Why Nebius Group Rocketed 62% Higher in May

Shares of up-and-coming "neocloud" Nebius Group (NASDAQ: NBIS) rocketed 61.7% in May, according to data from S&P Global Market Intelligence.

Nebius was formerly known as Yandex, the "Russian Google." However, following Russia's invasion of Ukraine and the dawn of the artificial intelligence (AI) revolution, the company divested its Russian assets and changed its name to Nebius Group in August 2024, with the goal of becoming an AI neocloud based in Europe.

In May, Nebius reported its first-quarter 2025 results, showing strong hypergrowth, albeit off a very low base, due to its change in business model. Nebius also invested in a Jeff Bezos-backed AI start-up, perhaps adding to the enthusiasm.

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Source Fool.com