Nebius Group was leading the so-called neoclouds higher on Tuesday. The cloud-computing company was getting a lift from further disclosures about its backing from chip maker Nvidia.

Nebius was gaining 13.28% on Tuesday.

Nebius was getting an additional boost after Nvidia late on Monday disclosed it holds a 9.3% stake in the company, or around 22.26 million shares.

The figure shouldn't come as much of a surprise. Nvidia had already announced a $2 billion investment in Nebius back in March, adding to an existing investment in the company. Nvidia's holding consists of 1.19 million shares held directly and 21.07 million shares held via pre-funded warrants. Nvidia is restricted from exercising or selling the warrant-backed shares until Sept. 11 according to the filing.

Nvidia's investments in companies that purchase or rent its hardware have raised eyebrows among AI skeptics. However, Barron's has argued that it could turn out to be a smart use of its surplus cash, meaning it is not overly reliant on a few big chip customers and locking in demand for future generations of its AI processors.

Nebius has been the standout neocloud -- a company which provides additional cloud-computing capacity -- this year, with its stock having more than doubled in 2026 coming into Tuesday's session. The largest neocloud company is CoreWeave, which is up just 2% in the same period.

Apart from Nvidia's backing, Nebius investors have also welcomed the fact that in March it struck a cloud-computing deal with Meta Platforms that could be worth up to $27 billion. Meanwhile, Nebius announced last week that it had entered into its first senior secured debt facility for approximately $775 million.

"We view the debt financing as another positive data point for the AI infrastructure financing ecosystem, suggesting continued appetite from credit markets to fund contracted AI infrastructure at attractive rates, " wrote BNP Paribas Equity Research analyst Stefan Slowinski in a research note at the time of the announcement.