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Shares of artificial intelligence infrastructure firm Nebius Group soared 40% Tuesday, a day after the company disclosed a multi-billion-dollar deal with Microsoft .

The Amsterdam-based firm announced it had struck a multi-year deal with Microsoft worth up to $19.4 billion to provide cloud computing power for AI workloads. Nebius, which was spun out from Russian internet giant Yandex in 2023, provides graphics processing units — or GPUs — for training AI models.

The deal will be worth $17.4 billion through 2031 to Nebius, which counts the likes of Nvidia and Accel as investors. Microsoft may also acquire additional computing capacity under the arrangement, boosting overall contract value to

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