TOP STORY
🏆 Nebius Soars 50%, Making It One of 2026’s Top-Performing Stocks

☀️ Happy Sunday, everyone! It was another busy week in the markets, so let’s dive right in. In today’s Weekly Buzz, we’ll be covering:

• 🚀 Nebius’ ($NBIS) insane 50% stock jump this week, why NBIS is up a wild 283% in the past year, and why one of the most famous short-sellers is betting against it

• 👨‍💼 The biggest trades from Superinvestors: like Buffett’s Berkshire Hathaway investment in Google and Bill Ackman’s portfolio overhaul

• 💴 The collapse of the Japanese Yen and why the US is spending billions to save the market

🗞️ But first, let’s do a quick market recap:

🥳 Markets notched their third straight weekly gain this week, with the S&P 500 setting fresh record highs and the TSX riding a resource-driven rally to its own all-time high after oil prices remained high amid ongoing fighting in Iran.

🌍 Across major indexes:

• The S&P 500 rose +0.36%

• The Nasdaq 100 rose +1.09%

• The TSX rose +0.96%

⚠️ The Strait of Hormuz situation escalated this week with Iran striking more tankers (two of them from the UAE), pushing Brent Crude up 5% for the week to $88/barrel. The U.S. has since said it’s capable of keeping its naval blockade in place “indefinitely,” though negotiations with Oman and Iran are still ongoing.

🤿 But that aside, let’s dive into our top story of the week.. Nebius!

🚀 Nebius Soars 50% After Smashing Earnings

👀 This week’s top story is about a company that I’ve seen on Blossom, but haven’t had a chance to properly dive into… so let me first quickly cover what Nebius does and why it’s been one of the market's top-performing stocks in the past year.

🤔 What is Nebius?

🇷🇺 Nebius was founded and is now run by CEO Arkady Volozh, the Kazakhstan-born Russian billionaire founder of “Yandex,” also known as “Russia’s Google.”

⚔️ After the war in Ukraine, Yandex was forced to split in two, selling off its Russian assets, but leaving its international cloud and data center assets in Volozh’s control. He then took those assets and formed Nebius, which he headquartered in Amsterdam and listed on the Nasdaq with backing from Nvidia ($NVDA).

🏗️ Nebius today is what’s called a “neocloud,” or cloud computing built specifically for AI, renting computing power to companies training and running AI.

🚀 Why Nebius is Flying (and why Big Tech is Renting)

⚡ Because demand for AI computing is so far ahead of supply, Big Tech itself and other companies alike are renting overflow from companies like Nebius and its main competitor, CoreWeave ($CRWV).

🤔 So why rent instead of build it themselves? Well, a few reasons:

1. 🐎 Speed: A data center takes 2–4 years to build, but Nebius has capacity live now, so renting is the only way to get compute this year rather than in 2028.

2. ⚡️ Power: Power is a huge bottleneck, and Nebius already has sites across Finland, Iceland, the UK, Israel, and the US

3. 🤖 GPUs: Nvidia can't make chips fast enough, so everyone gets an allocation. Nebius is Nvidia-backed and gets early access to new architectures (it already has the first Vera Rubin systems).

4. 💸 Balance Sheet Optics: The markets are laser-focused on AI capex and overspending; renting turns a multi-billion-dollar construction project into an operating expense spread over five years, with the option to walk away if AI demand shifts.

😮 And all of these reasons have led to truly massive deals…

💰 Nebius is Closing Massive Deals

🤝 Last September, Microsoft signed a ~$17 billion deal to rent computing capacity from Nebius, and since then, Nebius has signed 4 contracts of over $1B each, including a 5-year $27B deal with Meta.

🤑 These deals driven massive revenue and profit growth for NBIS. This quarter:

• ✅ Revenue hit $582.3 million vs. $572.8 million expected, up 454% year-over-year

• ✅ Adj. EBITDA hit $236 million vs. $169 million expected, with the core AI cloud business now running at a 50% EBITDA margin

🔮 Nebius also expects over $9B in customer prepayments this year with total customer commitments crossing $40B.

