Nebius Soars 53% as Microsoft Deal Validates Russian Breakup (1)

Nebius Group NV shares soared on Tuesday after signing an artificial intelligence infrastructure deal worth as much as $19.4 billion with Microsoft Corp.

Amsterdam-based Nebius, which split from Russian internet giant Yandex last year, will provide Microsoft with dedicated artificial intelligence computing capacity worth at least $17.4 billion through 2031, the company said on Monday in a filing with the US Securities and Exchange Commission. The agreement includes options that could increase the value by as much as $2 billion, according to the filing.

Nebius shares rose by as much as 53% to $97.87 in New York.

The deal caps ...