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AI dark horse secures a major contract with Microsoft! Is the surge in stock price just the beginnin
牛牛課堂
joined discussion · Sep 9, 2025 17:46 ·

Secured nearly $20 billion in orders from Microsoft! NEBIUS surged over 50%, and these companies also have explosive potential!

On Monday, $NEBIUS (NBIS.US)$Next$Microsoft (MSFT.US)$A record $19.4 billion AI computing power deal!
Specifically, NEBIUS will provide dedicated capacity to Microsoft from its new data center located in Vineland, New Jersey, which will be deployed in multiple phases this year and next year, with services expected to start as early as later this year. Microsoft has not specified how it will utilize the resources from NEBIUS.
According to documents submitted by NEBIUS to the SEC, this transaction will bring the company $17.4 billion, and Microsoft also retains the option to purchase an additional $2 billion in services, with a deadline until 2031.Therefore, it can reach up to 19.4 billion USD. This news also stimulated NEBIUS to surge over 50% in pre-market trading.
On Monday, $NEBIUS (NBIS.US)$ Next $Microsoft (MSFT.US)$ The highest AI computing power contract worth $19.4 billion! Specifically, NEBIUS will provide dedicated capacity to Microsoft from its new data center located in Vineland, New Jersey, which will be deployed in multiple phases this year and next, with services expected to commence as early as later this year. Microsoft has not disclosed how it will utilize the resources from NEBIUS. According to documents submitted by NEBIUS to the SEC, this transaction will bring the company $17.4 billion, and Microsoft also retains the option to purchase an additional $2 billion in services until 2031.Thus, the total could reach as high as $19.4 billion. This news also prompted NEBIUS's pre-market shares to surge by over 50% at one point. At this point, perhaps some investors are seeking to understandWhat is the situation with NEBIUS? How does this order impact the company? Which other companies are worth watching?Next, we will analyze these points for fellow investors. What is the situation with NEBIUS? According to a research report by Caitong Securities, $NEBIUS (NBIS.US)$formerly known as the Russian version of Google, firmly transformed into a computing power leasing business amid the AI wave. NEBIUS, the predecessor of the Russian tech giant Yandex, operates across various sectors including search, mapping, ride-hailing, music, and streaming. Following the Russia-Ukraine conflict in 2022, Yandex...
Seeing this, perhaps some investors want to understand.What is the situation of the company NEBIUS? How does this order affect it? Which other companies are worth paying attention to?Next, we will analyze each point for our fellow investors.
What is the situation of NEBIUS?
According to a research report by Caitong Securities, $NEBIUS (NBIS.US)$formerly known as the Russian version of Google, firmly transformed into a computing power leasing business amid the AI wave.
NEBIUS is the successor of the Russian technology giant Yandex, with operations spanning search, maps, ride-hailing, music, and streaming. Following the geopolitical upheaval after the Russia-Ukraine conflict in 2022, Yandex initiated a strategic restructuring to exit the Russian market. In October 2024, Yandex completed the formal separation from NEBIUS.
The reborn NEBIUS leverages Yandex's AI capabilities and expertise in building hyperscalers to attract a large pool of talent in AI infrastructure.All In computing power leasing,entering the global AI infrastructure construction market, providing large-scale GPU computing power cluster leasing services and related development tools.
Similar to CoreWeave, NEBIUS has also received investment from NVIDIA.As a European-based cloud service provider, NEBIUS also benefits from the support of the EU IPCEI CIS project. Leveraging its own financial advantages and collaborating directly with ODM manufacturers,NEBIUS can provide lower prices for computing power.At the same time,NEBIUS has a professional team of over 400 software and hardware engineers supporting its ODM strategy, facilitating the rapid deployment of GPU clusters.
The difference is that CoreWeave primarily positions itself to provide bare-metal computing power servers.NEBIUS is committed to building full-stack infrastructure for the rapidly growing global artificial intelligence industry.Its services encompass large-scale GPU clusters, cloud platforms, developer tools, and support services, and rely on its proprietary cloud software architecture and hardware design capabilities—including the design of servers, racks, and data centers—to create an integrated high-performance solution.
