Microsoft has signed a deal worth up to $20bn with the artificial intelligence infrastructure group Nebius to supply computing power for the tech giant’s AI operations over five years.
It is the latest major deal for an AI cloud computing provider — a small group of companies known as “neoclouds” — as tech companies spend hundreds of billions of dollars to build the infrastructure needed to run their powerful AI models.
Nebius’s shares soared as much as 68 per cent to $108 in after-hours trading following the announcement. The $15bn company was formed last year by splitting off the overseas operations of Yandex, Russia’s biggest internet group.
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