NEBIUS Group's stock surged 5.04% during intraday trading on Thursday, marking a significant upward movement for the Nvidia-backed company.
The rally follows Cantor Fitzgerald's initiation of coverage on Nebius with an Overweight rating and a $129 price target, providing a bullish outlook for the stock. Additionally, market chatter indicates Nebius is in talks to acquire Israeli AI startup AI21 Labs, a move expected to expand its AI service offerings for customers.
Further supporting investor optimism is news of a major $17.4 billion, five-year deal where Nebius will provide Microsoft with GPU infrastructure capacity, highlighting the company's strategic positioning in the booming AI infrastructure market.
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