NEBIUS (NBIS), a company closely tied to Russian internet firm Yandex, saw its stock soar 5.06% in pre-market trading on Thursday. This significant pre-market gain appears to be driven by Yandex's announcement of record annual revenues for 2024, surpassing 1 trillion rubles ($11.22 billion) for the first time.

In July 2022, Yandex underwent a major restructuring where a Russian consortium acquired its Russia-based assets for $5.4 billion in cash and shares, marking the largest corporate exit from Russia since its invasion of Ukraine. Despite the discount, this deal appears to have positioned Yandex and its associated companies, like NEBIUS, for strong financial performance in 2024.

While the details of NEBIUS's connection to Yandex are not fully clear, investors seem to be responding positively to Yandex's record-breaking revenue figures, driving up NEBIUS's stock price in anticipation of potential benefits or positive spillover effects.