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What happened: Nebius (NBIS) stock soared 15% on Wednesday.

What’s behind the move: The AI cloud computing company reported revenue of $399 million in the first quarter, representing 684% year-over-year growth and a 75% increase from the previous quarter.

“Everything we build with is sold,” Nebius CEO Arkady Volozh said during the company’s earnings call. “That is what is driving us to build more and to raise our 2026 capex guidance to between $20 billion and $25 billion, which is up from our prior range of $16 billion to $20 billion.”

What else you need to know: Nebius is benefiting from the surge in demand for AI infrastructure, forming partnerships with major industry players, such as Nvidia (NVDA). The company’s customers include tech giant Microsoft (MSFT) and social media giant Meta (META).

The Netherlands-based company competes with peers such as CoreWeave (CRWV) that lease computing capacity. These providers have experienced booming growth over the past year.

Nebius shares have risen more than 400% over the past year and are up over 130% since the beginning of January.

Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.

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