U.S. Stocks Open Higher; Nebius Jumps After Meta's up to $27B AI Infrastructure Deal

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U.S. Stocks Open Higher; Nebius Jumps After Meta's up to $27B AI Infrastructure Deal

Tiger Newspress03-16 21:30

US stocks rose on Monday, while oil prices pulled back as Wall Street tried to recover from another losing week, with investors monitoring the latest developments of the Iran war.

The Dow Jones Industrial Average added 381 points, or 0.8%. The S&P 500 rose 0.8%, and the Nasdaq Composite gained 1%.

Meta has signed a new long-term agreement to spend up to $27 billion on Dutch cloud provider Nebius' AI infrastructure, the company announced on Monday.

Nebius' shares surged 11% in morning trading.

Over the next five years, Nebius will provide $12 billion of dedicated capacity across a number of locations, including on what the company says will be one of the first large-scale deployments of Nvidia's latest AI-specialist Vera Rubin chips.

Meta has also committed to purchase additional available compute capacity from Nebius, worth up to a total of $15 billion over five years.

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