(Reuters) -Nebius Group has signed a deal worth about $3 billion with Meta to provide the Facebook owner with AI infrastructure over a five-year period, the company said on Tuesday, after it reported a more than fourfold rise in third-quarter revenue.

The company’s shares seesawed in volatile premarket trading, after it posted a surge in capital spending and a quarterly loss of over $100 million, widening from $39.7 million last year.

The stock has been on a strong run this year, with its market value rising fourfold to $27.61 billion, through last close.

The agreement with Meta underscores the surging demand for high-performance computing power that is required to build and run artificial intelligence models.

It is Nebius’ second contract with a hyperscaler, following its $17.4 billio

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