In a single week, Nebius Group borrowed five billion dollars against annual revenues of roughly one and a half billion — a ratio that speaks less to recklessness than to the peculiar logic of a technological moment when customers are paying for infrastructure that does not yet exist. The company, which sells computing power to artificial intelligence developers, is racing to build capacity before competitors can, accepting enormous near-term financial strain in exchange for contracts that promise future returns. Whether this is visionary capital allocation or the signature gesture of a bubble