Nebius rises after Nvidia reveals 9.3% holding in AI cloud firm

Nebius shares rose 7% in premarket trading on Tuesday after Nvidia disclosed in a U.S. Securities and Exchange Commission filing that it held a 9.3% stake in the Amsterdam-based AI cloud company. The move added to a sharp advance in Nebius stock, which CNBC reported has gained nearly 250% over the past 12 months, giving the company a market value of $46 billion as of Tuesday morning.

Nebius, listed on Nasdaq, provides computing capacity for artificial intelligence workloads. Companies described as neoclouds typically build and operate data-center infrastructure designed for AI training and inference, then sell access to that capacity to customers that need large volumes of graphics processing power and related systems.

The Nvidia filing gives investors a clearer view of the chipmaker’s exposure to Nebius at a time when demand for AI infrastructure has become a central theme across technology capital spending. Nvidia’s processors are widely used in AI systems, and the company has also been taking stakes in businesses that build or use large-scale AI infrastructure, according to CNBC.

Nvidia had previously announced a $2 billion investment in Nebius. Under that arrangement, the two companies said they would work together on AI infrastructure deployment, management of computing fleets, inference, and the design and support of AI factories.

The term AI factory is used in the sector to describe data-center systems configured to produce AI outputs at scale. In practice, that can include clusters of GPUs, networking equipment, software and operational tools that allow companies to run training or inference workloads more efficiently.

Nebius has also signed large commercial agreements with major technology companies in 2026, according to CNBC. In March, Meta entered a long-term agreement to spend as much as $27 billion on Nebius AI infrastructure.

The latest disclosure comes as Nvidia continues to expand financial links with AI companies. CNBC reported that Nvidia contributed $30 billion to a $110 billion OpenAI funding round announced in March. The chipmaker also participated in Anthropic’s $30 billion fundraising in February, according to CNBC.

For Nebius, Nvidia’s disclosed holding places the company more firmly within the network of AI infrastructure providers, model developers and cloud customers that are competing for computing capacity. The share reaction suggests the filing was viewed by the market as material new information, though the filing itself disclosed ownership rather than a new operating contract.

The gains also extend a period of strong investor demand for companies tied to AI compute. Nebius has benefited from that trend through both its share performance and its customer agreements, while Nvidia’s disclosed stake underscores the chipmaker’s role not only as a supplier of hardware but also as an investor in parts of the AI infrastructure chain.

This story draws on original reporting from CNBC.