Shares of Nebius Group (NASDAQ: NBIS) nearly doubled in the first half of 2025, rising 99.7% through June 30, according to data from S&P Global Market Intelligence.
Nebius is a “new” version of an old company called Yandex, which had been known as the “Russian Google.” After Russia invaded Ukraine in 2022, Yandex divested its Russian assets, reheadquartered in Amsterdam, and then went about using its data center expertise to build a European artificial intelligence (AI) “neocloud” in the vein of CoreWeave (NASDAQ: CRWV). The company relisted on the Nasdaq in August 2024.
Coming into 2025, Nebius therefore looked like a start-up, with lots of cash, in-progress assets, and little revenue; however, the company soon showed explosive growth that led to widespread optimism it would become a major AI winner.