revenue growing from $249 million in March to $430 million in June. While we are not providing monthly ARR updates, I can say that this positive trajectory has continued into July. Looking ahead to our increased annualized run rate revenue guidance, a significant portion of it is already under contract, which gives us strong visibility. We also see continued strong demand in the market, and as we scale up capacity, we are able to sell it quickly. With additional capacity coming online later this year, we are confident we are on track to deliver on the revised ARR guidance.

Great. Thanks, Dado. Dado, maybe staying with you online. It looks like our prior guidance for ARR was $750 million to $1 billion and $400 million to $600 million of core business revenue. We're now increasing the ARR to $900 million to $1.1 billion, but there's no change to the revenue guidance. Can you explain why this is?

Yes, of course. The increase in our ARR guidance reflects the strong demand we are seeing in the expected delivery of additional GPU capacity later this year, particularly the Blackwell Ultras. Much of this capacity will come online by the end of the year, the impact will show up more in ARR than within the year revenue. That timing dynamic is why we are holding our 2025 revenue guidance steady. That said, this late year ramp will create a strong foundation heading into 2026 and will support meaningful revenue acceleration next year.

Great. Thanks, Dado. We have a question from Alex Platt, an analyst from D.A. Davidson, and he's really asking about the 1 gigawatt. So if we're getting to 1 gigawatt of contracted power by the end of '26, how should we think about revenue for next year? And how should we also think about the guidance we gave last quarter for the midterm of getting to mid-single-digit billions of revenue over the next few years? Maybe Marc, do you want to take this?

Certainly. And thank you, Alex, for the question. It's too early for us to provide '26 guidance, and we'll be returning to that question later this year. But for now, we do want to reaffirm our midterm outlook as we are making very good progress towards our goals. As we said in our Q1 earnings call, our base case calls for several billion dollars of revenue in the midterm. This means in the next few years. Our base case also assumes that we grow our capacity to support this type of revenue goal from our '25 levels. We also said this guidance does not factor in a large deal from a frontier AI lab or a hyperscaler. Those transactions would be considered incremental to this guidance. I hope everybody is gathering that our ambition is to grow much larger and much faster, and we are laying that foundation with the 1 gigawatt capacity that we're deploying.

Great. Thanks, Marc. The next question is around tariffs. The U.S. is now exercising tariffs across most nations. How does this impact your business and margins? Tom, do you want to take this?

Yes, Neil, I’m happy to address that. The issue of tariffs is something we are monitoring closely. At this stage, it’s a bit early to provide any definitive insights. However, the important point is that whatever decisions are made will impact everyone in our market. While we might experience some short-term fluctuations, we are confident that the market will adjust and balance out over time. We will provide updates as we gather more information.

Thank you, Tom. All right. We get this question quite a bit. What is your return on CapEx? And Dado, maybe you can help shed some light here.

Certainly. Look, when we price our GPUs, we aim for healthy margins on a per hour compute basis. For the hopper generation, we expect to break even in roughly 2 to 3 years on a gross profit level. That includes both the cost of hardware and the associated operational expenses. This estimate doesn't factor in our higher-margin software and services revenue. As those scale, we see potential to shorten the return on invested capital. As for Blackwells, we expect the price at a premium. So it's still early to comment on specifics at this stage.

Great, Dado. All right. Another question from Alex Duval from Goldman, and this is around capacity and timeline. So maybe I'll give this to Andrey. Andrey, can you maybe walk us through the timeline for the infrastructure build-out for this year? And how do we get to the 220 megawatts this year? And maybe some incremental color for next year.

Yes. Sure, Neil. Thanks, Alex, for the question. We are ramping up our capacity to accelerate our growth for the next year and after. First of all, we are growing with a number of the regions where we are present. In the second half of 2025, we are adding the U.K., Israel, a new site in New Jersey, and additional capacity in Finland. Finland and New Jersey are our main drivers of the capacity this year. Currently, in New Jersey, we have 200 megawatts in an ongoing construction phase. A good part of that will be available this year and the rest in the first half of 2026. In Finland, we expect to have an additional 50 megawatts in operations this year, just like we spoke earlier.

And Andrey, kind of another part of Alex's question is also just any more details for '26 and some of the greenfield opportunity we talked about. And maybe just lumping that in with an online question, why greenfield versus build-to-suit?

Sure, Neil. We are in advanced discussions for a couple of new greenfield sites, each capable of delivering hundreds of megawatts of power in 2026, and we hope to announce that soon. As for why we prefer greenfields over build-to-suits or collaboration options, we generally favor greenfields because we can control all aspects of the data center, from design to construction to hardware installations and their deployment phases. We can customize the phasing based on our demand. For us, building is more cost-effective than build-to-suit, and we are not tied to long-term leases. By managing the building's design, including how power is delivered and the installation of our racks and servers, we can achieve a total cost of ownership that is likely around 20% lower than the market average.

