Shares of NEBIUS, the technology and artificial intelligence company formerly known as Yandex, surged 5.24% in after-hours trading on Wednesday. The stock's rally came after the company announced it had secured a $700 million investment from chip giant Nvidia, as part of its plans to generate $1 billion in revenue.
NEBIUS, which was formerly the "Google of Russia" under the name Yandex, has been undergoing a significant transformation following Russia's invasion of Ukraine. The company has divested its Russia-based operations and is now focused on expanding its AI and technology offerings globally.
The $700 million investment from Nvidia is expected to fuel NEBIUS's growth ambitions, particularly in the areas of autonomous driving, robotics, and generative AI. The company aims to leverage Nvidia's cutting-edge hardware and software solutions to develop innovative products and services, ultimately targeting $1 billion in revenue.
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