Nebius shares gained after securing a multi-year AI infrastructure agreement worth over $1 billion with startup Reflection AI through 2029.

Nebius Group N.V. (NASDAQ: NBIS) stock fell Monday amid Meta Platforms Inc. (NASDAQ: META) competition concerns and rising AI market valuation anxiety.

Nebius agrees to sell over $1 billion in computing power to Reflection AI, adding to a $50 billion contracted backlog that includes a $27 billion Meta deal.