Nebius Group N.V. shares rose about 1.75% to $241.50 in Wednesday’s premarket trading, with another market snapshot describing an approximately 2% gain, after William Blair initiated coverage with an Outperform rating. Analyst Jason Ader said Nebius is differentiated from typical neocloud providers by its infrastructure footprint, software stack, client base and access to relatively inexpensive financing, while investors also assessed improving AI demand and potential compute spending by Microsoft and Meta. BNP Paribas upgraded Nebius to Outperform on September 24 and raised its price target to $399 from $260, forecasting annual recurring revenue of nearly $22 billion by the end of 2027. Nebius reported second-quarter 2026 revenue of $582.3 million, up 454% year over year, while adjusted EBITDA improved to $236.2 million from a $21 million loss. The company reportedly plans to raise prices by roughly 20% from October 1 for several Nvidia GPU models, amid expansion supported by a $5.75 billion convertible-note offering, a planned $10 billion AI factory in Finland and major customer agreements. Palantir has designated Nebius its primary sovereign AI infrastructure collaborator, while Michael Burry has shifted Nebius short positions into put options expiring before summer 2027.