Nebius Group NV (NASDAQ:NBIS) saw an 8.72% increase in stock price on Thursday due to continued investor interest in AI stocks and recent dealmaking surge in the sector. The company secured an $18 billion cloud computing deal with Microsoft Corp., solidifying its position in the AI market.

The new data center in Vineland, New Jersey will support the cloud computing deal between Nebius Group and Microsoft Corp. The company plans to finance the project through a combination of cash flow from the deal and debt issuance. Nebius Group recently raised $1.15 billion in fresh funds through convertible senior notes.

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For more insights, check out articles on 30 stocks that could double in 3 years and 11 hidden AI stocks to consider for investment opportunities. This article was originally published on Insider Monkey.

Read more at Yahoo Finance: Nebius Group (NBIS) Jumps 8.7% on AI Buying Spree