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Claire Yubin Oh & David Crowther

Nebius soars on new energy partnership worth up to $2.6 billion with Bloom Energy, and unverified reports about price hikes

Nebius is up 8% in premarket trading on Thursday on a double dose of news flow.

The first is more solid: the AI cloud company announced that it is partnering with Bloom Energy to deploy Bloom’s fuel cell technology to power its AI infrastructure build-out, with their first project expected to deliver 328 megawatts of installed capacity this year.

The second, that Nebius is raising its prices by ~30% for its on-demand (pay as you go) rates for access to its Nvidia GPUs, is unverified, stemming from a tweet from an X user who claims to have been emailed by the company about the price changes.

If true, it goes without saying that a 28% to 30% jump in spot prices to rent H100, H200, B200, or B300 chips is a pretty bullish statement on the continued demand for compute.

Per Nebius’ press release, Bloom’s fuel cell systems will provide on-site, behind-the-meter electricity for the neocloud company to meet demand for Nebius’ full-stack AI cloud platform, initially in the US but with potential for global expansion. In a 6-K filing, Nebius gave more detail, with the power capacity being provided expected to come online in three phases, each with a supply term of 10 years. All told, Nebius will “pay monthly services fees of up to $2.6 billion in the aggregate.”

Through Bloom’s systems, “clean power with virtually no pollutants is deployed onsite, on the timelines our customers need, with the availability AI workloads require,” commented Andrey Korolenko, chief product and infrastructure officer at Nebius. Nebius also noted in the press release that the technology generates electricity without combustion, and therefore tends to face a lighter permitting hurdle than combustion-based systems. Its modular design allows for faster deployment across the board.

The news comes as Nebius and its neocloud peers like CoreWeave and IREN face new competitors like Google and Blackstone’s new AI cloud company in the race to build out AI infrastructure for rent. Shares of Bloom Energy are also up 3% this morning.

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Lululemon’s stretch getting tested: Stock plunges after after outlook is cut

Lululemon shares are down double digits in premarket trading after the company cut its full-year sales and profit outlook, overshadowing a Q1 beat and raising fresh concerns about the brand’s turnaround efforts.

The company now expects fiscal 2026 revenue to be flat to down 1%, compared with its prior forecast for 2% to 4% growth. Guidance for full-year diluted earnings per share was dragged down to a range of $10.95 to $11.15, below the company’s previous guidance of $12.10 to $12.30 and well below Wall Street’s estimate of $13.26.

Key numbers for Q1:

  • EPS of $1.69 vs. the $1.68 expected.

  • Revenue of $2.47 billion vs. the $2.43 billion expected.

The modest top-line beat masked a widening divergence between Lululemon’s geographic markets. While international revenue rose 22% overall with a 30% increase in Mainland China, the bigger problem remains North America, where revenue fell 5%.

Interim co-CEO and CFO Meghan Frank acknowledged during the earnings call that recent product rollouts underperformed. A highly anticipated yoga campaign failed to generate its expected “halo effect” across broader product lines.

Profitability metrics took a major hit, with gross margins contracting by 410 basis points to 54.2% due to mounting tariff costs and promotional markdowns. Operating income consequently fell 37% year over year to $276.9 million.

“We experienced spikes of negative commentary in the media and on social channels with regard to our brand, which had an impact on traffic and overall top-line performance,” Frank said during the earnings call. “And second, not all of our product launches have met our expectations. While we have had several successful launches so far this year, we have seen others as we start Q2 not generate the anticipated guest response.”

Lululemon’s valuation has already been steadily compressing for years. While it was once one of retail’s richly valued stocks, investors have been questioning whether the company can return to the double-digit growth era.

The results also arrive during a leadership transition. Lululemon announced back in April that former Nike executive Heidi O’Neill is set to take over as CEO in September, with investors looking to her to revive growth in North America and restore the brand’s growth.

As Lululemon faces both macroeconomic pressure and brand-specific challenges, its stock has dropped around 40% year to date.

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US job growth skyrocketed in May, blasting past expectations

The US economy added 172,000 jobs in the month of May, the Bureau of Labor Statistics reported Friday, sending 10-year Treasury yields higher.

The strong May job market surprised economists. Experts had predicted only 85,000 new jobs — just half the reported number. The unemployment rate held steady at 4.3%, as expected.

The job growth story is a hopeful spot for the economy as consumers continue to feel inflationary pressure from the Iran war.

Job gains were buoyed by the leisure and hospitality sector, which added 70,000 jobs, as well as local government, healthcare, and education.

Both the March and April jobs reports were revised upward, making them collectively 93,000 higher than previously reported.

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