Nebius Group (NASDAQ:NBIS) shares are trading higher by about 4% during Tuesday’s premarket session as risk appetite improves for high-beta tech names. Nasdaq futures are up 1.10% while S&P 500 futures have gained 0.23%.DetailsAs per Bloomberg, the company secured a deal worth over $1 billion to provide computing capacity to Reflection AI, an artificial intelligence startup founded by former Google DeepMind researchers. The multi-year agreement, running through 2029, will provide Reflection access to Nvidia’s GB300 AI chips.The agreement underscores intensifying competition among startups and established technology companies to secure AI infrastructure and computing capacity.The partnership highlights the growing demand for AI infrastructure, as companies compete to secure advanced computing resources. Reflection AI, supported by Nvidia and other investors, is reportedly seeking to raise $2.5 billion at a valuation of $25 billion, according to The Wall Street Journal.Critical Technical Levels for NBIS StockNebius is still in a long-term uptrend, but the near-term chart is working through a cooldown: the stock is trading 9.8% below its 20-day SMA ($244.69) and 0.9% below its 50-day SMA ($222.87). At the same time, it remains well above longer-term trend gauges—28.8% above the 100-day SMA ($171.43) and 62% above the 200-day SMA ($136.33)—which is why dip-buyers tend to stay engaged.Momentum is the main "tell" right now: MACD is below its signal line and the histogram is negative, which points to fading upside pressure versus the prior upswing unless buyers can rebuild momentum. In plain English, MACD compares faster and slower trend signals—when it’s below the signal line, it often means rallies are having a harder time extending.From a level-to-level perspective, the stock is trying to stabilize near its intermediate trend area, with the 50-day EMA at $216.78 sitting close to the current price and acting like a "line in the sand" for trend traders. The bigger-picture structure still leans bullish given the 20-day SMA remains above the 50-day SMA, and the 50-day SMA is above the 200-day SMA—classic alignment for an uptrend even during pullbacks.