Microsoft Corp. struck a multiyear deal worth nearly $20 billion to get AI cloud computing power from Nebius Group NV, the technology company spun out from Russian internet giant Yandex.The deal will be worth $17.

CoreWeave’s stock is rising as well, as big hyperscalers could partner more with neoclouds to meet booming AI demand.

Nebius Group said on Monday it will provide Microsoft with GPU infrastructure capacity, in a deal worth $17.4 billion, over a five-year term, sending its shares soaring over 47% after the bell.