Investors have their heads in the clouds today -- or rather, they have their minds on a leading cloud stock. Nebius Group (NBIS 18.90%), developer of a cloud platform uniquely suited for artificial intelligence (AI) computing, announced second-quarter 2025 earnings, and investors are thrilled with the results.

As of 10:27 a.m. ET on Thursday, shares of Nebius were up 24.5%.

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It's not only beating analysts' estimates that has investors excited

Beating analysts' expectations for $101.2 million on the top line, Nebius posted second-quarter revenue of $105.1 million. Similarly, the company reported a $0.38 loss per share, narrower than the $0.42 loss per share that one analyst had been expecting.

But it's management's outlook for the remainder of 2025 that has investors particularly excited. Because of what it credited in its letter to shareholders as "strong momentum," management upwardly revised the annualized revenue run-rate guidance for the end of 2025 to a range of $900 million to $1.1 billion from the original projection of $750 million to $1 billion.

Addressing the company's strong prospects, CEO Arkady Volozh said: "Demand for AI infrastructure -- compute, software and services -- is only going to get stronger as use cases multiply. We are aggressively scaling up capacity to capture this substantial opportunity and are in the process of securing more than 1 GW of power by the end of 2026."

Is it too late to buy this AI hyperscaler after today?

It's not only semiconductor companies like Nvidia and Taiwan Semiconductor Manufacturing that investors are focusing on for AI exposure; they have recognized the appeal of AI hyperscalers like Nebius, which provide the crucial backbone for AI computing to occur.

Shares have soared more than 140% since the start of the year, and they may be running out of room to race higher. For those who are eager to buy Nebius stock, it may be better to sit on the sidelines for the time being or consider a cloud computing exchange-traded fund to take a more conservative approach.