Shares of NEBIUS (NBIS) surged 7.40% in pre-market trading on Friday, extending a powerful rally that saw the AI cloud infrastructure provider gain over 15% in the prior regular session and 5.3% in after-hours trading.

The move comes as multiple bullish catalysts continue to drive investor enthusiasm. NVIDIA’s disclosed 9.3% passive stake in NEBIUS, totaling approximately 22.26 million shares, has reinforced confidence in the company’s strategic positioning. Additionally, Baird initiated coverage with an Outperform rating, with the analyst consensus target price sitting at $270.80, well above current levels. Broader capital inflows into the Neocloud and AI infrastructure sector have also provided tailwinds, with NEBIUS at the center of the narrative.

The company’s operational efficiency, highlighted by an average data center PUE of 1.25—well below the global industry average—has further supported the bullish case as NEBIUS scales its AI cloud capacity. The pre-market spike signals a sharp repricing of NEBIUS’s AI infrastructure role, with clear signs of sustained buying momentum.