On Thursday, cloud computing provider NEBIUS (NBIS.US) rallied against the broader market trend at the opening, rising more than 7%, while CoreWeave (CRWV.US) gained over 3%.

The shortage of computing power is transitioning from a narrative to the financial statements. Nebius has implemented its second across-the-board price increase this year, with H100 rental rates climbing 17% to 21%. Cloud vendors' revenues and backlog orders are accelerating in tandem, as demand continues to outpace supply.

Meanwhile, CoreWeave is exploring a path that could better improve its economic efficiency: selling AI computing power on shorter lease terms. Analysts at JPMorgan believe this reflects that customers are increasingly willing to pay a premium to secure scarce computing power in the short term.