New York, Jan 22, 2026, 14:43 EST — Regular session
Nebius Group N.V. (NBIS) shares were down about 0.1% at $98.73 in afternoon trade on Thursday, after earlier rising more than 5% in a volatile session. The stock opened at $101.95 and has ranged from $96.97 to $103.93, with roughly 8 million shares traded.
Moves like that matter for a company investors treat as a levered bet on rented graphics processing units (GPUs) — the chips that power AI model training — and on how fast new capacity turns into booked revenue. It does not take much to knock the stock off balance.
Nebius closed at $99.29 on Tuesday, down about 8.7% from its prior close, and ended Wednesday at $98.87, according to Nasdaq historical data. The quick reversal into Thursday’s wide range shows traders are still leaning hard on the same theme, just with less patience. 1
Some of the attention has been on Israel’s new national AI supercomputer, which the country has activated and opened to companies and researchers. The Israel Innovation Authority selected Amsterdam-based Nebius to provide the computing infrastructure, and said it plans to allocate the equivalent of 1,000 Nvidia B200 accelerators, with 70% of the resources aimed at companies and 30% at academia. 2
DataCenterDynamics said the first phase is already live, with 1,000 B200 GPUs available for allocation over the coming weeks. Israel Innovation Authority CEO Dror Bin called the launch “a key step in strengthening Israel’s R&D infrastructure for artificial intelligence,” it reported. 3
The broader tape has been supportive for risk assets. Data showed November’s personal consumption expenditures (PCE) price index — the Federal Reserve’s preferred inflation gauge — rose 2.8% from a year earlier, while markets also reacted to signs of easing tariff pressure from President Donald Trump. 4
Behind the day-to-day swings is a longer story about locked-in demand. A September 2025 SEC filing described a five-year agreement to supply Microsoft with dedicated GPU infrastructure from a new Vineland, New Jersey data center, valuing the contract at about $17.4 billion, with an option that could lift it to about $19.4 billion. Chief executive Arkady Volozh said at the time the contract would “help us to accelerate the growth of our AI cloud business.”
But the deal flow cuts both ways if delivery slips. A Nov. 12 SEC filing described a roughly $2.9 billion, five-year deal to supply Meta Platforms with GPU clusters in two tranches — one in December 2025 and another in February 2026 — and said Meta can terminate the second tranche if Nebius misses delivery deadlines. Reuters has also reported Nebius’ losses widened as capital spending surged in its last reported quarter, underscoring the cost of building out capacity fast. 5
The next fixed point for traders is the company’s next results update. Market calendars estimate Nebius will report around Wednesday, Feb. 18, 2026, though the company has not confirmed a date. 6
