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Nebius Signs $17.4 Billion AI Infrastructure Deal With Microsoft

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Nebius Group (NBIS.O) announced on Monday a five-year agreement with Microsoft (MSFT.O) to provide GPU infrastructure capacity, a deal valued at $17.4 billion that could expand to $19.4 billion if additional services are acquired. The news sent Nebius shares surging more than 47% in after-hours trading.

The partnership highlights the escalating demand for high-performance AI compute as tech giants race to secure infrastructure for training and running advanced models. Under the deal, Microsoft will gain access to Nebius’ dedicated GPU infrastructure from a new Vineland, New Jersey data center starting later this year.

Nebius specializes in offering AI cloud services powered by Nvidia GPUs, combining computing, storage, management tools, and in-house designed hardware to support AI developers. CEO Arkady Volozh said the deal is not only financially significant but also positions Nebius for accelerated AI cloud growth from 2026 onwards.

Microsoft already stands as the largest customer of CoreWeave (CRWV.O), another AI infrastructure provider. The Nebius agreement suggests the company is broadening its supply chain to mitigate risks as hyperscaler demand grows.

Amsterdam-based Nebius was formed after the split of Russian tech giant Yandex, and has been expanding rapidly into the U.S. and European AI infrastructure markets.

Salesforce Shares Slide as Weak Outlook Highlights Delayed AI Payoff

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Salesforce (CRM.N) shares fell nearly 8% on Thursday after the company issued a disappointing third-quarter revenue forecast, raising investor concerns that returns from its artificial intelligence investments may take longer to materialize.

The company projected revenue between $10.24 billion and $10.29 billion, with the midpoint falling short of analysts’ average estimate of $10.29 billion, according to LSEG data. Despite announcing a $20 billion expansion of its share buyback program, Salesforce’s muted guidance weighed heavily on investor sentiment.

The outlook comes as software companies face mounting pressure to prove that billion-dollar AI investments will deliver meaningful returns, even as customers scale back spending in an uncertain economic environment. Matt Britzman, senior equity analyst at Hargreaves Lansdown, said the guidance gives “bears fresh ammo amid mounting fears that the software sector is ripe for disruption.”

Salesforce has been rapidly integrating AI across its cloud services, including the 2024 launch of Agentforce, an AI-powered agent platform designed to automate workflows and improve margins. However, the company continues to face macroeconomic headwinds. Analysts at Oppenheimer described the growth outlook as “uninspiring,” noting challenges for front-office software suppliers this year.

Shares of Salesforce are down about 24% year-to-date. To strengthen its offerings, the company has returned to acquisitions, including its $8 billion purchase of Informatica in May. Still, Salesforce trades at a forward earnings multiple of 20.96—well below Microsoft’s 31.26 and Oracle’s 30.84—suggesting potential upside.

J.P. Morgan analysts said second-quarter results, which beat revenue expectations, alongside management’s positive commentary, indicate that Salesforce stock may be undervalued compared to peers, leaving room for recovery.

Oracle and Google Cloud Partner to Offer Gemini AI Models via Oracle Cloud

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Oracle (ORCL.N) and Alphabet (GOOGL.O) announced on Thursday that their cloud computing divisions have reached an agreement to make Google’s Gemini artificial intelligence models available through Oracle’s cloud services and business applications. The collaboration allows developers to leverage Google’s models for generating text, video, images, and audio.

The deal extends to businesses using Oracle applications for corporate finance, human resources, and supply chain management, enabling them to integrate Google’s AI capabilities directly into these tools. While the AI models will run on Google’s servers, Oracle will integrate access through Google’s Vertex AI platform, allowing customers to use Oracle cloud credits to pay for the services. Financial terms between the companies were not disclosed.

This partnership follows a similar arrangement Oracle made with Elon Musk’s xAI in June and aligns with Oracle’s strategy to offer customers multiple AI options instead of focusing solely on its own technology. For Google, the collaboration broadens the reach of its cloud services and aims to attract corporate clients from competitors like Microsoft (MSFT.O).