Shares of Nebius Group NV (NASDAQ:NBIS) gained more than 13% in New York trading this morning after Nvidia Corp (NASDAQ:NVDA, XETRA:NVD) disclosed a passive stake of 9.3% in the company, equivalent to 22.26 million shares.
The stake is not new capital deployment. It reflects Nvidia's existing position of 1.19 million shares combined with a $2 billion prefunded warrant covering roughly 21 million shares.
Nvidia and Nebius already work together on AI infrastructure deployment, fleet management, inference and the design and support of AI factories.
The disclosure formally establishes Nvidia as a major shareholder in a company that has become one of Europe's leading neoclouds.
Nebius has built its reputation providing AI compute infrastructure, striking multiple deals with major technology companies through 2026 as spending on AI infrastructure has surged across the industry.
The disclosure acts as a strategic endorsement from Nvidia, signaling that Nebius holds preferred status as an infrastructure partner within the GPU maker's broader ecosystem.
Shares of Nvidia were up 1.5%.