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Analyst
Alex Duval
Period: Reporting periods mapped to calendar 2025 Q1 – 2026 Q3 (7 quarters).
- Questions
- 14on tracked calls
- Challenge rate
- 7%1 of 14 questions
- Companies
- 2questioned at least once
- Reporting periods
- 7with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 14 of 14 questions from 2 companies
NBISNebius Group N.V.9 questions · 5 reporting periods · 1 of 9 challenging
Calendar 2026 Q2
Given the sentiment around gigawatt-scale data center build-out, what gives you the confidence in our capacity ramp? And can you provide an update on our development time line?
Show response
Andrey Korolenko said Nebius is exceeding its year-end power projections early, raising contracted power to 5 gigawatts through regional expansion and a mix of grid and behind-the-meter power, with over-provisioning of sites and capacity the top priority.
Calendar 2026 Q1
To what extent have you started to see the impact of stronger GPU pricing reflecting in your core AI business?
Show response
Marc Boroditsky said pricing is strong across old and new GPUs, with longer contract durations, higher contract values and more prepayments.
Could you explain the rationale behind your move to acquire Eigen AI and Clarifai?
Show response
Roman Chernin framed the deals as accelerating the roadmap and bringing talent and proven adoption to strengthen the full-stack platform.
Calendar 2025 Q4
Nebius Group N.V. came in light on revenue versus consensus for Q4, but ARR was ahead of expectations
Show response
Dado Alonso said revenue came in the middle of guidance as anticipated and framed ARR as the north star metric during hypergrowth, with revenue reflecting capacity timing.
It is really on the 40% EBITDA margin target that we gave. What gives us confidence in that?
Show response
Dado Alonso said the higher-margin core AI cloud will drive the mix as it scales, lifting the group from a 7% Q4 margin toward the 40% 2026 target.
Calendar 2025 Q3
Is it fair to assume that if you get 2.5 gigawatts, this will equate to over $20 billion of revenue?
Show response
Andrey Korolenko said it is fair to assume but stressed CapEx to deploy GPUs will follow demand and capital constraints, not just contracted power.
What exactly is in the $7 to $9 billion ARR target?
Show response
Marc Boroditsky walked through the building blocks - connected/contracted power, unmet demand, and the Microsoft/Meta contracts - saying more than half of the ARR is already booked.
Calendar 2025 Q2
how does demand look like as we're moving into the second half of this year?
Show response
Marc Boroditsky answered directly, saying capacity was sold through to peak utilization and larger clusters are attracting larger customers.
can you maybe walk us through the time line for the infrastructure build-out for this year? And how do we get to the 220 megawatts this year?
Show response
Andrey Korolenko detailed regional additions with Finland and New Jersey as the main capacity drivers this year.
ASMLASML Holding5 questions · 3 reporting periods · 0 of 5 challenging
Calendar 2026 Q3
But now you seem to be seeing quite a strong balance across both logic and memory.
Show response
Management said memory grows around 75% this year, advanced logic over 25%, and logic should still outweigh memory in next year's business.
So I wondered what that could directionally mean for pricing in 2028
Show response
Christophe said all immersion tools move to 330 wafers per hour early next year and value-based pricing will scale with throughput as it does for EUV.
Calendar 2025 Q2
You talked about how lithography intensity can benefit from leading-edge memory specifically. I wondered if you could elaborate this and how that's helping litho intensity?
Show response
Christophe said DRAM EUV layer adoption is climbing sharply across the next 3-5 nodes and is sustained; the next common Low NA platform, shared with High NA, should arrive early next decade and enable another 10-15 years of the EUV roadmap.
Calendar 2025 Q1
We saw NVIDIA at its GTC event talk about increasing inferencing and reasoning models, driving more semis demand. I wondered if that could be something that could impact your long-term TAM expectat...
Show response
Roger said the inferencing shift is logical and will grow as a component of AI demand, consistent with the broader AI growth commentary, but stopped short of upgrading the long-term TAM view.
there were some reports mid-quarter talking about China being close to develop its own alternative to EUV lithography tools. I wondered if you could just share your latest view on those
Show response
Christophe dismissed the headlines as research-stage news driven by China's wish to show progress, and said ASML's view that a serious competing EUV product is many, many years away is unchanged.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| NBIS Nebius Group N.V. | 9 | 11%1 of 9 questions |
| ASML ASML Holding | 5 | 0%none of 5 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2025 Q1 | 2 | 0%none of 2 questions | 1 |
| 2025 Q2 | 3 | 0%none of 3 questions | 2 |
| 2025 Q3 | 2 | 0%none of 2 questions | 1 |
| 2025 Q4 | 2 | 50%1 of 2 questions | 1 |
| 2026 Q1 | 2 | 0%none of 2 questions | 1 |
| 2026 Q2 | 1 | 0%none of 1 question | 1 |
| 2026 Q3 | 2 | 0%none of 2 questions | 1 |
- 2025 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q23 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2025 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q42 questions · challenge rate 50% (1 of 2 questions) · 1 company
- 2026 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2026 Q21 question · challenge rate 0% (none of 1 question) · 1 company
- 2026 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Demand5
- Capex Investment3
- Revenue Growth3
- Guidance Reliability3
- Pricing2
- Cloud & AI2
- Product Launch1
- Geographic Expansion1
- M&A1
- Margin1
Show all 13 topics
- Innovation & R&D1
- Competitive Dynamics1
- Regulation Policy1