Shares of Nebius Group surged 9.1% to $252.10 Monday, punching through all-time highs and capping a 21% rally in five trading days as three separate catalysts collided to make this former Yandex spinoff Wall Street's hottest AI-infrastructure trade.
Nvidia's CEO Put Nebius on a Giant Screen in Taipei
At his Computex keynote, Jensen Huang declared onstage, "We worked with Nebius, and they are growing incredibly fast," while displaying a slide pairing the two companies' logos with a heart symbol. That public endorsement matters because Nvidia invested $2 billion in Nebius in March, reflecting confidence in the company's engineering depth. For shareholders, Huang's praise signals Nebius may get priority access to Nvidia's next-generation chips — a critical edge when GPU supply determines how fast a neocloud (a specialized data-center operator renting AI computing power) can grow revenue.
A $13.7 Billion AI Fund Made Nebius Its Biggest Bet
Situational Awareness, the hedge fund run by former OpenAI researcher Leopold Aschenbrenner, disclosed ownership of 12.4 million shares — a roughly 5.6% stake worth $2.6 billion — making it Nebius's largest shareholder.
The fund has ballooned to $13.7 billion in assets from $225 million in under two years. Aschenbrenner's conviction is a credibility stamp: he's betting the physical plumbing of AI — not just the models — is where real value accrues.
An Anthropic Contract Would Change the Math
Anthropic's computing needs already spill beyond Amazon and Google's own capacity; it signed a multi-year deal with CoreWeave in April 2026, and reports surfaced in May of talks with Nebius. A confirmed deal would add a third marquee customer alongside Microsoft and Meta, whose combined contracts total roughly $46 billion.
The Bull Case Comes With a Giant Spending Bill
Q1 revenue grew 684% year-over-year to $399 million , and management targets annualized run-rate revenue of $7–$9 billion by year-end. But Nebius plans $16–$20 billion in capital spending against just $3–$3.4 billion in guided full-year revenue.
About 40% of the funding still needs to be raised, and the company has already issued $4.6 billion in convertible notes — meaning shareholder dilution is baked into the growth plan. At a ~$58 billion market cap, the stock is pricing in near-flawless execution on a buildout of unprecedented scale. Any delay in data-center construction or contract renegotiation could reverse this momentum as fast as it arrived.