⚠️ But despite the massive growth and deals, not everyone is so bullish on Nebius. Most notably, the famous short investor Michael Burry is making a big bet against the company… but before we dive into why, here’s a quick word from our sponsor this week Dynamic!

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TOP STORY CONT.
😰 Michael Burry Says NBIS Is ‘What the Peak of a Boom Looks Like’

😬 Not everyone is bullish on NBIS… Michael Burry, the investor made famous by The Big Short for calling the 2008 housing crash, announced this week he's adding to his short position against Nebius (aka betting against the company).

🧮 Burry's argument lies in the accounting. He flagged that Nebius extended the assumed useful life of its servers from four years to five, spreading out depreciation costs and boosting today's profits.

⚠️ He also argues customers are locking in years of capacity at panic prices, the way commodity buyers overpay during a shortage, and may regret it if AI compute prices fall.

🤷‍♂️ Like most of the AI market, whether Burry is right hinges on whether the AI money train keeps rolling… if the AI spending slows down, the demand for the excess capacity could dry up. And with Nebius spending $5.7B on capex this quarter… funding it with debt and share sales… a slowdown could hit it hard.

🤑 But if AI spending continues to soar, Nebius’ revenue will continue to soar as well, and many analysts (including Bank of America’s Tal Liani) are raising their price targets for NBIS with that in mind.

👀 Whether you should buy NBIS will depend on your answer to that question… and if you want to see what other investors are saying and buying… make sure to join the discussion on Blossom!

🌼 What the Blossom Community Is Doing

💸 And speaking of the Blossom community, let’s take a look at what other investors on Blossom did.

🤑 Based on the trade data, Blossom members took profits on the NBIS stock jump, with ~$2M in net selling this week, the largest outflow from NBIS on record, with 1,017 unique sellers and 693 unique buyers (compared to ~7,000 total holders).

💡 Interestingly, 54% of this week’s sellers sold their entire position, and 33% of buyers were new investors into NBIS.

👨‍💼 Now Michael Burry wasn’t the only Superinvestor making big moves this week, 13F filings came out this week meaning all the biggest investors have to report their moves, so let’s take a look at what the top dogs are doing with their portfolios…

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SUPERINVESTOR MOVES
🏦 Berkshire Piles Into Alphabet, Ackman Bets Big On New Positions

📂 The 13F filings are now in for Q2 2026, which means we have more trades made public by some of the smartest and largest portfolios in the market. And like last quarter, Buffett’s Berkshire Hathaway (now led by Greg Abel) and Bill Ackman led the quarter's major moves.

👇 So without further ado, here are the most interesting trades by some of the biggest investors this quarter:

🤯 Berkshire Turns Into a Net Buyer for the First Time in Years

😮 It’s now Greg Abel’s second quarterly 13F since officially taking over as CEO of Berkshire Hathaway ($BRK-B) (and manager of Berkshire’s stock portfolio) from Warren Buffett in January. And the numbers show he’s being far less cautious with cash than Buffett was.

🔍 Across the board, Berkshire was a net buyer during Q2, purchasing over $19.8 billion in stock, marking the first time it’s been a net buyer since Buffett kicked off a 14-quarter selling streak back in late 2022, with over $17 billion of those buys being directed at Alphabet ($GOOG) (increasing the position by 83%).

📈 Google is now Berkshire’s 3rd largest holding, behind only Apple ($AAPL) American Express ($AXP), making up over 12% of the portfolio.

🏗️ Abel also added to Delta Air Lines ($DAL), homebuilder Lennar ($LEN), and Macy’s ($M), and opened a brand-new position in D.R. Horton ($DHI) while trimming Bank of America, Kroger, Capital One, Nucor, Ally Financial, and DaVita, and fully exiting Constellation Brands.

👀 Ackman Adds Netflix + 5 Other Positions

♟️ Next up, there’s Bill Ackman, who manages $35B+ in assets through Pershing Square Holdings.

