1. The author remains ultra bullish on Nebius Group (NBIS) due to TSMC's strong Q2 revenue growth, signaling robust demand for Nvidia GPUs, which Nebius relies on; 2. Key focus areas for NBIS' Q2 earnings include ARR guidance, data center expansion plans (New Jersey, Finland, Israel), and Capex updates; 3. While tariffs on semiconductors pose a risk, the author downplays immediate concerns but anticipates volatility around August 1. NBIS constitutes 12% of the author's portfolio.