Thanks, Andrey. Tom, can you share some insights about our facilities in the U.K. and Israel? What opportunities do you see in those markets? How much local infrastructure do we need to take advantage of those opportunities?

Yes, absolutely. I'll start with the U.K. It looks great and presents an exciting opportunity. It's a significant AI market, ranking third largest after the U.S. and China. We've been closely monitoring government actions, which include impressive steps to stimulate AI growth, such as confirming £14 billion in private sector investment for the region. Recently, we announced plans to launch our first large GPU cluster facility just outside London, expected to be operational by early Q4. We aim to be the first to deliver B300s to the U.K. market, which we see as a worthwhile opportunity. The commercial landscape is vibrant, with numerous AI native start-ups and scale-ups in London. There's also a strong presence of enterprise customers. Additionally, many large global tech companies are establishing regional hubs, which we believe will further enhance the ecosystem's growth. We're focusing on specific industry opportunities, particularly in healthcare and life sciences, where we have a dedicated team in the U.K. We're partnering with Nvidia and will soon announce initiatives to support life science start-ups in this sector. The U.K. is looking promising, and we're eager to be involved. Similarly, in Israel, we see substantial opportunities to meet the growing demand in the local AI sector. The government is also taking steps to develop the ecosystem and stimulate demand. Israel is emerging as a dynamic global AI hub, and we will be launching our GPU cluster there in partnership with Nvidia, also expected to be operational by early Q4. We're looking forward to being part of this growth in the AI ecosystem and believe there are significant opportunities for us. We'll keep you updated.

Thank you, Tom. Maybe we'll go to Dado on this question. How do you plan to finance the capacity expansion for this year and next year? It seems like you'll have to raise a significant amount of capital to achieve your expansion plans.

Surely, Neil. What we have seen is that our business model is working well, and as we bring new capacity online, we are able to sell it efficiently, which reinforces our confidence to continue investing. Given the strength of the market, we see a clear opportunity to scale and demand our footprint in infrastructure. We have significant cash on hand and we'll approach any additional capital raising opportunistically, depending, of course, on timing and market conditions. At the moment, our focus is on securing land and power and moving quickly to reach our 1 gigabyte target.

Great. Thank you, Dado. Maybe, Andrey, you can take this question. You've announced some important updates to the software stack. What's most important for your customers?

Sure, Neil. Well, our customers who train or run the AI models and have the AI connected tasks are generally looking for 3 things: speed, reliability, and flexibility/convenience. This quarter, we continue to execute on those things. The improvements were also driven and geared towards the Blackwell deploy readiness. On speed, we've doubled the speed of our network, which had a direct impact on our MLPerf Benchmark results. We made a great step and improved reliability by increasing the mean time between failure. This was due to improvement in our core platform and deployment of our auto hidden and health check software that would address potential points of failure before nodes actually fail. We also improved flexibility. We made it easy for anyone using the S3 storage to migrate their data for AI workloads on our cluster's network. This makes it easier for customers to come to Nebius.

Great. Thank you, Andrey. Andrey, maybe sticking with you. Nehal from Northland is asking about some of the benchmarks that we've talked about this quarter. Can you elaborate a little more on the MLPerf?

Yes, with pleasure. Thanks, Nehal. This quarter, we submitted MLPerf 3 and 5-0 results, revealing some impressive performance for large-scale training of Llama 3.1, the big one, 4-0, 5 billion parameters model. Basically, in the cloud, as we double the size of our cluster, the speed scales linearly. The most impressive part about this is that our results are comparable to bare metal benchmarks, but we accomplished this in the cloud. For the customers, this is important because it's easier, faster, and more cost-effective in the end.

Great. Thanks, Andrey. We have a question about our inference as a service platform. Maybe I'll ask Roman to elaborate. Roman, can you talk about our inference as a service platform? And also, it looks like you’ve transitioned to a new role. So maybe you can also elaborate on your new role and what you're working on.

Yes. Thank you, Neil. I'm always pleased to discuss inference. Regarding my transition, we now have Marc focusing on scaling our go-to-market and sales strategies. I’m excited to engage in new initiatives. We are seeing increasing demand for inference across the market. Nebius's strength lies in our ability to build a full stack. We are developing the next phase of our offerings to support AI-centric integrated circuits for product builders and enterprises that incorporate AI into critical workflows, utilizing our fully vertically integrated inference as a service product. We are creating an enterprise-grade platform for deploying and scaling open weight AI models such as Llama, and Qwen, and Flux has just released new Open AI models among others. Our emphasis is on high performance and reliability on dedicated infrastructure. Our platform operates atop Nebius's proven scaled infrastructure, aiming to address the crucial challenges in production AI, including unpredictable latency, GPU bottlenecks, and the need for flexible platforms for building and scaling.

