AI cloud firm Nebius reports near eightfold revenue jump, shares surge

Nebius Group reported a nearly eightfold rise in quarterly revenue on Wednesday, benefiting from rising demand for artificial intelligence infrastructure and cloud services amid a boom in enterprise spending on the technology.

Shares of Amsterdam-based Nebius soared 13% in premarket trading.

Investments in graphics processing ‌units and data ⁠center hardware ⁠for its core AI cloud business drove first-quarter capital expenditure to about $2.5 billion, compared ​with $544 million a year earlier and above analysts’ estimate of $2.4 billion, according to Visible ​Alpha.