Key Points
A renowned artificial intelligence investor revealed a large stake in Nebius.
Nebius recently announced a partnership with Bloom Energy.
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Speculative juices continue to flow as Nebius Group (NASDAQ: NBIS) stock continues to soar. Shares of the cloud infrastructure provider have been riding the artificial intelligence (AI) wave, with the stock rocketing about 470% higher over the last year.
The rally continued today, with a major player in the AI sector revealing an ownership stake. That led Nebius stock to jump by nearly 12%. The stock pared those gains as the session neared a close, but remained up by 9.1% as of 3:55 p.m. ET.
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Nebius boosted guidance
Nebius' underlying business is growing quickly. In its quarterly report two weeks ago, the company raised its guidance for the data center power capacity under contract by the end of the year. Last week, it announced a partnership with Bloom Energy to deploy Bloom's fuel cell systems to help satisfy those power needs.
Speculative investors have been pouring into Nebius stock, expecting that growth will provide big returns on the company's capital investments. Nebius' cloud computing capacity has attracted some big tech customers, fueling speculation. But investors have to question the valuation at some point as the stock continues to soar.
Leopold Aschenbrenner backs Nebius
Word that widely followed AI investor Leopold Aschenbrenner's multi-billion-dollar AI hedge fund, Situational Awareness, holds over 12.4 million shares gave the stock another push today. Aschenbrenner has gained notoriety as a young AI researcher who left OpenAI to found a hedge fund named after the 2024 essay he wrote, arguing that Artificial General Intelligence (AGI) could arrive as early as 2027.
The fund's 5.6% stake in Nebius was enough for investors to follow Aschenbrenner's lead today. Nebius stock may be running too far, too fast, though. Its market cap has reached nearly $60 billion. While revenue is growing quickly, and management believes it could reach an annual run rate of up to $9 billion by the end of 2026, any speed bumps to that plan could hit Nebius shares hard.
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Howard Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bloom Energy. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
