Nvidia CEO Jensen Huang made headlines on Wednesday with a bold forecast that global AI infrastructure spending could soar to as much as $4 trillion by 2030.
However, some analysts argue that the outlook may be even more bullish for Nebius (NBIS), an AI cloud upstart that outpaced Nvidia in market cap growth this year.
“The opportunity ahead is immense,” Huang told shareholders during Nvidia’s second-quarter earnings call. “We see $3 trillion to $4 trillion in AI infrastructure spend by the end of the decade.”
While Wall Street is beginning to debate whether Nvidia’s multi-year boom is slowing, Nebius appears to be accelerating.
The Amsterdam-based company designs and operates AI-focused cloud infrastructure, from large-scale GPU clusters to custom servers and data centers optimized for training artificial intelligence models.
Analysts M.V. Cunha and Nate Endicott argue Huang’s multi-trillion-dollar outlook plays directly into Nebius’s wheelhouse, given that the company is still in the early innings of its growth trajectory.
For Endicott, Nebius’ total addressable market “just keeps expanding.”
That momentum was on full display earlier this month, when Nebius reported second-quarter revenue of $105.1 million — a 625% year-over-year increase. Management expects its annualized run rate to reach $900 million to $1.1 billion by year-end.
The stock has surged in parallel, climbing 153% year-to-date and pushing Nebius’ market cap past $16 billion, eclipsing Nvidia's growth, according to market commentator Value Sense.
NVIDIA is a BEAST, but don't sleep on Nebius!
undefined Value Sense (@ValueSense_io) August 27, 2025
YTD Returns:$NBIS +59.3%$NVDA +35.1%
Who will outperform by year end? pic.twitter.com/3FLtumoMrj
Grok highlights Nebius’ market potential
Many investors still view Nebius as a niche “neo-cloud” built primarily for enterprises training and deploying AI models. But the company’s chief business officer, Roman Chernin, argues the opportunity is much larger: positioning cloud inference as a global utility.
To test that thesis, market analyst SandemanStocks asked Grok — xAI’s chatbot, known for its detailed comparisons and real-time contextual intelligence — to simulate Nebius’ potential total addressable market if Chernin’s forecast comes true.
Specifically, Grok was asked to model Nebius’ potential in a future where “cloud-based AI inference evolves into a ubiquitous utility powering everyday consumer applications at population scale.”
According to Grok, Nebius’ addressable market in such a scenario could reach $250 billion by 2030 and $500 billion by 2035.
SandemanStocks added that this estimate may even be conservative, as it doesn’t account for the possibility that AI becomes the dominant use case for cloud computing overall.
If this were to happen, AI applications could drive the global cloud market to $2 trillion by 2030.
NBIS stock currently trades at $70, but analysts clearly see the potential for exponential growth as the company positions itself at the center of the AI inference boom.
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