Great. Thanks, Roman. Next question is around some of the new large customer wins like Shopify. Maybe, Marc, you can take this. Were these deals competitive? What are they using Nebius for? Any more color you can provide would be super helpful.

Yes. Thank you, Neil. A key highlight that we're observing is, as we're making our way through the market, we're actually getting interesting adoption with big customers like Shopify. I also want to add another one to the discussion here, like Cloudflare. I'm very excited about these customers. They are leaders in their categories and are pushing the frontier of using AI to build and deliver great solutions. Shopify is utilizing Nebius' AI infrastructure along with Toloka's training data to optimize every step of the merchant's journey, which is a very exciting opportunity for us. Likewise, Cloudflare is using Nebius to power inference at the edge, which is an important part of their overall offering, as part of their popular Workers API. Both relationships are growing and are scaling opportunities for us. We're also seeing similar interest from other major technology companies and leaders in their categories, reinforcing the opportunity overall in the market.

Great. Thanks, Marc. Marc, we also seem to have a question about you. Since you've joined Nebius for the past couple of months now, what have been some of your observations? And what is your strategy to bring more long-term contracts and move the company towards the enterprise market?

I couldn't be more excited, even more so than when I received the opportunity to join the company. This is a very exciting organization. We've got great technology, and that's because we have a world-class leading team. It's turned out as you're hopefully hearing in today's call that the market is massive and is growing quickly. The opportunity for Nebius is to get more structured and methodical with our go-to-market while continuing to build out our coverage to proactively pursue the market opportunity. To that end, we are building out our go-to-market leadership team, including adding a world-class VP of Sales Strategy and Operations, who is actually starting this week. We're also adding general managers to lead our businesses in the Americas, Middle East, Asia Pacific and Japan, as well as adding leadership to address opportunities around strategic customers and major enterprises. In tandem, we will continue to expand our overall customer-facing capacity and distribution capabilities. In the short term, we are focused on pursuing regional markets of AI builders, targeted software vendors, and select enterprise segments to develop a strong understanding of the use cases that are winning, and then a deep understanding of the overall customer journey. Midterm and longer-term, we intend to cover the entire global IT market with distribution and sales capacity.

Great. Thanks, Marc. We have a question from Alex, our Goldman analyst, around Blackwell demand. And Marc, as we're bringing on the Blackwells, what does the demand look like for them?

Thank you again, Alex. A very thoughtful set of questions today. We continue to see really strong demand for the hoppers in Q2. In fact, whenever hopper capacity becomes available, we're selling it very quickly. We did bring on the B200s, and we are actively selling through them as well. Pricing trends remain relatively stable for the hoppers, even in the context of Blackwell alternatives, which are actually coming through with a healthy premium. We're also seeing interest in the Grace Blackwells that are being implemented later this year.

Great. Thanks, Marc. It looks like we're getting a question on partnerships. It looks like you've added a number of partners in Q2 and continue to strengthen your relationship with Nvidia. What partnerships do you think are most meaningful? And how should we measure the success of these partnerships? Maybe I'll give this to Daniel.

Thanks, Neil. This quarter, we made strong progress expanding our reach across the AI ecosystem through several high-impact partnerships. We launched integrations with Mistral, Baseten and SkyPilot, all of which extend our ease of use of our AI cloud and dedication to our developers and model builders by supporting them across their workflows. We also partnered with Lightning AI and Anyscale, extending our presence across both open-source tool sets and enterprise users. These collaborations simplify how teams scale and deploy AI workloads using Nebius. On the infrastructure side, we expanded our AI cloud portfolio with Nvidia AI Enterprise and became a launch NCP partner for NVIDIA DGX Cloud Lepton, further strengthening our position as a high-performance AI platform. Ultimately, we measure our success through the adoption of our partner platforms, revenue contribution, and strategic access to new user segments, all of which we've seen trending positively.

Great. Thank you, Daniel. A question on utilization. Can you discuss utilization trends in the quarter or even by GPU family? Marc, can you take this one?

Absolutely. As we've discussed already, we are investing in and building out our infrastructure. As we bring on more capacity, we're selling through it, and we are able to bring on bigger customers who want to get greater capacity. We're adding more capacity this and next quarter and shifting to selling against future requirements. Ideally, what we're building is a model where we can close and drive expansion of future capacity and future versions of GPUs.

