NEBIUS, the technology and artificial intelligence company formerly known as Yandex, saw its stock price surge by 5.42% in after-hours trading on Wednesday. This significant jump can be attributed to the company's announcement of securing a $700 million investment from chip giant Nvidia, as part of its ambitious plans to generate $1 billion in revenue.
After severing ties with its Russia-based operations following the invasion of Ukraine, NEBIUS has been undergoing a strategic transformation. The company is now focused on expanding its AI and technology offerings globally, with a particular emphasis on areas such as autonomous driving, robotics, and generative AI.
The substantial investment from Nvidia is expected to provide NEBIUS with the necessary resources and cutting-edge hardware and software solutions to drive its growth ambitions. By leveraging Nvidia's expertise, NEBIUS aims to develop innovative products and services, ultimately targeting $1 billion in revenue from its global operations.
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