Nebius, which was spun out from Russian internet giant Yandex, provides graphics processing units or GPUs for training artificial intelligence models.
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Artificial intelligence infrastructure firm Nebius Group soared in U.S. premarket trading on Tuesday, following the company’s announcement of a multi-billion-dollar deal with Microsoft.
Nebius’ stock was up 49% at 10:03 a.m. London time (05:03 a.m. E.T.)
The Amsterdam-based firm announced it had struck a multi-year deal with Microsoft worth $19.4 billion to provide cloud computing power for AI workloads. Nebius, which was spun out from Russian internet giant Yandex in 2023, provides graphics processing units — or GPUs — for training AI models.
The deal will be worth $17.4 billion through 2031 to Nebius, which counts the likes of Nvidia and Accel as investors. Microsoft may also acquire additional computing capacity under the arrangement.
Nebius shares climbed 60% Monday in extended trading and continued to surge Tuesday amid investor excitement over the deal. The news also boosted shares of rival AI infrastructure firm CoreWeave, which was up 6.6% in premarket trading.
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