Nebius, which was spun out from Russian internet giant Yandex, provides graphics processing units or GPUs for training artificial intelligence models.
Sopa Images | Lightrocket | Getty Images
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.
This is a breaking news story. Please check back for updates.
Disclaimer: This news has been automatically collected from the source link above. Our website does not create, edit, or publish the content. All information, statements, and opinions expressed belong solely to the original publisher. We are not responsible or liable for the accuracy, reliability, or completeness of any news, nor for any statements, views, or claims made in the content. All rights remain with the respective source.