The AI Stock That's Been Outperforming Nvidia Since January

The article highlights Nebius’ rapid rise in 2026, outpacing Nvidia, and discusses implications for the AI infrastructure market. Nebius shares surged ~143% year-to-date as strong Q1 results (AI revenue driving 98% of sales) and large hyperscaler contracts (Meta and Microsoft) underpin aggressive expansion plans. Nvidia’s $2 billion strategic investment for an ~8.3% stake and supply of AI processors supports Nebius’ goal to deploy >5 GW of capacity by 2030, amplifying demand for data-center GPUs and cloud capacity. Nebius’ raised 2026 capex plan ($20–$25bn) and potential equity dilution are risks, but sizable cash ($9.3bn) and multiyear deals suggest significant market impact across cloud, AI hardware suppliers, and related stocks.