This Nvidia-Backed Cloud Company’s Stock Is Soaring on Stronger-Than-Expected Earnings

Nebius (NBIS), an Nvidia-backed AI infrastructure and cloud company, surged nearly 29% after reporting second-quarter results that beat Wall Street expectations. Adjusted EBITDA came in at $236.2 million versus $168.9 million expected, while revenue jumped 454% year over year to $582.3 million, above the $570.7 million consensus. Management also raised its year-end contracted power target to 5 gigawatts, signaling continued aggressive capacity expansion. The strong earnings beat and improved growth outlook helped the stock pace the Nasdaq and push Nebius shares to roughly triple year to date, though they remain below their June peak. The reaction suggests investors are rewarding the company’s rapid AI cloud scaling and improving profitability metrics.