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.