Nebius (NBIS) stock is soaring 5.33% in pre-market trading on Friday, following a stellar performance in the previous session where it surged 18.6%. The continued upward momentum comes on the heels of the company's impressive second-quarter earnings report and an analyst's bullish stance.

The cloud provider, backed by Nvidia, reported a significant jump in revenue for Q2 and raised its growth forecast, instilling confidence among investors. The strong financial performance has prompted BWS Financial to raise its price target on Nebius from $80 to $90, while maintaining a Buy rating on the shares. According to BWS Financial, Nebius grew its revenue by a substantial margin, though specific figures were not disclosed.

The positive sentiment surrounding Nebius is further fueled by the broader market's enthusiasm for AI-related stocks. As a cloud provider with ties to Nvidia, a leading AI chip manufacturer, Nebius is well-positioned to capitalize on the growing demand for AI infrastructure. Investors appear to be betting on Nebius's potential to capture a significant share of the expanding AI cloud services market, driving the stock's impressive rally.