Nebius Rallies 9% on an Inference Deal While Its Earnings Multiple Sits Near 197x; CoreWeave Gains 4%, Oracle Advances 3%

Nebius Group (NASDAQ:NBIS | NBIS Price Prediction) stock carries a trailing twelve-month price-to-earnings ratio of 197x, a level that makes the shares hard to own on conventional terms. Shares of Nebius Group are up 9% to $254 in afternoon trading following a small artificial intelligence (AI) inference deal that came with no disclosed price. A gain of that scale on an undisclosed sum shows the market is pricing Nebius stock on contracted future demand, with trailing profit playing a minor role.

Meanwhile, CoreWeave (NASDAQ:CRWV) stock is up 4% to $90.76, moving in step with a peer built on the same rented-capacity model. CRWV stock and NBIS stock often trade as a pair, because both companies sell AI computing capacity under long-term contracts.

Oracle (NYSE:ORCL) stock is up 3% to $146.28, a modest advance for the one name in the group with a large software business behind its expansion. Fund-level gains are far smaller, with the First Trust Cloud Computing ETF (NASDAQ:SKYY) up 0.7%. The Invesco QQQ Trust (NASDAQ:QQQ) is up 0.5%, which keeps the rally concentrated in the companies that sell AI computing capacity.

Inferize Deal Targets the Idle GPU Tax

A privately held startup named Inferize, founded this year, built technology to cut graphics processing unit (GPU) idle time, and Nebius as now acquired it. Spare capacity stays on for demand spikes. That standby hardware on platforms running AI models costs money while producing nothing, a drain Nebius calls the idle GPU tax.

Danila Shtan is chief technology officer at Nebius. He stated on October 4, “Running inference well takes more than fast GPUs and optimized models.” In Shtan’s framing, the whole system has to respond when demand changes, and that gap is what Inferize was built to close.

Rented Capacity Stocks Move Together as Oracle Trails

Nebius holds $37.5 billion in remaining performance obligations from long-term committed capacity contracts with large technology companies. That is a claim on future revenue that trailing earnings can’t capture, and the bull case rests on it. The catch is that those contracts require continuous capital raising, so the valuation and the funding need feed each other.

Like Nebius, CoreWeave funds its hardware with debt ahead of contracted revenue, so CoreWeave stock climbing alongside Nebius fits the pattern. A shift in funding conditions could pressure both stocks at once.

Oracle sells the same capacity from inside a large established software business, whose earnings carry the expansion, and that buffer helps explain why Oracle stock is gaining less than the two pure plays.

What to Watch Next

Capital raising remains the swing factor for Nebius, because each new contract adds hardware that must be financed before it produces revenue, and shareholders could look for signs that the Inferize technology reduces GPU idle time enough to stretch each dollar raised.

For CoreWeave, the same tension applies, while Oracle can lean on its software earnings. Fresh capacity contracts from any of the three companies are worth watching for.

Nebius stock offers a direct claim on contracted AI demand at a valuation that leaves little margin for error. Careful calibration of holdings is warranted given the 197x trailing multiple and the steady capital raising the company needs to deliver on its contracts. Oracle stock gives a steadier path into the same expansion, backed by an established earnings base.

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