What Meta’s Nebius Deal Signals

If you’ve got a ticket on the AI gravy train, times are good. That could be because you’re a supplier to Nvidia - and therefore enjoying booming business, as Nvidia CEO Jensen Huang pointed out in his speech on Monday at the company’s GTC convention. Or it could be because you’re a small data center operator picking up business from a big tech giant looking for extra computing capacity. Take Nebius, a Netherlands-based data center firm, whose stock rocketed 15% on Monday after it announced that Meta Platforms had agreed to spend up to $27B over several years renting its cloud capacity.