Microsoft reported fiscal fourth-quarter revenue of $90.01 billion, up 18% year over year and above the $87.62 billion analysts had expected. Because Nebius operates as a smaller peer to hyperscale cloud providers like Microsoft's Azure, Microsoft's strong results have reinforced investor confidence that underlying demand for AI computing infrastructure remains robust, a dynamic that has directly benefited smaller, more specialized providers like Nebius. Thursday's surge caps an extraordinarily volatile stretch for Nebius shares over recent weeks. The stock's 52-week range spans from a low of $50.00 to a high of $299.86, illustrating the scale of volatility that has characterized Nebius shares throughout the year. That stake, revealed publicly on July 20 through an SEC 13G filing dated July 13, sent Nebius shares up nearly 19% in a single session when the news first emerged.