Nebius stock soars nearly 50% on Microsoft AI deal

Nebius, which was spun out from Russian internet giant Yandex, provides graphics processing units or GPUs for training artificial intelligence models. Shares of artificial intelligence infrastructure firm Nebius Group soared nearly 50% Tuesday, a day after the company disclosed a multi-billion-dollar deal with Microsoft . The Amsterdam-based firm announced it had struck a multi-year deal with Microsoft worth up to $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, boosting overall contract value to $19.4 billion. 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 8%.