Nebius rises after Nvidia filing shows 9.3% stake

Nebius shares jumped Tuesday before the opening bell after Nvidia disclosed a 9.3% stake in the company in a U.S. Securities and Exchange Commission filing. For everyday investors, the move puts another spotlight on a stock that has already been riding the market’s enthusiasm for artificial intelligence infrastructure.

CNBC reported that Nebius shares were up 7% in premarket trading. The Amsterdam-based company, listed on Nasdaq, has gained nearly 250% over the past 12 months, according to CNBC, and its market value stood at $46 billion as of Tuesday morning.

Nebius is described by CNBC as one of Europe’s leading “neocloud” companies. A neocloud is a newer cloud provider built around high-performance computing, especially the graphics processing units and data-center systems used to train and run AI models. In plain English: companies building AI need enormous computing power, and Nebius sells access to that infrastructure.

Why Nvidia’s stake gets attention

Nvidia’s filing matters because the chipmaker sits at the center of the AI spending cycle. Its processors are widely used for AI workloads, and its investment activity can be read by the market as a signal about where demand for AI computing may be building.

A stake disclosure does not mean Nvidia controls Nebius, and it is not a guarantee of future performance. It does show that Nvidia has a financial interest in a company that buys, deploys or supports the kind of AI infrastructure Nvidia helps power.

CNBC reported that Nvidia previously announced a $2 billion investment in Nebius. As part of that agreement, the companies said they would work together on AI infrastructure deployment, fleet management, inference, and AI factory design and support. Inference means running an AI model after it has been trained, such as when a chatbot answers a prompt or a software tool generates an image.

Nebius has also signed large customer agreements during the AI infrastructure buildout. In March, Meta agreed to spend up to $27 billion on Nebius’ AI infrastructure under a long-term deal, according to CNBC.

Nvidia keeps expanding its AI investment web

The Nebius filing fits a broader pattern. CNBC reported that Nvidia has been building stakes in AI companies in recent years, as demand for chips, cloud capacity and model training continues to reshape the tech sector.

According to CNBC, Nvidia contributed $30 billion to OpenAI’s $110 billion funding round announced in March. The chipmaker also participated in Anthropic’s $30 billion raise in February, CNBC reported.

Nebius and Nvidia have been approached for comment, according to CNBC. The stock reaction shows how sensitive AI infrastructure names remain to signs of backing from Nvidia, whose hardware and partnerships have become key pieces of the current AI buildout.

This story draws on original reporting from CNBC.