Nebius Group N.V. (NBIS) is having a good Tuesday. The AI cloud company's stock surged after it checked off two big milestones: closing its acquisition of Eigen AI and getting official confirmation that it will join the Nasdaq-100 Index.

Let's start with the acquisition. Nebius announced Tuesday that it completed the purchase of Eigen AI, a company that specializes in inference and model optimization — essentially, making AI models run faster and more efficiently. The deal was first announced on May 1 and officially closed on June 10 after clearing regulatory hurdles and satisfying other customary conditions. For Nebius, which is headquartered in Amsterdam, this acquisition bolsters its AI cloud offerings.

Then there's the Nasdaq-100 news. Nebius will officially join the index before the market opens on June 22, as part of Nasdaq's quarterly reconstitution. That's a big deal — literally. On CNBC, Jim Cramer called the index change a "big deal," and the stock has been riding that wave of enthusiasm. Index inclusion typically triggers buying from passive funds that track the Nasdaq-100, which can provide a sustained boost to the stock.

Meanwhile, short sellers are getting a bit less bearish. Short interest in Nebius declined during the latest reporting period, dropping from 45.1 million shares to 44.3 million shares. That means about 20.73% of the company's publicly traded shares are still sold short, but the trend is moving in the right direction for bulls. Based on average daily trading volume of 17.32 million shares, it would take about 2.56 days for short sellers to cover their positions — not an extreme squeeze scenario, but enough to add some fuel if the stock keeps climbing.

Technically, NBIS is looking strong. The stock is trading about 19.7% above its 20-day simple moving average of $226.33 and a whopping 122.1% above its 200-day SMA of $121.91. That kind of separation is typical of momentum leaders. The moving averages are also in a bullish alignment: the 20-day is above the 50-day, which is above the 200-day. The stock is pushing toward the top of its 52-week range, with a recent high of $278.84 set in June. At publication time, NBIS was up 4.33% at $271.33, not far from that peak.

So what's the takeaway? Nebius is riding a wave of positive catalysts — a strategic AI acquisition and a prestigious index inclusion — while technicals and short interest dynamics support further upside. It's a classic case of good news meeting good timing.