U.S. stocks opened higher on Tuesday after the Nasdaq Composite hit a new record.

The Dow Jones Industrial Average traded 9 points higher. The S&P 500 gained 0.1% along with the Nasdaq.

Nebius Group shares surged 52% in morning trading as investors cheered its $17.4-billion deal supplying AI infrastructure to Microsoft over a five-year period.

The agreement, which could expand to $19.4 billion if Microsoft increases demand, underscores the growing need for high-performance AI data centers amid a global rush to develop advanced generative artificial-intelligence technologies.

While shares of rival CoreWeave gained 7%.