New York, June 2, 2026, 08:03 EDT
- Nebius ended Monday at an all-time high. The stock last traded at $264.51 before regular trading opened Tuesday on Nasdaq.
- Nvidia CEO Jensen Huang’s public praise and a 5.6% stake from Leopold Aschenbrenner’s Situational Awareness LP have pushed the rally.
- Bulls are focused on the limited supply of AI computing power. The main worry is how much it costs to scale up quickly.
Nebius Group shares drew attention in early trading Tuesday, coming off a record close. Investors responded to new comments from Nvidia and news that a major AI fund holds a position in the Amsterdam-based cloud firm. The regular U.S. session was still ahead, but Nebius was last seen at $264.51, up $33.46 from its last close.
Investors are now looking at the price of limited AI compute power, not only software. Nebius offers cloud space for artificial intelligence jobs that need GPUs, the chips that train and operate big AI models.
The policy backdrop turned positive too. France said Monday Nebius will put over 8 billion euros into turning a former Bridgestone plant into a European computing hub aimed at 240 megawatts of capacity. The project is part of broader AI and data center commitments announced at the Choose France summit. SoftBank, Brookfield and Salesforce also detailed major French AI or infrastructure plans.
Nvidia CEO Jensen Huang gave Nebius some momentum in his Computex speech. Huang included Nebius in a list of “world-class AI clouds” and said it was “growing incredibly fast,” The Motley Fool reported. Nebius shares then hit an all-time high on Monday after his remarks, the site said. The Motley Fool
Fund buying gave the stock another push. A Schedule 13G filing with the U.S. Securities and Exchange Commission showed Situational Awareness LP, run by ex-OpenAI researcher Leopold Aschenbrenner, holds 12,410,060 Nebius Class A shares, or 5.6% of that class. The filing said the shares weren’t bought to change or influence control of the company.
Situational Awareness became the top shareholder of Nebius after its stake, Reuters said last week, citing LSEG data. Gil Luria, who leads tech research at D.A. Davidson, told Reuters that Aschenbrenner’s move signals he thinks “most leverage right now in AI clouds” is with “specifically, Nebius.” Reuters
Nebius gave investors more details on its numbers. In a shareholder letter, the company said first-quarter revenue jumped to $399.0 million from $50.9 million a year ago. Nebius AI cloud revenue came in at $389.7 million. Annualized run-rate revenue, which is the latest monthly cloud revenue times twelve, was $1.92 billion at the end of March.
Nebius CEO Arkady Volozh told Reuters there are “several customers competing for every GPU,” and said higher spending shows demand visibility into 2027, not just cost pressure. Reuters reported the company raised its 2026 capital expenditure guidance to $20 billion to $25 billion, up from $16 billion to $20 billion. Reuters
Nebius and CoreWeave, both part of the group known as neoclouds, are now competing in a more crowded space. These firms rent out AI computing power to big tech companies and developers. Nebius has struck infrastructure deals with Meta Platforms and Microsoft.
Stone Fox Capital on Seeking Alpha pushed the bull case for Nebius, calling out the company’s progress toward 4 GW of contracted power by year-end. Still, the firm flagged higher capex plans as a concern, saying Nebius might need to raise more money, which could slow the rally.
Main risk comes from spending. Nebius put around $2.5 billion into capex in Q1, mostly for GPUs, hardware, and data-center builds. The company listed operating cash flow, customer prepayments, debt, and an unused at-the-market equity plan for funding. If power hookups, chip supply, prepayment flows or financing costs shift unfavorably, the new stock valuation gives management less leeway for errors.
Right now, scale and speed are getting the market’s vote. The question ahead is if Nebius can convert the rush for AI compute into solid margins before rising financing costs bite.
