Nvidia-backed Nebius shoots up on Goldman initiating coverage as a “buy”

AI data center startup Nebius shot up over 16% today on news that Goldman Sachs has initiated coverage of the stock with a “buy” rating and a price target of $68.

Nvidia recently revealed a $33 million stake in the Amsterdam-based company, which has roughly doubled in value since the end of last year. Nebius says that it has “hundreds of thousands” of Nvidia’s latest GPUs, which it rents to customers via cloud-based services.

Arkady Volozh, Nebius’ founder and CEO, was also the cofounder and CEO of Russian tech giant Yandex, which sold off its Russian assets after Ukraine was invaded. The resulting company was renamed Nebius.

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Sunny blue sky with large storm clouds in spring.

This earnings season, all eyes are on cloud revenue growth

AI computing demand is generating huge revenue streams for hyperscalers, but the market is closely watching the pace of growth, which is slowing.

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Nokia surges as Nvidia invests $1 billion in company, a 2.9% stake

Nvidia is taking a 2.9% stake in Nokia, as the Finnish mobile networking company has successfully pivoted to AI and data center technology.

In a press release announcing the deal, Nokia said:

“Nokia intends to accelerate development of Nokia’s 5G & 6G RAN software to run on NVIDIA’s architecture and will make investments to drive Nokia’s strategic goal of increasing its presence in the AI & Cloud market with data center aligned networking solutions within its Network Infrastructure business. Nokia and NVIDIA have agreed to collaborate on AI networking solutions and explore opportunities to incorporate Nokia’s data center switching and optical technologies in NVIDIA’s future AI infrastructure architecture.”

Nokia’s stock shot up over 20% on news of the deal.

Nvidia to Invest $1 Billion in Nokia in AI Networking Push

“Nokia intends to accelerate development of Nokia’s 5G & 6G RAN software to run on NVIDIA’s architecture and will make investments to drive Nokia’s strategic goal of increasing its presence in the AI & Cloud market with data center aligned networking solutions within its Network Infrastructure business. Nokia and NVIDIA have agreed to collaborate on AI networking solutions and explore opportunities to incorporate Nokia’s data center switching and optical technologies in NVIDIA’s future AI infrastructure architecture.”

Nokia’s stock shot up over 20% on news of the deal.

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two buck truck

Slate trucks will use Yelp’s RepairPal network for service and Tesla’s Supercharger network

The “Tesla killer” will be using Tesla chargers.

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OpenAI completes its restructuring, now controlled by a $130 billion nonprofit

The complex corporate transformation clears the way for an inevitable IPO and creates one of the most well-funded nonprofits in the world.

Microsoft CEO Satya Nadella (R) greets OpenAI CEO Sam Altman during the OpenAI DevDay event

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Apple market cap tops $4 trillion

The world’s most valuable companies keep getting more valuable. Today, Apple briefly surpassed a market cap of $4 trillion, joining the likes of Microsoft and Nvidia, though shares had turned slightly negative as of 10:13 a.m. ET. The iPhone maker, which reports quarterly earnings on Thursday, has been riding high off news of positive sales growth for its iPhone 17.

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