Shares of Nebius Group (NASDAQ:NBIS | NBIS Price Prediction) are up 27% to $188.77 in Thursday morning trading, leading a violent snap-back in AI cloud infrastructure names. CoreWeave (NASDAQ:CRWV) stock is up 24% to $75.45, while Oracle (NYSE:ORCL) shares are up 7% to $125.54.
The rebound comes one day after the same group sold off sharply on rising credit-swap costs and AI capex financing fears. Today’s tape is decisively risk-on, with the NASDAQ 100 up 3%, giving the hardest-hit AI infrastructure names room to bounce.
The rally is narrow, though. The First Trust Cloud Computing ETF (NASDAQ:SKYY) is up just 0.43% to $139.16, essentially flat/unchanged, suggesting the move is concentrated in a handful of oversold AI infrastructure pure-plays rather than a broad cloud reset.
Oracle Rides Google Gemini Partnership Higher
Oracle stock’s gain is anchored in a concrete catalyst. The company is adding Alphabet‘s (NASDAQ:GOOGL) Google Gemini AI models to Oracle Cloud Infrastructure and to Oracle AI Agent Studio for Fusion Applications and NetSuite, expanding its multi-model AI lineup for enterprise customers.
The tie-up deepens Oracle’s existing alliance with Google Cloud and gives Oracle customers more model choice inside their existing workloads. For a name that has spent the past month under pressure on capex worries, a clean, product-level announcement was enough to reset near-term sentiment.
Oracle shares still sit well off recent highs after a rough stretch, but today’s move helps stabilize the trade. The market is treating the Gemini integration as validation that Oracle’s cloud infrastructure remains a preferred landing pad for third-party AI models.
CoreWeave Jumps on Leidos Federal Collaboration
CoreWeave shares are surging on news of a collaboration with Leidos Holdings (NYSE:LDOS) to deliver secure, sovereign AI cloud services for the U.S. Intelligence Community and Department of War, via CoreWeave Federal. The announcement opens a new customer channel for CoreWeave beyond the AI labs and hyperscalers that dominate its current backlog.
Investors can note the fine print. The announcement is subject to definitive agreements in the future, so this is an intent to collaborate rather than a signed contract, and no dollar value has been attached. That framing matters given how quickly CRWV stock is moving today.
Even so, a federal footprint is strategically meaningful for CoreWeave. Government workloads carry different economics and security requirements, and a Leidos partnership provides both integration expertise and credibility with defense customers that pure commercial cloud providers rarely reach directly.
Nebius Snaps Back on Sentiment
Nebius is today’s biggest mover, but there’s no material company-specific catalyst driving the surge. The company published a routine 2025 sustainability report, which isn’t a stock-moving event by any reasonable standard.
The straightforward read is that Nebius shares are staging a technical, oversold bounce off of yesterday’s steep decline, amplified by the broader risk-on tape. Microsoft stock is up 17% today after the company’s fiscal Q4 print reignited enthusiasm for AI cloud demand, and that halo effect is flowing straight into the highest-beta AI infrastructure names.
Traders should treat NBIS stock’s 27% single-day rebound with the same caution they applied to yesterday’s plunge. Nebius stock has been one of the most volatile ways to participate in the AI infrastructure trade, and today’s move is a re-rating of sentiment rather than a change in fundamentals.
What to Watch Now
The First Trust Cloud Computing ETF’s muted response is the tell. Broad cloud exposure is sitting out, which means investors are picking winners inside AI infrastructure instead of buying the group wholesale. Position sizing matters here given the whipsaw price action.
Investors can watch for whether these gains hold into the close, whether credit-swap spreads on AI infrastructure borrowers continue to ease, and whether Oracle’s Gemini integration draws follow-on commentary from analysts. The AI-cloud trade remains fast and furious, and a two-day round trip doesn’t resolve the underlying capex-financing debate.
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