The author views Nebius Group (NBIS) as a top-tier "neocloud" with hyperscaler ambitions, though they consider the stock overbought at its current price of approximately $156.79. After trimming a position at $105 to reallocate capital into NVDA, the author is holding the remaining NBIS shares while noting that covered calls at a $200 strike price are currently attractive. Despite concerns over the neocloud business model regarding dilution and lack of profitability, the author maintains a positive outlook on NBIS management and its diverse equity stakes.