Great. Thank you, Marc. Here's a question from Andrew Beale, our analyst from Arete, on getting large contracts. Some of your competitors are signing large multiyear deals with hyperscalers. What do you need to do to get one of these deals? And when can we see one of these deals? Arkady?

Yes, as we mentioned earlier, we see a significant demand coming from leading AI labs, and we expect this to grow in the future. Millions of new GPUs will be available next year and beyond. To meet this demand, we are actively increasing our capacity. As I stated at the beginning of the call, we are currently focused on addressing this challenge. Looking ahead, we are optimistic about attracting larger customers, as we now have the capacity to support their needs. It's important to note that all our projections for this year and the midterm do not account for these large accounts and deals. Therefore, if these opportunities arise, they will be incremental and could result in pleasing surprises.

Thank you, Arkady. A lot of questions on Avride, including from Alex Platt and from Andrew Beale. Maybe Arkady, you can take this. Can you provide an update on Avride? Any update regarding their strategic partnership? Around the potential robotaxi launch in Dallas, how is that trending?

Well, I will say we're very excited about Avride as a company and its future, taking into consideration what's going on in this industry this year. On the future of Avride's corporate structure, as we spoke many times before, we see a structure similar to what we've done with Toloka. It's a good example of a type of partnership we are looking for when a strong partner comes to co-develop this business and gives up control. In the meantime, the business is performing extremely well. They continue to scale. They have 2 business lines, delivery and autonomous vehicles. On the delivery side, Avride is expanding their coverage with existing partners, adding new cities, new service areas, and offering delivery with Uber. They’re launching new university campuses for the project with Grubhub and also entering new verticals. Recently, they signed with a grocery delivery for the retailer H-E-B in Texas and are initiating indoor robot operations in Japan through a partnership with Mitsui Fudosan. On the autonomous vehicle side, Avride is growing its fleet. They are partners with Hyundai and are expanding their road tests in Dallas, looking forward to launching their robotaxi service with Uber later this year because they signed this partnership early. We believe it's a great business and a source of significant value for our company and the group.

Great. Thank you, Arkady. A few questions around our sources of funding. Last quarter, we talked about potentially tapping into our non-core businesses and equity investments to fund the growth of the core business. Any updates we can share? Tom, would you like to take this?

I'm glad to provide an update on this. As we previously discussed, I want to highlight two significant equity stakes. First, Toloka, which raised growth capital this quarter through a transaction led by Bezos Expeditions and others. They are making strides in the complex AI data task space and counting major AI labs among their clients. The industry is very competitive; for example, Scale AI has recently sold about half of its company at a $30 billion valuation, suggesting substantial potential for Toloka. It's important to note that we retained a significant majority economic interest, allowing us to benefit when the timing is right. Regarding ClickHouse, we hold a minority economic interest. Its previous valuation was $2 billion during a transaction last year, but the latest capital raise indicated a valuation around $6 billion. We see potential for further value creation in this business, and if a liquidity event arises at a higher valuation in the next few years, it would be something we might consider, depending on the business's progress. Additionally, as you know, we have our wholly-owned autonomous vehicle business, which Arkady has already mentioned. They are performing well and have entered into partnerships with Uber, Grubhub, Rakuten, and others. Waymo is a comparable player in the market, valued at about $40 billion to $50 billion, and we aspire for similar success. Overall, these are strong businesses, and there’s no immediate need for any action on our part. We believe there’s still considerable value to be created, and we continue to explore potential sources of capital to support investment in our core AI infrastructure.

Great. A question on Lepton, NVIDIA Lepton. How is NVIDIA Lepton impacting our business? Maybe Roman, do you want to take this?

Yes. Thank you. Since the launch of the Lepton Marketplace, we have become one of the largest partners of NVIDIA there. We see that it generates quite a significant pipeline of customers who start using via Lepton and then continue directly with us. So in general, we think that this partnership is a very good extension to all the rest of the job we are doing together with NVIDIA. This is one of the efforts to develop ecosystem partnerships, channel partnerships, and value-added partners that we mentioned already on this call.

Great. Thank you, Roman. And maybe our last question. Europe is ramping up its AI investments. Do you expect to benefit from this maybe through public or private partnerships? Arkady?

In short, the answer is, yes, of course. A bit longer answer is that we're very well connected in Europe. We came from Europe. We have and will have even more data centers in Europe. We are actually one of the major AI infrastructure builders in Europe, right? It’s one of our key markets.

Thank you, Arkady. All right. I think that's a wrap for today. Thank you, everyone, for joining. I want to appreciate everyone for attending our call. And we'll be talking to you all soon. Thanks.