Cloud computing stocks rally premarket. Nebius surges over 5%, CoreWeave climbs more than 4%, IREN advances over 3%, Hut 8 and HPE gain over 2%.

The significant price movement is attributed to multiple positive catalysts. Firstly, Nasdaq confirmed that NEBIUS will be added to the Nasdaq 100 Index, with the adjustment taking effect before market open on June 22. This inclusion is expected to generate substantial passive index fund allocation demand for the stock.

Additionally, the company recently completed the full acquisition of AI firm Eigen AI for a total consideration of $643 million, aimed at strengthening its inference platform globalization capabilities. These developments come alongside a previously announced $2.2 billion investment to expand AI computing infrastructure in the UK and better-than-expected Q2 computing power lease contract renewal rates.