Nebius Group NV (NASDAQ:NBIS) has become one of 2025’s most jaw-dropping AI success story, and perhaps its biggest puzzle. The mid-cap AI cloud infrastructure firm has soared around 513% over the past 12 months, and 330% this year, vaulting from relative obscurity into Wall Street’s favorite speculative obsession. Yet as the stock’s valuation rockets past 29 times projected 2026 sales, ETF managers are asking the billion-dollar question: how much AI is too much AI?
The Amsterdam-based firm has ridden the AI euphoria harder than almost any peer, fueled by a blockbuster $17.4 billion AI infrastructure deal with Microsoft Corp (NASDAQ:MSFT) and a 625% year-over-year revenue jump last quarter. Its new enterprise platform, AI Cloud 3.0 – Aether, promises supercomputer-grade performance for regulated industries.
That very frenzy is creating headaches for ETF allocators. Nebius sits squarely at the intersection of AI, cloud computing, and data infrastructure, making it a potential candidate for several thematic funds.
On The Radar: AIQ, WTAI, And THNQ
The Global X Artificial Intelligence & Technology ETF (NASDAQ:AIQ) is among the likeliest candidates that would consider Nebius when the latter meets liquidity and listing criteria. The $2.1 billion fund already holds AI-driven infrastructure names like Palantir Technologies Inc (NASDAQ:PLTR) and C3.ai Inc (NYSE:AI), giving investors exposure to both the software and hardware sides of artificial intelligence. Nebius’s cloud-heavy model would fit neatly within that ecosystem, though its sky-high valuation could skew portfolio risk.
Similarly, the WisdomTree Artificial Intelligence and Innovation Fund (BATS:WTAI), has favored smaller, fast-growing AI players with its more concentrated 75-stock portfolio. WTAI’s holdings in companies like SoundHound AI Inc (NASDAQ:SOUN) and Veritone Inc (NASDAQ:VERI) signal its appetite for emerging names in the AI value chain. Adding Nebius could enhance that growth tilt but also increase volatility, given the stock’s wild price swings.
Meanwhile, ROBO Global Artificial Intelligence ETF (NYSE:THNQ), which strictly focuses on AI infrastructure and automation technologies, could also be looking in Nebius’ direction. The cloud computing names like Snowflake Inc (NYSE:SNOW) and data center operators held by the fund make the latter a natural home for a firm building the “AI supercloud,” but THNQ tends to wait for consistent profitability before initiating new positions, a box Nebius hasn’t ticked yet.
Read Next:
