Nebius Group N.V. (NBIS) shares are climbing Wednesday, riding a wave of momentum from Tuesday's news. The Amsterdam-based AI cloud company finalized its acquisition of Eigen AI and got official confirmation that it will join the Nasdaq-100 Index. As of publication, the stock was up 6.84% at $283.22, while the Nasdaq rose 0.47% and the S&P 500 gained 0.05%.

Eigen AI Acquisition Finalized

Nebius announced it has closed the deal to buy Eigen AI, an inference and model optimization firm. The transaction was first disclosed on May 1 and officially closed on June 10 after clearing regulatory hurdles and satisfying customary conditions. The acquisition expands Nebius's full-stack artificial intelligence footprint, giving it more firepower in the competitive AI infrastructure space.

Nasdaq-100 Index Inclusion Confirmed

The stock is also getting a boost from index-related buying ahead of Nasdaq's quarterly reconstitution. Nebius will join the Nasdaq-100 Index before the market opens on June 22. The inclusion caught the attention of CNBC's Jim Cramer, who called it a "big deal." Index inclusion typically triggers passive fund buying, which can provide a tailwind for the stock.

Short Interest Data

Short interest in Nebius edged lower in the latest reporting period, falling to 44.30 million shares from 45.10 million. That short position represents 20.73% of the company's public float. With average daily trading volume of 17.32 million shares, it would take about 2.56 days for short sellers to cover their positions—a metric known as the days-to-cover ratio. Elevated short interest can sometimes lead to short squeezes if the stock continues to rally.

Critical Levels To Watch for NBIS Stock

NBIS is trading well above its key moving averages, a classic sign of an extended uptrend. The stock is 23.2% above its 20-day simple moving average (SMA) of $229.60, 48.4% above the 50-day SMA of $190.69, and a whopping 130.3% above the 200-day SMA of $122.88. The trend structure remains bullish: the 20-day SMA is above the 50-day SMA, which is above the 200-day SMA—a setup that tends to keep dip-buyers active.

From a technical perspective, the stock is now trading above its prior 52-week high of $278.84, turning that level into a key breakout retest zone. Traders will be watching to see if it holds as support.

• Key Resistance: $283.11
• Key Support: $278.84

NBIS Stock Price Activity: Nebius Group shares were up 6.84% at $283.22 at the time of publication on Wednesday, according to market data.