Nebius Group (NASDAQ: NBIS) jumped nearly 7% on Thursday morning after Situational Awareness LP disclosed a passive 5.6% stake in the cloud provider.
Situational Awareness LP is an artificial intelligence-focused hedge fund run by former OpenAI researcher Leopold Aschenbrenner.
The disclosed position was worth nearly $2.6 billion at the previous close, making the fund Nebius’s largest shareholder.
Nebius has been one of the strongest AI infrastructure trades this year, with the stock up approximately 130% in 2026.
Over the past 12 months, shares have climbed more than 420% as investors continue to favor neocloud names that rent out AI computing capacity.
The latest surge follows a strong first quarter, in which Nebius reported revenue of $399 million, up 684% from a year earlier.
The company posted a net loss of $100.3 million for the quarter, which came in narrower than analysts had expected.
Nebius also lifted its 2026 guidance after expanding contracted capacity through a new data center in Pennsylvania.
Aschenbrenner’s fund also holds bearish positions in several chip names, including Nvidia, Broadcom, Oracle, and AMD, underscoring its broader view on the AI market.
Nebius has additionally signed a fuel cell capacity agreement with Bloom Energy as it continues to build out its AI infrastructure footprint.
