Goldman Sachs sees big upside in Nebius, good news for AI data center investors but with a catch on whether the good pricing lasts.

• Goldman Sachs put a $328 target on Nebius, about 50% above where the stock trades now.
• Nebius also teamed up with Nvidia on fast token inference chips through Grok.
• Data center deals signed last quarter went for $20 million per megawatt, paying back the hardware cost in under two years.
• Those deals start adding to results late in the fourth quarter.
• The worry: as AI data centers scale up, that rich pricing may not hold.

Outlook: Watch whether new contracts keep landing near $20 million a megawatt — that number is the tell for how long the AI build-out stays this profitable.