Nvidia has formalized its bet on one of Europe’s fastest-growing artificial-intelligence infrastructure players, disclosing a 9.3% ownership position in Nebius Group that sent the Amsterdam-based company’s shares sharply higher.
The chipmaker revealed the stake in a Schedule 13G filing on Monday, showing a holding of roughly 22.26 million shares in Nebius, an AI cloud provider listed on the Nasdaq. The position breaks into two pieces: about 1.19 million shares held outright and another 21.07 million accessible through a pre-funded warrant, with Nvidia restricted from exercising or selling the warrant-backed shares until Sept. 11. The disclosure is not fresh capital but the formal accounting of a relationship that began in March, when Nvidia announced a $2 billion investment structured around building out compute capacity for the AI era.
Investors reacted the way they typically do when Nvidia attaches its name to a company. Nebius shares had already ticked up about 3% in aftermarket trading Monday, then climbed roughly 7% before the open Tuesday and ran higher still during the session, at points trading up double digits. The move extended an extraordinary run: the stock has gained close to 250% over the past twelve months, leaving Nebius with a market value near $46 billion.
Nebius has carved out a niche as a so-called neocloud—one of a cluster of fast-scaling data-center operators built specifically to supply AI computing power—and the tie-up with Nvidia runs deeper than an equity stake. The two work together across AI infrastructure deployment, fleet management, inference, and the design and support of what the industry calls AI factories. The formal shareholding cements Nvidia as a major backer of a firm racing to expand: Nebius has targeted building more than five gigawatts of computing capacity by the end of 2030, counts Microsoft, Meta and startup Reflection AI among its customers, and has unveiled data-center projects spanning the U.K., Finland and France.
The company has been aggressive on financing to fund that buildout. Just days before the stake became public, Nebius raised $775 million in senior secured debt on July 17, a round backed by its infrastructure assets and future contract revenue, which one firm upgrading the stock to a buy rating called a positive catalyst. Nebius traces its roots to a corporate restructuring of the former Yandex, retaining the AI and cloud businesses while the Russian operations were divested, and relisting as a pure-play provider operating outside Russia.
The disclosure also fits a broader Nvidia pattern that is drawing scrutiny. The company has deployed similarly sized investments across the AI supply chain—another $2 billion tied to Marvell, plus positions connected to Synopsys, CoreWeave, Coherent and Lumentum—alongside a $30 billion contribution to OpenAI’s $110 billion round earlier this year and participation in a $30 billion raise by Anthropic. Some on Wall Street have flagged what Goldman Sachs has described as the increasing circularity of the AI ecosystem, in which a tight group of chip suppliers, cloud operators and AI labs finance one another’s expansion. The concern is that concentrated cross-holdings can amplify momentum on the way up but leave the group exposed if AI infrastructure spending cools.
For now, the read-through was bullish across the neocloud group. Fellow operator CoreWeave rose modestly in the overnight session, and another AI data-center name extended gains after disclosing new cloud contracts, a sign that Nvidia’s endorsement of Nebius is being taken as a vote of confidence in the wider business of renting out AI compute.
JBizNews Desk | New York
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