Nvidia formally disclosed a 9.3% beneficial stake in Nebius, the Amsterdam-based AI cloud provider spun out of Yandex, in a Schedule 13G filed with the SEC after Monday's close. Nebius shares climbed about 3-4% in after-hours trading and roughly 6% premarket Tuesday.
What the filing actually says
The stake covers about 22.26 million Class A shares. Only ~1.19 million are common shares Nvidia already held; the remaining ~21.07 million sit under a warrant Nvidia received as part of its $2 billion strategic investment announced March 11. Crucially, the warrant cannot be exercised — and the underlying shares cannot be sold — before September 11, 2026. No new money changed hands Monday; the 13G simply formalizes, as a passive holding, the position created in March.
Why the market cared anyway
A 13G puts a hard number on Nvidia's alignment with one of its most important "neocloud" customers. Nebius buys Nvidia GPUs at scale, holds a multiyear ~$17.4 billion capacity deal with Microsoft, and is targeting more than 5 gigawatts of compute capacity by the end of 2030. Nvidia filing as a near-10% holder tells the market the chipmaker intends to stay economically tied to Nebius's buildout.
Analysts pile in
The disclosure triggered a wave of Tuesday-morning notes: Freedom Capital upgraded Nebius to Buy with a price target raised from $159 to $200, Northland set a $410 target at Outperform, and Bank of America reiterated Buy at $280.
The circular-economy question
The filing also feeds the debate about AI's self-referential financing: Nvidia invests in clouds that spend the money on Nvidia GPUs. With the chipmaker now formally attached to Nebius, CoreWeave and others, the line between customer, supplier and shareholder keeps blurring — something regulators and short-sellers alike are watching.