This distinction further leads to significant differences in customer structure and development models between the two.Bare-metal computing power servers focus more on meeting the urgent demand for computing power expansion from technology giants, with their main clients being large enterprises.With its full-stack services, NEBIUS is closer to a typical cloud service provider model, serving a diverse clientele ranging from small and medium-sized AI startups to large technology enterprises.This broad customer base also allows NEBIUS to effectively reduce reliance on large clients, enhancing its business resilience.
Additionally, NEBIUS has set ambitious goals: it plans to double its GPU capacity by the end of 2025 and to increase it fourfold in the medium term.to become a global leader in AI infrastructure provision.
How does this order impact it?
The analysis suggests thatthis collaboration with Microsoft represents a significant gain for NEBIUS,which will enable it to expand its AI cloud business more vigorously in 2026. The company is continuously expanding its data center operations, leveraging the current AI boom.
Previously, market concerns regardingNEBIUS included the fact that its customers are primarily small and medium-sized enterprises. If AI development were to stall, revenue would be at risk. Securing this order from Microsoft has alleviated such concerns among investors.
Microsoft's involvement will fundamentally alter this landscape.As of the second quarter, NEBIUS's revenue accounted for approximately 9% of CoreWeave's. Once Microsoft's order begins to contribute to revenue, this proportion is expected to rise rapidly.
On Monday, $NEBIUS (NBIS.US)$ Next $Microsoft (MSFT.US)$ The highest AI computing power contract worth $19.4 billion! Specifically, NEBIUS will provide dedicated capacity to Microsoft from its new data center located in Vineland, New Jersey, which will be deployed in multiple phases this year and next, with services expected to commence as early as later this year. Microsoft has not disclosed how it will utilize the resources from NEBIUS. According to documents submitted by NEBIUS to the SEC, this transaction will bring the company $17.4 billion, and Microsoft also retains the option to purchase an additional $2 billion in services until 2031.Thus, the total could reach as high as $19.4 billion. This news also prompted NEBIUS's pre-market shares to surge by over 50% at one point. At this point, perhaps some investors are seeking to understandWhat is the situation with NEBIUS? How does this order impact the company? Which other companies are worth watching?Next, we will analyze these points for fellow investors. What is the situation with NEBIUS? According to a research report by Caitong Securities, $NEBIUS (NBIS.US)$formerly known as the Russian version of Google, firmly transformed into a computing power leasing business amid the AI wave. NEBIUS, the predecessor of the Russian tech giant Yandex, operates across various sectors including search, mapping, ride-hailing, music, and streaming. Following the Russia-Ukraine conflict in 2022, Yandex...
Arkady Volozh, founder and CEO of NEBIUS, also stated this morning:
NEBIUS's core AI cloud business is experiencing very strong growth, with clients ranging from startups to large enterprises. We have previously stated that, in addition to the core business, the company also anticipates signing multiple long-term collaboration agreements with leading AI laboratories and major technology companies.Today, I am pleased to announce the conclusion of the first such contract, and I believe that there will be more similar collaborations in the future.The economic benefits of this agreement are already significant, and more importantly, it will help us accelerate the growth of our AI cloud business further in 2026 and beyond.
Notably, Microsoft's order is even larger than the early deal between OpenAI and CoreWeave, indicating an exceptionally strong demand for GPU computing power.This could provide a boost to the entire AI industry chain: by choosing NEBIUS, Microsoft may achieve faster GPU deployment times than by building its own infrastructure. This is because constructing infrastructure involves land acquisition, approvals, construction, and waiting for power supply, a process that may take several quarters.
On Monday, $NEBIUS (NBIS.US)$ Next $Microsoft (MSFT.US)$ The highest AI computing power contract worth $19.4 billion! Specifically, NEBIUS will provide dedicated capacity to Microsoft from its new data center located in Vineland, New Jersey, which will be deployed in multiple phases this year and next, with services expected to commence as early as later this year. Microsoft has not disclosed how it will utilize the resources from NEBIUS. According to documents submitted by NEBIUS to the SEC, this transaction will bring the company $17.4 billion, and Microsoft also retains the option to purchase an additional $2 billion in services until 2031.Thus, the total could reach as high as $19.4 billion. This news also prompted NEBIUS's pre-market shares to surge by over 50% at one point. At this point, perhaps some investors are seeking to understandWhat is the situation with NEBIUS? How does this order impact the company? Which other companies are worth watching?Next, we will analyze these points for fellow investors. What is the situation with NEBIUS? According to a research report by Caitong Securities, $NEBIUS (NBIS.US)$formerly known as the Russian version of Google, firmly transformed into a computing power leasing business amid the AI wave. NEBIUS, the predecessor of the Russian tech giant Yandex, operates across various sectors including search, mapping, ride-hailing, music, and streaming. Following the Russia-Ukraine conflict in 2022, Yandex...
