Nebius Group N.V. (NBIS) and Amazon.com, Inc. (AMZN) are key players in the booming AI cloud infrastructure market. Amazon’s AWS division leads with vast data center capacity and proprietary chips like Trainium. Nebius is an emerging challenger, focused on AI compute infrastructure. Spending on AI infrastructure is projected to exceed $200 billion by 2028, benefiting both companies but with different growth trajectories.

Nebius has seen rapid growth in 2025, reporting a ninefold increase in AI cloud revenue in Q2. The company’s AI cloud platform, Aether, is designed for enterprise-scale AI, attracting leading tech firms like Cloudflare. However, high capital spending and intense competition pose challenges to Nebius’ growth.

Amazon’s AWS achieved $33 billion in revenue in Q3 2025, driven by strong demand for generative AI and its Trainium chips. The company is expanding its AI software ecosystem and infrastructure capacity to meet growing demand. For Q4 2025, net sales are estimated to range between $206.0 billion and $213.0 billion, indicating 10% to 13% year-over-year growth.

Over the past month, NBIS shares have gained 11.8% while AMZN stock has increased 11.4%. Valuation-wise, Nebius is overvalued while Amazon is undervalued, as indicated by their Value Scores and Price/Book ratios. Analysts have revised earnings estimates for both companies, with AMZN having a slightly more positive outlook.

In terms of Zacks Rank, AMZN holds a #2 (Buy) while NBIS is at #4 (Sell). This suggests that AMZN may be a stronger pick at the moment. For more insights and stock recommendations, investors can access Zacks Investment Research for in-depth analysis and reports on both NBIS and AMZN.

Read more at Nasdaq: Nebius Group vs. Amazon: Which AI Cloud Stock Has More Room to Run?