By Niket Nishant
May 28 (Reuters) – Nebius Group’s shares climbed 9% on Thursday after a fund run by former OpenAI employee Leopold Aschenbrenner disclosed a stake in the AI infrastructure firm.
The stock hit its highest in two weeks after the fund, named Situational Awareness, disclosed that it owned 12.41 million shares in the company, representing a roughly 5% stake worth $2.6 billion as of Wednesday, according to Reuters calculations.
The stake makes Situational Awareness the biggest shareholder of Amsterdam-based Nebius, according to data compiled by LSEG, and marks a vote of confidence in the company as a key player in the AI infrastructure race.
The fund managed $13.67 billion, as of March 31, representing a 148% growth from the end of 2025. Aschenbrenner was previously part of OpenAI’s “Superalignment” team, which worked to ensure AI stays aligned with human values but has been disbanded.
“Over the last couple of years he (Aschenbrenner) has developed a reputation of being able to pick the companies most levered to the success of AI,” said Gil Luria, head of technology research at D.A. Davidson.
“This stake indicates he sees the most leverage right now in AI clouds and, specifically, Nebius.”
Aschenbrenner has amassed a following on social media, and his investment disclosures have previously ignited debate and discussion on retail investor forums.
AI DARK HORSE
Nebius, which went largely unnoticed during the early stages of the AI boom, has quickly captured the market’s attention this year. Its shares have risen more than 162% so far in 2026.
Earlier this month, Nebius reported a nearly eightfold rise in quarterly revenue.
The company has also been expanding through acquisitions and partnerships. It announced a $643 million purchase of Eigen AI in May and an AI infrastructure supply agreement with Meta in March.
But with the stock trading at a rich valuation, the bar for further gains may be higher, and a rally of a similar magnitude may be difficult without some major catalysts.
Luria rated the stock “neutral” in a note published earlier this month. He has also said shares may see limited gains in the near term.
However, insatiable demand for AI computing power could boost Nebius, while investors searching for the next wave of AI winners could also flock to the company.
(Reporting by Niket Nishant in Bengaluru; Editing by Shinjini Ganguli)
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