However, there are also some risk points that investors should be aware of; NEBIUS stated in the document that this transaction will significantly drive the growth of its AI cloud business in 2026.But to achieve faster growth, the company also needs to seek financing options.NEBIUS pointed out that the capital expenditures related to this transaction will be covered by cash obtained through the agreement and by contract-backed debt.
Previously, at the shareholders' meeting on August 22, the company also reviewed theauthorization for the issuance of new shares.
The resolution requests shareholders to authorize the board to issue up to 20% of the company's issued share capital in Class A common stock at any time within five years.
On Monday, $NEBIUS (NBIS.US)$ Next $Microsoft (MSFT.US)$ The highest AI computing power contract worth $19.4 billion! Specifically, NEBIUS will provide dedicated capacity to Microsoft from its new data center located in Vineland, New Jersey, which will be deployed in multiple phases this year and next, with services expected to commence as early as later this year. Microsoft has not disclosed how it will utilize the resources from NEBIUS. According to documents submitted by NEBIUS to the SEC, this transaction will bring the company $17.4 billion, and Microsoft also retains the option to purchase an additional $2 billion in services until 2031.Thus, the total could reach as high as $19.4 billion. This news also prompted NEBIUS's pre-market shares to surge by over 50% at one point. At this point, perhaps some investors are seeking to understandWhat is the situation with NEBIUS? How does this order impact the company? Which other companies are worth watching?Next, we will analyze these points for fellow investors. What is the situation with NEBIUS? According to a research report by Caitong Securities, $NEBIUS (NBIS.US)$formerly known as the Russian version of Google, firmly transformed into a computing power leasing business amid the AI wave. NEBIUS, the predecessor of the Russian tech giant Yandex, operates across various sectors including search, mapping, ride-hailing, music, and streaming. Following the Russia-Ukraine conflict in 2022, Yandex...
In addition, it also reviewed theauthorization for share buybacks: authorizing the board to repurchase up to 20% of the company's issued share capital in Class A common stock at any time within an 18-month period. The repurchase price will be based on the market price at the time of repurchase on the Nasdaq Global Select Market.
On Monday, $NEBIUS (NBIS.US)$ Next $Microsoft (MSFT.US)$ The highest AI computing power contract worth $19.4 billion! Specifically, NEBIUS will provide dedicated capacity to Microsoft from its new data center located in Vineland, New Jersey, which will be deployed in multiple phases this year and next, with services expected to commence as early as later this year. Microsoft has not disclosed how it will utilize the resources from NEBIUS. According to documents submitted by NEBIUS to the SEC, this transaction will bring the company $17.4 billion, and Microsoft also retains the option to purchase an additional $2 billion in services until 2031.Thus, the total could reach as high as $19.4 billion. This news also prompted NEBIUS's pre-market shares to surge by over 50% at one point. At this point, perhaps some investors are seeking to understandWhat is the situation with NEBIUS? How does this order impact the company? Which other companies are worth watching?Next, we will analyze these points for fellow investors. What is the situation with NEBIUS? According to a research report by Caitong Securities, $NEBIUS (NBIS.US)$formerly known as the Russian version of Google, firmly transformed into a computing power leasing business amid the AI wave. NEBIUS, the predecessor of the Russian tech giant Yandex, operates across various sectors including search, mapping, ride-hailing, music, and streaming. Following the Russia-Ukraine conflict in 2022, Yandex...
Which other companies deserve attention?
