NEBIUS (NBIS), a company closely linked to the Russian internet giant Yandex, saw its stock soar 5.11% in the pre-market trading session on Thursday. This significant surge in NEBIUS's share price appears to be driven by the positive sentiment surrounding Yandex's announcement of record annual revenues for 2024, surpassing the 1 trillion ruble ($11.22 billion) mark 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. Despite the discount, this deal seems to have set the stage for strong financial performance by Yandex and its associated companies, like NEBIUS, in 2024.

While the exact nature of NEBIUS's connection to Yandex remains unclear, investors appear to be responding positively to Yandex's record-breaking revenue figures. This has led to a surge in NEBIUS's stock price, as investors anticipate potential benefits or positive spillover effects from the Russian internet giant's success.