**BNP Raises NBIS Price Target**

BNP upgraded **NBIS** to **Outperform** and raised its price target to **$399**, modeling **$22B+** in **exit 2027 ARR** as AI cloud pricing moves toward **$40M/MW**.

With **Meta** and **Microsoft** largely ramped by **early 2027**, BNP sees a sharp reset higher in incremental-capacity economics, with **Nvidia’s Vera Rubin** adding another leg of upside.

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