Previously,《Seizing the New Era of AI! Infrastructure Becomes the Next Battleground, Who is Expected to Become the New Gold for Investors?》A previous article suggested that, driven by AI, computing power has become the "oil" of the new era, and it outlined some emerging leading stocks in AI infrastructure for investors' reference:
On Monday, $NEBIUS (NBIS.US)$ Next $Microsoft (MSFT.US)$ The highest AI computing power contract worth $19.4 billion! Specifically, NEBIUS will provide dedicated capacity to Microsoft from its new data center located in Vineland, New Jersey, which will be deployed in multiple phases this year and next, with services expected to commence as early as later this year. Microsoft has not disclosed how it will utilize the resources from NEBIUS. According to documents submitted by NEBIUS to the SEC, this transaction will bring the company $17.4 billion, and Microsoft also retains the option to purchase an additional $2 billion in services until 2031.Thus, the total could reach as high as $19.4 billion. This news also prompted NEBIUS's pre-market shares to surge by over 50% at one point. At this point, perhaps some investors are seeking to understandWhat is the situation with NEBIUS? How does this order impact the company? Which other companies are worth watching?Next, we will analyze these points for fellow investors. What is the situation with NEBIUS? According to a research report by Caitong Securities, $NEBIUS (NBIS.US)$formerly known as the Russian version of Google, firmly transformed into a computing power leasing business amid the AI wave. NEBIUS, the predecessor of the Russian tech giant Yandex, operates across various sectors including search, mapping, ride-hailing, music, and streaming. Following the Russia-Ukraine conflict in 2022, Yandex...
In addition to NEBIUS,the article also focused on analyzing two other companies, NeoCloud— $CoreWeave (CRWV.US)$ 、 $IREN Ltd (IREN.US)$ 。From a technological perspective, CoreWeave is an AI computing power aggregation platform, relying on hardware scale and the NVIDIA ecosystem; NEBIUS is a "full-stack developer tool" that emphasizes platform usability and local adaptation in Europe; IREN is an "energy + computing power integrator," utilizing green energy and Bitcoin operations to support AI cloud services. Specifically:
CoreWeave: Originating from mining, closely partnering with NVIDIA, All In on computing power leasing.
According to a research report from Caifutong Securities, $CoreWeave (CRWV.US)$ Founded in 2017 with a focus on mining, CoreWeave initially accumulated a large number of GPUs through its predecessor, Atlantic Crypto. However, following a cryptocurrency market collapse, the company began exploring transformation by acquiring second-hand GPUs at low prices and shifting towards providing high-performance computing rental services in AI, film, and other fields.
The launch of ChatGPT in 2022 ignited a global AI wave, and CoreWeave rapidly rose to prominence thanks to its Bare Metal GPU model and robust computing supply capabilities.In 2023, CoreWeave established a deep partnership with NVIDIA and attracted major clients, including OpenAI, Meta, and Microsoft. Its all-in computing rental service has become one of the most influential AI core infrastructure providers in North America.
CoreWeave operates 32 data centers with over 250,000 GPUs, primarily serving large North American clients such as Microsoft, NVIDIA, OpenAI, Meta, and Google.CoreWeave focuses on GPU-based computing rental services, with 32 data centers and over 250,000 GPUs, primarily targeting leading North American clients such as Microsoft, NVIDIA, OpenAI, Meta, and Google, to meet their rapidly growing computing demands while enhancing their capital expenditure flexibility.
Microsoft is the largest customer, contributing over 62% of revenue in 2024.CoreWeave signed a service agreement with Microsoft, confirming revenues of $81 million in 2023 and $1.2 billion in 2024, accounting for 62% of its total revenue.
– NVIDIA nurtures CoreWeave, leasing its computing power.At the beginning of 2023, NVIDIA committed to pay CoreWeave $1.3 billion over four years to lease back the chips it produced, with the contract extending until August 2027.
– OpenAI signs a five-year contract worth $11.9 billion with CoreWeave.2On March 10, 2025, CoreWeave and OpenAI reached a five-year contract worth $11.9 billion, which is expected to add approximately $2 billion in revenue for CoreWeave each year.
– Google initiates negotiations with CoreWeave to secure advanced computing power.According to a report by THE INFORMATION, Google is in negotiations with CoreWeave to secure the computing power of NVIDIA's advanced Blackwell chips, while also seeking to lease data center space from CoreWeave to install its tensor processing unit (TPU) chips manufactured in collaboration with Broadcom.
It is noteworthy that against the backdrop of high demand for computing power,CoreWeave offers bare metal services under a "GPU as a Service" (GAAS) model.For customers, this model can meet various computing power supply demands of traditional cloud providers, allowing them to focus more on AI services with higher profit margins; for CoreWeave, "GPU as a Service" helps reduce performance losses caused by virtualization, enhances computational efficiency, and increases GPU utilization.
