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Claire Yubin Oh & David Crowther

Nebius soars after signing AI infrastructure deal with Meta worth up to $27 billion over 5 years

Nebius is skyrocketing in early trading on Monday, up nearly 14% as of 8 a.m. ET, after the Amsterdam-based company announced a new five-year deal with Meta worth as much as $27 billion.

The social media giant will initially buy dedicated AI computing capacity across multiple locations for $12 billion, which will be “one of the first large-scale deployments of the NVIDIA Vera Rubin platform,” according to the company’s press release, with delivery beginning in early 2027.

Meta will also buy an additional $15 billion worth of Nebius’ planned capacity if it’s not sold to other customers over the same five-year period.

Nebius added in the press release that its guidance for 2026, in which the company is forecasting an annualized revenue run rate of $7 billion to $9 billion, per its Q4 earnings results, remains unchanged, signaling that the gains from the new deal will likely start rolling in after this fiscal year. This latest deal with Meta, which adds to their previous $3 billion deal announced in November, also notably relies on its partnership with another Big Tech company, Nvidia, which recently invested another $2 billion in Nebius.

This news of another major hyperscaler deal is sparking a bid for many of the other so-called neocloud companies, like CoreWeave, IREN, Applied Digital, Cipher Digital, and Riot Platforms, which also sell hardware and cloud capacity to AI infrastructure-obsessed tech giants.

For Meta, the deal underscores the company’s current financial focus: capital is to be used to expand in AI as quickly as possible, but spending in other areas is to be more cautious. Over the weekend, Reuters reported that the company was looking at layoffs that could affect more than 20% of its staff.

So far, dropping tens of billions of dollars on talent and compute capacity hasn’t catapulted Meta to the top of the AI leaderboards — just last week, The New York Times reported that the company was delaying the release of its Avocado model because it simply wasn’t good enough.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

Luke Kawa
7/2/26
US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

Job growth was 57,000. Analysts foresaw job growth of 113,000; prediction markets were more optimistic, looking for job growth above 125,000 but below 150,000.

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Luke Kawa
7/1/26
Meta surges on report it’s starting a cloud business to sell excess AI compute

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

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Paige Oamek

Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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