This AI stock is surging after an ex-OpenAI employee's fund disclosed a stake. Here's why

Nebius, which was spun out from Russian internet giant Yandex, provides graphics processing units or GPUs for training artificial intelligence models.

Dutch cloud provider Nebius popped in premarket trading Thursday after an ex-OpenAI employee's fund disclosed a sizeable stake in the firm.

Situational Awareness, a hedge fund founded by former OpenAI researcher Leopold Aschenbrenner, now owns 12.4 million Class A shares of the AI firm, according to a filing published on Wednesday. That represents a 5.6% stake.

Situational Awareness manages billions in funds and invests in the physical infrastructure necessary for the future of AI.

Nebius, which is listed in the U.S., was last seen up 11% in premarket trading. The stock is up 149% year-to-date.