SharkWater Trading  •  Data Centers • Ownership Filings Goldman Sachs Cut Its Nebius Stake by 44 Percent in Two Months October 9, 2026 Bottom Line Up Front Yesterday this desk could not say whether Goldman's Nebius (Nasdaq: NBIS) Schedule 13G/A was a build or a cut. The prior amendment answers it. Amendment No. 1 (event date July 31, 2026) reported 23,111,112.59 Class A shares, 10.5 percent of the class. Amendment No. 2, filed October 7, 2026 (event date September 30, 2026), reports 13,023,110.37 shares, 5.1 percent. That is a drop of about 10.09 million shares, or 43.6 percent of the position (this desk's arithmetic). Why Goldman sold, and for whom, is not in the filing. The Two Filings Side by Side Filing Event date Shares % of class 13G/A No. 1 (0000886982-26-000308) 7/31/2026 23,111,112.59 10.5% 13G/A No. 2 (0000886982-26-000526) 9/30/2026 13,023,110.37 5.1% Source: Schedule 13G/A filings on EDGAR, Goldman Sachs Group and Goldman Sachs & Co. LLC, each reporting identical figures. Amendment No. 1 filing date not read by this desk; only its event date is shown. What It Does and Does Not Say Both filings report shared voting and dispositive power and zero sole power. Goldman files under Rule 13d-1(b), the institutional route. Exhibit 99.3 states the filing excludes shares held by operating units of the group. So this is the reporting entity's aggregate, not necessarily house inventory. A 13G does not separate client assets from the bank's own book, and it does not name a buyer. A drop of this size could be client outflows, hedge unwinds, or a market-making position shrinking. The form cannot tell us which. One note on the math. 10.5 percent implies a class near 220 million shares, and 5.1 percent implies about 255 million. Rounding and a changing share count could explain part of that. This desk did not find the denominators in either filing, so the implied counts are unreconciled. Yesterday we saw a big boat at the dock and could not tell if it was loading or unloading. The earlier log entry shows the hold was nearly twice as full in July. The Bull Case Passive, not conviction. A bank's 13G position moves with client flow. The reduction is not evidence of a negative view. Supply was absorbed. Roughly 10 million shares left one holder, and the filing discloses no forced event behind it. Still above the line. Goldman remains a 5.1 percent reporter, so it has not exited. The Bear Case A large holder cut its stake by 44 percent. Ten million shares is real supply, and it landed alongside the Nave Form 144 for 500,000 shares reported October 5, 2026. The line is one step away. At 5.1 percent, the next reduction could take Goldman below the reporting threshold and out of public view. Price reaction unknown. This desk had no primary price source for NBIS, so whether the market already reflects the sale is NOT VERIFIED. The SharkWater Take I read this as supply, not a verdict. Goldman's 13G tells me flow, and flow is not conviction. What bothers me is the stack: a 44 percent bank cut, a 500,000 share insider plan sale, and Form 4s from the same week. None of it is a thesis alone. Together it says the easy buyers have thinned. I am not taking a position off a passive filing. I want the next 13G event date and a verified NBIS price series before this becomes a trade idea. Tight lines, SharkWater Source: Schedule 13G/A Amendment No. 2, EDGAR accession 0000886982-26-000526, filed October 7, 2026, event date September 30, 2026; Schedule 13G/A Amendment No. 1, accession 0000886982-26-000308, event date July 31, 2026. Percent change is this desk's arithmetic. Educational and informational purposes only. Not personalized investment advice. The author may hold positions in securities discussed. Do your own work.

