Nebius Group (NASDAQ:NBIS) stock rose more than 6% in Thursday’s premarket trading. NVIDIA Corp.’s (NASDAQ:NVDA) AI hardware supply update lifted sentiment around computing infrastructure stocks.

Nasdaq futures are up 0.81% while S&P 500 futures have gained 0.26%.

NVIDIA Names Nebius as First Customer

During NVIDIA’s earnings call Wednesday, the company’s chief financial officer said volume shipments of Groq 3 LPX should begin later this quarter. Nebius is expected to become the first customer.

NVIDIA reported second-quarter revenue of $96.22 billion, up 106% from a year earlier. Revenue beat Wall Street’s estimate of $92.18 billion. Adjusted earnings totaled $2.22 per share, topping the consensus estimate of $2.10.

Technical Analysis

Nebius remained in a strong long-term uptrend. The stock traded about 50% above its 200-day simple moving average of $150.79. It was also about 11% above its 100-day SMA of $204.69.

In addition, shares traded 2% to 3% above their 20-day and 50-day averages. That keeps the short-term trend positive.

The relative strength index stood at 48.11, which signals neutral momentum. However, the 20-day SMA remained below the 50-day SMA. That bearish crossover suggests the stock is still digesting an earlier rally.

Resistance stands near $230. Support sits around $200.50, close to a previous pivot and below the 100-day SMA.

Analyst Outlook

The stock has a consensus Buy rating and an average price forecast of $248.83. Citigroup recently raised its forecast to $324 and maintained a Buy rating. DA Davidson raised its forecast to $250 while keeping a Neutral rating.

Benzinga Edge Rankings

Nebius has a Momentum score of 97.87, according to the Benzinga Edge Stock Rankings. However, its Value score stands at 4.53. The scores point to strong price momentum but a demanding valuation.

ETF Exposure

The Leverage Shares 2X Long NBIS Daily ETF (NASDAQ:NBIG) has 111.6% exposure to Nebius. Therefore, fund inflows and outflows could increase buying or selling pressure on the stock.

Price Action

Nebius shares rose 6.25% to $227.30 in Thursday’s premarket session, according to Benzinga Pro.

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