Nebius Group (NBIS) won an AI cloud-computing deal with Microsoft (MSFT) worth up to $19.4 billion. Nebius stock skyrocketed.

The Amsterdam-based company will provide AI computing power to the Dow Jones tech giant via a New Jersey data center, Nebius disclosed Monday night. The deal, which runs through 2031, is worth $17.4 billion-$19.4 billion.

Nebius stock vaulted 49% Tuesday, hitting a record high after pulling back in the past three weeks. Microsoft stock edged up 21 cents.

Nebius uses Nvidia (NVDA) chips to power its data centers. Nvidia is also a notable Nebius backer. Nvidia stock rose 1.5% on Tuesday, still below its 50-day line.

Microsoft already has a deal with CoreWeave (CRWV) for AI compute.

CoreWeave stock jumped 7.1%. CRWV is still 46% from its late June peak.

Like Nebius, CoreWeave uses Nvidia chips and boasts Nvidia as an investor.

CoreWeave on Tuesday launched a new ventures arm to invest in AI companies itself.

Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.

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