Nebius I wouldn’t dismiss it just because Michael Burry shorts it. Burry is, after all, a person who can find a bubble even within a bubble. But Nebius has an important feature: it is no longer the story of the “former Yandex.” In 2024, Yandex N.V. fully exited the Russian business, and the remaining international structure was relaunched as an independent Western company focused on AI infrastructure.