SharkWater Trading  •  Data Centers • Ownership Filings Goldman Sachs Reports 5.1 Percent of Nebius Class A, and a Date Fix on the Nave Form 4 October 8, 2026 Bottom Line Up Front A Schedule 13G/A filed October 7, 2026 shows The Goldman Sachs Group and Goldman Sachs & Co. each reporting 13,023,110 Class A ordinary shares of Nebius Group (Nasdaq: NBIS), or 5.1 percent of the class, as of an event date of September 30, 2026. This is Amendment No. 2. The prior percentage is not in the filing text this desk read, so direction of change is NOT VERIFIED. Separately, a correction: EDGAR lists the Nave Form 4 (accession 0001513845-26-000126) as filed October 6, not October 7 as our October 7 post stated. The sale figures in that post stand. What the Filing Shows The filing is a Schedule 13G/A, a passive holder report. Goldman is the joint filer on both entities. The filing reports 13,023,110.37 Class A shares for each filer and 5.1 percent of the class. The 5.1 percent sits barely above the 5 percent reporting line, so small changes in share count move it across. The numbers do not tie cleanly to the Nave Form 144. That filing cites 238,400,165 shares outstanding. 13,023,110 divided by that count is about 5.5 percent, not 5.1 percent. The 13G/A percentage implies a Class A count near 255 million. The gap may come from different share-class counts or dates. This desk did not find the denominator in the filing, so treat it as unreconciled. Percent math here is this desk's arithmetic. Large banks file 13Gs for client and trading positions alike. A 13G does not say whether the shares are house inventory, hedges, or client assets. It does not carry a direction. A 13G/A is a harbor log entry. It tells you a big boat is tied up at the dock on a given day. It does not tell you whether it is loading or unloading. The Date Fix The October 7 post said the Nave Form 4 was filed October 7. The EDGAR submissions feed lists accession 0001513845-26-000126 with a filing date of October 6, 2026. The Form 144 for the same 500,000 shares (accession 0001950047-26-010048) is dated October 5. So the Form 4 landed the day after the sale, not two days after. The Form 144 values ($121,405,000, 238,400,165 shares outstanding, plan adopted May 22, 2026) match what we reported. One oddity to flag: the Form 144 lists sales in the past three months as "Nothing to Report" while its remarks cite a 10b5-1 plan. The Bull Case Passive filer. A 13G/A is the lighter ownership form. It is not an activist or control filing. Large institution at the table. A top bank carrying 13 million shares signals the stock has deep institutional liquidity. No sale disclosed. The filing reports a position. It does not report a distribution. The Bear Case Direction unknown. Without the prior filing percentage, the amendment could be a build or a cut. Near the line. At 5.1 percent, one more reduction could drop the holder below the reporting threshold and out of view. Insider supply alongside. The Nave sale of 500,000 shares and the Form 4s filed October 5 sit in the same week as this amendment. The SharkWater Take I am not taking a view on this one. A bank 13G/A without the prior percentage is a data point with no slope, and the share count does not reconcile to the Form 144. The only thing worth acting on today is the correction, and it is already made. The question I want answered is the prior Goldman percentage and the Class A denominator. Until then, no edge here. Tight lines, SharkWater Source: Schedule 13G/A, EDGAR accession 0000886982-26-000526, filed October 7, 2026, event date September 30, 2026; Nebius Form 4 accession 0001513845-26-000126; Form 144 accession 0001950047-26-010048. Educational and informational purposes only. Not personalized investment advice. The author may hold positions in securities discussed. Do your own work.

SharkWater Trading  •  Data Centers • Insider Filings Nebius COO Sold 500,000 Shares at a $235.53 Average, Over Half His Direct Stake October 7, 2026 Bottom Line Up Front The Form 144 we flagged yesterday is now a completed trade. Ophir Nave of Nebius Group (Nasdaq: NBIS) sold 500,000 shares on October 5, 2026 at a computed average of $235.53, roughly $117.8 million gross, per a Form 4 filed October 7. That is below the $121.4 million the Form 144 implied, which pegged the shares near $242.81. The Form 4 shows 454,685 shares held directly afterward, so the sale took about 52 percent of his directly held shares. It ran under a Rule 10b5-1 plan adopted May 22, 2026. What the Form 4 Shows A Form 144 is a notice. A Form 4 is the receipt. This one reports twelve sale lines on October 5, 2026, all coded as sales, all direct ownership. The weighted average prices run from $231.12 to $243.50. The pre-sale direct balance of 954,685 shares is derived from the first line (938,465 remaining plus 16,220 sold), not stated outright. Shares sold Weighted avg price 16,220 $231.12 61,210 $232.37 56,426 $233.19 48,845 $234.21 106,718 $235.24 73,588 $235.99 18,224 $237.15 48,655 $238.22 48,061 $239.23 14,853 $240.00 1,200 $241.02 6,000 $243.50 500,000 total $235.53 (desk calc) Source: Nebius Group N.V. Form 4, EDGAR, filed October 7, 2026 (accession 0001513845-26-000126), all sales dated October 5, 2026, Rule 10b5-1 plan adopted May 22, 2026. Each row is a weighted average within a price range stated in the filing. Total and average computed by this desk from the rows. The filing remarks say the shares sold were settled restricted share units, about 17 percent of the reporting person's granted equity. Nave is listed as a director and an officer with the title COO. The Form 144 listed him as Director and Officer, so the two filings agree on the person. The Form 144 value of $121,405,000 is an estimate made at filing. Actual proceeds came in about $3.6 million lower on this desk's math, which means the stock traded below the Form 144 reference price for most of the session. Nebius has not issued a press release on this, and none is required. A Form 144 is the weather forecast and a Form 4 is the logbook. The forecast said the boat would leave at $242. The logbook says it left across a dozen tides between $231 and $243, and most of the catch went out in the low to mid $230s. What Is Still Open The plan terms are not public. This desk does not know whether the May 22 plan has more tranches. The September 30 Nebius Form 144 (accession 0001950047-26-009868) was not read, so how it relates to this sale is unknown. Two other officers sold shares on October 1 at $234.16 to cover tax on vested units, which is routine and a different animal at about 9 percent of this size. The Bull Case Pre-scheduled. The plan date of May 22, 2026 predates the sale by more than four months. The timing was set long before October 5. Small against the share count. 