Additionally,CoreWeave possesses two differentiated advantages: scarce management capabilities for large-scale clusters and outstanding cluster network communication performance.
Scarcity of management capabilities for large-scale cluster operations:Among non-hyperscale cloud service providers (CSPs), CoreWeave is an extremely rare provider capable of operating hyperscale computing clusters, managing computing clusters composed of over 10,000 H100 GPUs. This capability requires cloud computing rental vendors to possess strong technical reserves and operational capabilities.
– Possessing outstanding cluster network communication capabilities:As one of the few providers globally that has properly configured InfiniBand SHARP (Scalable Hierarchical Aggregation Protocol), CoreWeave is able to achieve in-network aggregation computing, significantly enhancing communication efficiency for large-scale training. Additionally, its comprehensive monitoring system, featuring a developed NCCL performance analysis plugin, assists clients in identifying communication bottlenecks; its node controller can automatically isolate abnormal nodes and provide hot standby node replacements within 90 seconds, minimizing training downtime.
Overall, thanks to the GAAS model and cluster management capabilities, CoreWeave can offer low prices, effective results, and high efficiency.
In fact, CoreWeave's position in the AI cloud computing sector is becoming increasingly important. The company is the first provider to offer a complete Blackwell GPU product suite on a large scale, specifically designing data centers for AI workloads, with clients including well-known enterprises such as Cohere, IBM, and Mistral AI.Analysts predict that driven by demand for AI computing, CoreWeave's revenue is expected to grow by 127% next year, potentially reaching $11 billion.
From the perspective of stock price performance, CoreWeave has been affected by factors such as the lifting of restrictions, having fallen approximately 50% from its historical peak; however, it still recorded a 130% increase within the year.However, NVIDIA's Chief Financial Officer Colette Kress stated during the earnings call that the company expects global spending on artificial intelligence infrastructure to reach $3 to $4 trillion by the end of this century, indicating that the AI wave is still in its early stages.However, high customer concentration remains one of the risks for the company.
IREN: Not only the 'Efficiency King' of mining but also the 'Transformational Engine' of HPC.
$IREN Ltd (IREN.US)$ Formerly known as Iris Energy, the company initially gained recognition for its large-scale Bitcoin mining operations utilizing low-cost renewable energy.However, starting in 2024, the company implemented a crucial strategic transformation, expanding from a singular focus on cryptocurrency mining to include artificial intelligence (AI), high-performance computing (HPC), as well as providing data center solutions and cloud services.This significant shift is also reflected in the company's official name change to IREN Limited in December 2024.
IREN's business currently consists of three core segments:
– Bitcoin Mining
As one of the company's core businesses and primary sources of revenue, IREN conducts Bitcoin mining through its data centers, earning Bitcoin from block rewards and transaction fees, and converting it into fiat currencies such as USD or CAD to generate revenue.
– AI Cloud Services
This represents the company's new strategic focus. IREN offers high-performance computing cloud services based on Dell Technologies PowerEdge XE9680 servers, equipped with next-generation GPUs such as NVIDIA H100, B200, and B300, to assist customers in handling energy-intensive AI training and inference tasks. This business segment has a hardware profit margin of up to 98%, demonstrating significant profit potential and is expected to become the core engine of the company's future profit growth.
– AI Data Center
In addition to directly providing cloud services, IREN also offers colocation and customized construction services. This enables the company to provide dedicated data center infrastructure for clients who already own their hardware (such as GPUs), thereby better responding to diverse market demands and enhancing business flexibility and customer loyalty.
According to the company's latest performance report,Revenue and net profit for Q2 reached record highs, amounting to $187.3 million and $176.9 million respectively. The growth in performance is attributed to the expansion of its Bitcoin mining operations and investments in the artificial intelligence sector.
The company anticipates annual Bitcoin mining revenue to reach $1 billion, while its AI cloud business's annualized revenue is approaching $250 million. IREN has replaced ASICs used for Bitcoin mining with GPUs at multiple mining centers to support its AI cloud business.Additionally, it is investing in the construction of a liquid-cooled AI data center named "Horizon."It is expected to go live in the fourth quarter of 2025.Another facility, named Sweetwater, is expected to be operational by the end of 2027.
Furthermore,The company has announced that it has obtained preferred partner status with NVIDIA.
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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