Nebius Group N.V.
(NASDAQ:NBIS) stock rose more than 1% in Thursday's premarket session after plunging 17.01% in the previous trading day.
The weakness followed reports that Meta Platforms Inc.
(NASDAQ:META) is exploring an expansion into AI computing services, raising concerns that the tech giant could become a new competitor in the fast-growing neocloud market.
For Nebius, the development carries added significance because the company has a multi-year capacity agreement with Meta valued at up to $27 billion.