500,000 shares was about 0.21 percent of the 238,400,165 shares outstanding cited on the Form 144. Still a large holder. 454,685 shares remain in direct ownership, so he kept a meaningful position. The Bear Case Half the direct stake. Selling about 52 percent of directly held shares in one day is a large reduction, plan or not. Clustered paper. A second Form 144 on September 30 and three Form 4s on October 5 mean insider selling has stacked up over a single week. Sold below the reference. Proceeds came in under the Form 144 estimate, and the 12 line ladder shows the shares went out across a $12 range, mostly in the $230s. The SharkWater Take The 10b5-1 plan takes most of the sting out of the timing argument, and 0.21 percent of shares outstanding will not change the float. What I notice is the size relative to his own position. Half of a direct stake is not a trim. I am not treating this as a sell signal for the company, because a plan sale alone does not tell me the executive's view of the business. I am treating it as a reason to read the next Nebius filings closely, and to check the September 30 Form 144 before drawing any pattern. No edge here for a new position on this alone. Tight lines, SharkWater Educational and informational purposes only. Not personalized investment advice. All figures sourced as noted and accurate as of publication. Options involve substantial risk of loss. The author may hold positions in securities discussed. Do your own work.

SharkWater Trading  •  Data Centers • Insider Filings Nebius Director Files to Sell 500,000 Shares, $121 Million, Under a May Plan October 6, 2026 Bottom Line Up Front Nebius Group (Nasdaq: NBIS) filed a Form 144 on October 6, 2026 for 500,000 shares with an aggregate market value of $121,405,000, about 0.21 percent of 238,400,165 shares outstanding. The seller is listed as Ophir Nave, Director and Officer, under a plan adopted May 22, 2026. The filing reports no sales in the prior three months. The executed price and post-sale holdings are not yet public because the matching Form 4 had not appeared in the EDGAR feed at the time of writing. What Was Filed A Form 144 is notice of intent to sell restricted or control securities. It is not the sale itself. The filing gives an approximate sale date of October 5, 2026, which is the day before it was filed, so the trade may already be done. The Form 4 that reports actual execution is due within two business days of the trade. Form 144 field As filed Seller (per filing) Ophir Nave, listed as Director and Officer Shares to be sold 500,000 Aggregate market value $121,405,000 (implies about $242.81 per share) Approximate sale date 10/05/2026 Plan adoption date 05/22/2026 Shares outstanding 238,400,165 (about 0.21% sold) Sold in prior 3 months None reported Source: Nebius Group N.V. Form 144, SEC EDGAR, filed October 6, 2026 (accession 0001950047-26-010048). Why the Plan Date Matters The plan was adopted May 22, 2026, more than four months before the filing. A plan adopted that far back means the sale instructions were set well before this filing. The filing does not say the plan is a Rule 10b5-1 plan beyond the adoption date, and this desk has not read the plan terms. Whether the 500,000 is a single tranche or one of several is not stated. Context from the same feed: three Form 4s were filed October 5 for sales dated October 1. The two this desk read, from the Chief Infrastructure Officer (29,090 shares at $234.16) and the Chief Technology Officer (14,546 shares at $234.16), were automatic sales to cover tax withholding on vested restricted share units. Those are routine. The director filing is a different animal at roughly 11 times the combined size. A harbor pilot unloading ballast before the swell hits and a crew trimming sail for the weather are doing different things with the same rope. A tax-cover sale is trimming sail. A planned half-million-share sale is a bigger move, and the plan date is the logbook entry that tells you when the captain decided. The Bull Case Scheduled, not reactive. The plan was adopted May 22, 2026, so the sale was set months ahead of this filing. Small against the float. 500,000 shares is about 0.21 percent of shares outstanding, which is modest supply for a name this size. No prior selling. The filing reports nothing sold in the last three months, so this is not a continuing drip. The Bear Case Dollar size is real. $121.4 million is not a tax-cover sale. It is a deliberate liquidation by a person listed as both director and officer. Part of a cluster. A separate Nebius Form 144 was filed September 30 (contents not read by this desk), and three Form 4s followed October 5. Insider paper is stacking up. Unknowns remain. No executed price, no post-sale holdings, no plan terms. The tranche count is not stated. The SharkWater Take This is a filing worth noting and not yet a reason to act. A plan set in May takes the sting out of the timing argument, and 0.21 percent of shares outstanding will not move the float. What I want is the Form 4: the real price, and what the holder still owns afterward. Until that prints, I am treating this as a data point, not a signal. If the post-sale stake is small, the read gets worse. If it is a minor trim, this was noise. Tight lines, SharkWater Educational and informational purposes only. Not personalized investment advice. All figures sourced as noted and accurate as of publication. Options involve substantial risk of loss. The author may hold positions in securities discussed. Do your own work.

