Nebius shares rose 7.1% in Wednesday’s pre-market trading after a six-day losing streak erased about 24% of the company’s market value. The rebound followed completion of a $5.75 billion convertible notes offering, above the initial $4.5 billion target, easing concerns about the company’s planned debt financing. Nebius said the proceeds will support data center expansion, additional GPU purchases and development of its AI cloud infrastructure platform. Goldman Sachs raised its NBIS price target from $286 to $328 on August 25 while maintaining a Buy recommendation. The financing arrived during a broader AI-driven convertible bond boom, although the two reports provide different measures of aggregate issuance: one cited $147 billion in global convertible issuance through August 28, while another put global zero-coupon issuance at $72 billion as of late August. The newer account also said US issuance reached $57 billion in the first half of 2026 and that zero-coupon deals from companies including Akamai Technologies, Oracle, CoreWeave and Cloudflare carried increasingly investor-unfriendly terms. Zero-coupon bonds provide no interest income, leaving investors dependent on the equity-conversion option, while high conversion premiums require substantial share-price gains before that option becomes valuable. Rising AI-stock volatility has supported demand for the embedded option, but capped calls, higher investor costs and dilution concerns show that buyers are pushing back. Nebius shareholders approved all 16 proposals at the company’s Annual General Meeting, including additional Class A share authorization, a waiver of pre-emptive rights and permission to repurchase up to 20% of outstanding stock. Nebius reported second-quarter revenue growth of 454% year over year but continues to operate at a cash deficit as it invests in data centers and GPU hardware. The stock is up 165% since the start of the year, with a market capitalization of $57.34 billion and average daily volume of about 21.6 million shares.