New York, Feb 17, 2026, 14:00 EST — Regular session
- Nebius shares climbed roughly 0.3% by the afternoon, shaking off a volatile session earlier in the day.
- Orbis Investment Management picked up a 1.5% stake in Nebius Class A shares as of Dec. 31, according to a new filing.
- Attention shifts to funding, scaling up capacity, and that upcoming earnings release.
Nasdaq-listed Nebius Group N.V. edged up 0.3% to $98.29 on Tuesday, after swinging between $93.53 and $98.65 as a new ownership filing landed. Orbis Investment Management Limited, in an updated Schedule 13G, disclosed holding 3,335,358 Nebius Class A shares—1.5% of the company as of Dec. 31—while confirming it owned no more than 5%. Elsewhere, CoreWeave slipped roughly 3.2%, and Nvidia added about 1.6%. (SEC)
Normally, a filing like that wouldn’t move the needle much. With Nebius, though, investors don’t miss a trick. They pore over every hint about who’s getting involved or pulling away — the stock’s been swinging on any whiff of new project news or capital plans.
Investors don’t hesitate to penalize cash burn here. The AI infrastructure crowd knows the edge between chasing “growth” and piling on “too much gear too fast” can disappear quickly—particularly when too many are in the same trade.
Investors file a Schedule 13G in the U.S. to declare holdings in public companies—usually when they’re not angling for control. Amendments tend to show shifts in stake size or an update in status near reporting deadlines.
Amsterdam’s Nebius, which provides AI cloud services using Nvidia chips and data center space, counts Microsoft and Meta among its clients. Last week, Nebius reported a surge in capital expenditures to roughly $2.1 billion for the December quarter. Revenue climbed to $227.7 million, but net loss also stretched to $249.6 million. CEO Arkady Volozh put it plainly: “Demand from enterprises and AI native customers continues to outpace supply.” (Reuters)
The company’s layering software onto its hardware, too. On Feb. 10, Nebius announced a deal to acquire Tavily, which specializes in “agentic search.” “We’re not just an infrastructure-as-a-service company — we’re building the complete platform,” said co-founder Roman Chernin. (Nebius)
Traders are focused on the immediate: the speed at which Nebius ramps up capacity, how far ahead customers are locking in, and if prices stay firm as supply ramps. News on contracted power or site expansions tends to move the shares fast.
But here’s the risk. Should hardware supply outpace demand, or if the company continues burning cash faster than it brings money in, you could see sentiment quickly turn. That’s when the stock may tumble, dragged down by chatter about fresh funding or possible dilution.
Orbis’ disclosure reflects year-end holdings, not up-to-the-minute demand for the stock. Even so, it drops another data point into a name where positioning has turned into a regular feature of the daily tape.
The next big date is April 28, when Nebius is expected to report first-quarter earnings, according to MarketScreener’s company calendar. (Marketscreener)
