News of NVIDIA’s investment in Nebius Group, an artificial intelligence (AI) company, sent its stock up nearly 7%.
Nebius shares climbed 6.69% on Friday, closing at $44.49 on the New York Stock Exchange.
The rally followed NVIDIA’s disclosure in a U.S. Securities and Exchange Commission (SEC) filing that it had purchased 1.2 million Nebius shares for $56 million.
Nebius, an AI-focused firm, was spun off from Russian search giant Yandex and is headquartered in the Netherlands.