Shares of Nebius Group NV (NASDAQ:NBIS) are up 15.7% at $223.50 before the open, after the AI cloud infrastructure company reported second-quarter results that topped Wall Street expectations. Adjusted earnings came in at a loss of 12 cents per share, well ahead of the expected 67-cent loss, while revenue of $582.3 million beat estimates of $573.8 million.
The company also reported stronger-than-expected EBITDA and gross margins. Strong earnings results from CoreWeave (CRWV) and Super Micro Computer (SMCI) are boosting AI sentiment today as well.
NBIS has been under pressure since touching a record high of $299.86 on June 22, pulling back roughly 36% into yesterday's close. Even so, the stock remains up 130.8% in 2026 and 175.1% over the last 12 months.
Short interest could help fuel today's rally. The 61.07 million shares sold short account for 28.8% of Nebius' available float, representing more than three days' worth of potential buying power.
Options traders had been leaning bearish ahead of the report. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and Nasdaq OMX PHLX (PHLX), Nebius' 50-day put/call volume ratio of 1.95 ranks higher than 99% of annual readings, showing long puts have been picked up at a much faster-than-usual pace.
