Nvidia-Backed Nebius Soars on Stronger-than-Expected Earnings

Nebius, an AI infrastructure firm backed by Nvidia, reported stronger-than-expected second-quarter results on August 11. The company's shares surged nearly 29% in recent trading to pace the Nasdaq.

The quarterly revenue jumped 454% year-over-year to $582.3 million, exceeding analysts' estimates of $570.7 million. Adjusted EBITDA reached $236.2 million, surpassing expectations of $168.9 million.

Nebius CEO Arkady Volozh stated on the earnings call that the company continues to build its future capacity pipeline and has raised its year-end contracted power target to 5 gigawatts.