🔄 After spending Q1 rotating almost entirely out of Alphabet and into a fresh Microsoft ($MSFT) stake, Ackman used Q2 for one of his biggest portfolio overhaul in years, unveiling 6 brand-new positions in Netflix ($NFLX), Visa ($V), Mastercard ($MA), S&P Global ($SPGI), Intercontinental Exchange ($ICE), and eye-care company Alcon ($ALC).

💬 Ackman kept the explanation simple, saying he sees each company’s earnings positioned for strong growth, which he views as the single biggest driver of investment value over time.

📊 The new positions sit alongside Ackman’s existing bets on tech and Big Tech, with Microsoft, Uber ($UBER), Meta ($META), and Amazon remaining core holdings alongside his stakes in mortgage giants Fannie Mae and Freddie Mac.

✨ Other interesting trades…

🐕 But aside from the big dogs, here were a few other notable trades for the quarter:

• 📱 Masayoshi Son’s SoftBank cut its TSMC ($TSM) stake by more than 70% this quarter, cashing out roughly $270 million while opening new positions in Capital One ($COF) and Life360 ($LIF).

• 📉 Cathie Wood’s ARK Invest also bought aggressively in Q2, most recently putting $37 million into SpaceX ($SPCX) in a single week, alongside adds to CoreWeave, Nvidia, Circle ($CRCL), and Coinbase ($COIN), while trimming Roblox ($RBLX) and Palantir ($PLTR).

• 🔍 Legendary macro investor Stanley Druckenmiller’s Duquesne Family Office initiated a brand-new Alphabet position this quarter, alongside fresh stakes in AMD ($AMD) and Fox ($FOX), putting him in the same camp as Buffett/Abel on Google.

OVERSEAS
💴 The U.S. Government Just Bought Billions of Japanese Yen to Save the Market

🇯🇵 Now aside from Nebius and the Superinvestors, one of the biggest stories this week was actually about the Japanese yen… and it doesn’t just impact Japanese portfolios.

💵 Earlier this month, the yen collapsed to its weakest level in roughly 40 years, and in response, Japan unleashed the largest single-day currency intervention in its history (an estimated $52.8 billion buying yen to prop the currency back up). The U.S. then joined in, spending somewhere between $5 and $10 billion, marking the first joint U.S.-Japan yen rescue since 1998.

🤔 But why does the U.S. care about propping up Japan’s currency? Well, that’s an excellent question…

💸 The Carry Trade

📖 The simple answer comes down to something called the “carry trade,” a trading strategy some investors use to profit from gaps between interest rates in different countries.

🏦 And because Japan’s interest rates sit near zero while U.S. rates run at 3.5% or higher, investors have been borrowing cheaply in yen and plowing that money into U.S. assets, including stocks.

⚠️ The catch is that when the yen strengthens suddenly, those loans get more expensive to repay, and leveraged investors are forced to sell whatever they can fast. We saw this in August 2024, when a violent carry trade unwind crashed Japan's stock exchange 12% in a single day and dragged the Nasdaq down with it.

🤨 Which raises the question: if a stronger yen is what blows up the trade, why is the US deliberately strengthening it?

😰 Basically, every week the yen kept sliding, the carry trade gets bigger and more crowded, and the eventual snap-back more violent. By stepping in now, the US and Japan are trying to shrink the trade gradually and in a controlled way, rather than letting it balloon until the market unwinds it all at once.

👀 So, Is the Plan Working?

😬 Well, things are still looking shaky. The yen just posted its biggest weekly loss in three months, closing Friday at ¥159.43, giving back roughly half of the intervention's gains. And with no follow-up buying from either government, speculators have gone right back to betting against it. According to some, the operation isn’t working:

✨ But history has shown joint interventions have a much better track record than solo ones, and the last US-Japan team-up in 1998 helped stop the yen's slide… so we’ll have to see whether the strategy will pay off, or if we’re in for another carry-trade crash in the markets 👀

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