Nebius Set to Resume Trading: A New Chapter for AI Compute in Europe

Nebius, the rebranded entity of the well-known Yandex, is gearing up to make waves in the public market once again, more than two years after the Nasdaq paused trading due to sanctions linked to the Russia-Ukraine conflict. With a fresh focus on cloud infrastructure for AI—dubbed “AI compute”—this Netherlands-based company aims to carve out a significant presence in Europe’s rapidly expanding “GPU-as-a-service” sector.

A Fresh Start with Public Access

For those who may not know, Yandex has long been regarded as the “Google of Russia,” offering a diverse range of services from search engines to self-driving vehicles. Despite its strong footing in the Russian market and neighboring areas, Yandex N.V. (the parent company) took a hit when geopolitical tensions escalated. Although the company enjoyed a valuation soar to $31 billion by the end of 2021, sanctions and restrictions followed, leading to a dramatic shift.

Enter Nebius: a startup with a unique twist. While it operates as a fresh business following its separation from Yandex, its public status means that investors now have the opportunity to tap into what could be an exciting alternative to traditional U.S. tech giants like Alphabet and Microsoft.

The Evolution from Yandex to Nebius

Founded in 1997, Yandex made a name for itself by dominating the Russian tech scene. As the global sanctions put pressure on operations, Yandex co-founder Arkady Volozh had to step down after facing sanctions in the European Union. Fortunately, his removal from the sanctions list in March 2024 created the pathway for his leadership role in Nebius.

Nebius is founded on one of Yandex N.V.’s remaining assets outside of Russia: a data center in Finland specializing in AI cloud services. Launched in July 2024, Nebius is positioning itself as a major contender in the European AI computing landscape, aspiring to follow in the footsteps of other well-known players like CoreWeave.

Charting the Course Ahead

In the backdrop of all this change, Nebius has secured a solid financial footing, holding $2 billion from the sale of its Russian assets. Volozh expressed a clear ambition: “Our goal is to build one of the world’s largest specialist AI infrastructure businesses. This requires access to technological expertise, graphics processing units, and capital. These are exactly what we have.”

With trading anticipated to resume on October 21, 2024, Nebius is ready to embark on a new journey. This restart not only highlights the resilience of the company but also signifies the substantial demand for AI infrastructure across Europe.

Why This Matters

As Nebius steps back into the limelight, it presents an intriguing opportunity for individuals interested in the AI realm. With innovations so pivotal to the future, the evolution from Yandex to Nebius might be your chance to participate in the growing AI compute ecosystem.

Conclusion

Nebius is tackling the challenges and opportunities that lie ahead in the EU market, bolstered by its solid financial background and leadership. As they aim to establish a stronghold in AI infrastructure, the tech community—and investors—are watching closely to see how this story unfolds.

The AI Buzz Hub team is excited to see where these breakthroughs take us. Want to stay in the loop on all things AI? Subscribe to our newsletter or share this article with your fellow enthusiasts.