Nebius (NBIS) surged 5.07% in pre-market trading, staging a sharp rebound after the AI cloud infrastructure provider plummeted over 13% in the prior session. The rally came despite renowned short seller Michael Burry revealing a new bearish position against the stock.

Burry disclosed on Thursday that he had initiated a significant short position in Nebius at an entry cost of $211.77 per share, opting to short the stock directly rather than using put options, which he deemed "too high." He cautioned that leverage risks from off-balance-sheet commitments in the technology and cloud computing sectors are escalating. However, Nebius shares shook off the bearish commentary, climbing in pre-market action as traders appeared to focus on the stock's steep discount following the previous day's sell-off.

Options market data from the prior session painted a bullish picture, with large-trade flow dominated by a $2.70 million out-of-the-money put sale and a $2.44 million double call sale in far-dated 2026 expirations. Analysts noted that the flow reflected a moderately bullish conviction, with market participants writing downside insurance and leaning toward put selling rather than aggressive upside call buying, signaling expectations for consolidation and limited downside risk.