Nvidia's 9.3% Nebius stake signals deepening AI infrastructure partnership

Nvidia disclosed that it holds a 9.3% passive stake in Nebius Group (NASDAQ: NBIS), comprising 22.26 million shares. The stake consists of Nvidia's existing 1.19 million shares combined with a $2 billion（約3200億円） prefunded warrant covering roughly 21 million shares. The disclosure sent Nebius shares up more than 13% in New York trading, while Nvidia shares rose 1.5%.

The stake is not a new capital injection. Instead, it formalizes positions Nvidia already held, making public an investment that had been building behind the scenes. Importantly, Nvidia and Nebius have long been operational partners: they already work together on AI infrastructure deployment, fleet management, inference, and the design and support of AI factories.

The formal disclosure establishes Nvidia as a major shareholder in what the article describes as one of Europe's leading neoclouds (a data center operator specializing in cloud compute). Nebius has built its reputation by providing AI compute infrastructure and has struck multiple deals with major technology companies through 2026, capitalizing on surging industry spending on AI infrastructure. The disclosure acts as a strategic endorsement from Nvidia, signaling that Nebius holds preferred status as an infrastructure partner within the GPU maker's broader ecosystem.

The disclosure formalizes a relationship that was already operational. Nvidia and Nebius have worked together on multiple facets of AI infrastructure—deployment, fleet management, inference optimization, and the physical and logical design of AI factories—but the 9.3% stake disclosure converts that operational partnership into a formal shareholder relationship. The timing reflects the broader surge in AI infrastructure spending across the industry, which has driven Nebius to strike multiple deals with major technology companies through 2026.

For Nebius, the disclosure carries strategic weight beyond the shareholding itself. Nvidia's stake acts as a public endorsement of Nebius as a preferred infrastructure partner within the GPU maker's ecosystem—a signal of confidence to other enterprises considering Nebius for AI compute services. For Nvidia, the disclosed stake establishes a formal anchor in one of Europe's leading neoclouds, securing long-term strategic alignment as AI infrastructure demand accelerates. The structure of the stake—combining existing shares with a prefunded warrant—suggests Nvidia had been building this position over time rather than acting opportunistically on a single event.

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