Nebius Group N.V. (NASDAQ:NBIS) surged by 49.42% on Tuesday, hitting an all-time high after announcing an $18 billion cloud computing deal with Microsoft Corp. The company expects to finance the deal through cash flow and debt issuance, with plans for future growth in AI infrastructure services.

The multi-year agreement with Microsoft Corp. will see Nebius Group N.V. (NASDAQ:NBIS) providing AI infrastructure from its new data center in Vineland, New Jersey. CEO Arkady Volozh expressed optimism about the deal’s economic benefits and its potential to accelerate the company’s growth in the AI cloud business.

Nebius Group N.V. (NASDAQ:NBIS) is exploring various financing options to support faster growth than initially planned. The company is confident in the performance of its core AI cloud business and aims to secure more long-term contracts with leading AI labs and tech companies in the future.

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Read more at Yahoo Finance: Nebius Group (NBIS) Hits Fresh High After $18-Billion Microsoft Deal