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Nebius stock soared after its AI cloud revenue surged more than 450%

The AI cloud company posted $582 million in revenue for the second quarter, well ahead of Wall Street's estimate of $570 million

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Nebius Group reported second-quarter revenue of $582 million on Wednesday, up 454% from the same period a year earlier, sending its stock up 28%.

Revenue from the company's core AI cloud business rose sixfold to $575 million in the quarter, the company said. Wall Street had expected total revenue of $570 million, according to Barron's.

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