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On July 21, shares of AI cloud service provider Nebius (NBIS.US) experienced a notable 4.6% uptick in after-hours trading, with the stock price reaching $191. This surge followed NVIDIA's filing of a document with the U.S. Securities and Exchange Commission, revealing that it has acquired a 9.3% beneficial ownership stake in Nebius. This stake comprises approximately 22.2564 million shares, encompassing both previously reported shares and those convertible from prepaid warrants. Concurrently, Northland substantially increased its target price for Nebius from $248 to $410, while maintaining an "Outperform" rating. This adjustment suggests a potential upside of over 124% for the stock. Northland also anticipates that Nebius is poised to capture around 14% of the burgeoning $800 billion AI as a Service (AIaaS) market.
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