Nebius stock rose 6% in premarket trading. Microsoft Corp.’s deal with neocloud company Nebius Group NV will provide computing power to internal teams creating large language models and a consumer AI assistant, according to people familiar with the situation.

The arrangement, which is worth as much as $19.4 billion, sparked a rally in Nebius shares when it was outlined Sept. 8, but the announcement was short on specifics. As part of the deal, Microsoft will get access to more than 100,000 of Nvidia Corp.’s latest GB300 chips, said the people, who requested anonymity to discuss an internal matter.

The strategy is aimed at coping with a shortage of AI data center capacity and letting Microsoft free up its own server farms to provide lucrative AI services to customers.