SharkWater Trading  •  Space Desk • Rocket Lab Rocket Lab Officer Files to Sell the Same 140,157-Share Block He Sold a Month Ago October 5, 2026 Bottom Line Up Front Rocket Lab (Nasdaq: RKLB) officer Adam C Spice filed a Form 144 on October 1, 2026 to sell 140,157 shares, valued at $9,766,140 on the form, through Morgan Stanley. The block is identical in size to his September 2 sale of 140,157 shares ($8,777,725). Both sit under a Rule 10b5-1 plan he adopted on June 3, 2026. The proposed block is about 0.023 percent of 598,350,482 shares outstanding. This is a scheduled sale, not a signal. The useful number is the implied price: roughly $69.68 a share versus roughly $62.62 a month earlier. What the Form Says The filer lists his relationship to the issuer as "Officer." The form does not give a title, so I am not assigning one. Shares to be sold: 140,157. Approximate sale date: October 1, 2026. The plan adoption date, June 3, 2026, matters because a plan adopted months ahead removes the "he knows something" read. Date Shares Value Aug 17 15,718 $1,291,812 Aug 18 30,908 $2,484,248 Aug 24 9,677 $673,790 Sep 2 140,157 $8,777,725 Oct 1 (proposed) 140,157 $9,766,140 Source: Form 144 filed October 1, 2026 by Adam C Spice (SEC EDGAR, primary document). Oct 1 value is the filer's estimated aggregate market value, not an executed price. Past three months of sales as listed on the form. Divide value by shares and the Oct 1 block prices at about $69.68. The Sep 2 block works out to about $62.62. That is an increase of roughly 11 percent between the two sales. The prices are my arithmetic on the filing's dollar values, not quoted trades. A 10b5-1 plan is a tide clock. The water comes in when the clock says, not when the captain feels like it. What I Could Not Check I could not retrieve the matching Form 4 for the October 1 sale, so the executed price and the post-sale holdings are not verified. I also did not pull Rocket Lab's own newsroom for October. Nothing here says the sale happened at the filed value. The Bull Case Pre-committed selling. The plan dates to June 3, 2026. The sale schedule was set months before the October 1 filing. Small against the float. 140,157 shares is about 0.023 percent of shares outstanding. It does not move the tape. Still higher. The implied price rose about 11 percent between the two sales, so the plan sold into strength, not weakness. The Bear Case It is recurring. Four sales since August 17 total roughly $13.2 million in proceeds on the form. Steady supply is still supply. Cadence is accelerating. Three small August sales gave way to two identical 140,157-share blocks, a month apart. Price is the tell. An officer selling at about $69.68 is not pricing in a collapse. That cuts both ways for anyone hoping for a discount. The SharkWater Take I pass on this as a trade. A scheduled sale under a plan adopted in June tells me when the officer needs liquidity, not what the company will do. The thing I would watch is the next 140,157-share block in early November. If the size changes or the plan gets amended, that is information. Until then this is housekeeping with a dollar sign on it. Tight lines. SharkWater Educational and informational purposes only. Not personalized investment advice. Filing figures are from SEC EDGAR as of October 5, 2026. Implied prices are arithmetic on those figures. The Form 4 was not retrieved. No options data was pulled or computed. The author may hold positions in securities discussed. Do your own work.