Nebius Group N.V. (Nebius (NBIS)) shares are climbing Thursday after the company confirmed it will be added to the Nasdaq-100 Index. The index change takes effect before Monday's market open, and Thursday is the last trading session of the week—U.S. markets are closed Friday for Juneteenth.

The Amsterdam-based AI cloud company's inclusion comes as part of Nasdaq's quarterly reconstitution. On CNBC, market commentator Jim Cramer explicitly called the move a "big deal."

This isn't the only catalyst. Earlier this week, Nebius announced it had completed its acquisition of Eigen AI, an inference and model optimization firm, on June 10. The deal, first disclosed on May 1, cleared regulatory approvals and met all closing conditions. That momentum is still feeding into the stock.

Meanwhile, short interest in Nebius declined during the latest reporting period, falling to 44.30 million shares from 45.10 million shares. That short position now represents 20.73% of the company's public float. Based on average daily trading volume of 17.32 million shares, it would take short sellers about 2.56 days to cover their positions.

Technically, NBIS is in a powerful long-term uptrend. It's trading 23.1% above its 20-day SMA ($233.76) and a whopping 132.2% above its 200-day SMA ($123.94). That tells you buyers have stayed in control across multiple timeframes. The 20-day SMA is above the 50-day SMA, and the 50-day SMA is above the 200-day SMA—two bullish alignment signals that typically show institutional trend support.

Momentum-wise, MACD is above its signal line and the histogram is positive, pointing to improving upside pressure versus the prior downswing. In plain English, when MACD is above the signal line, it suggests recent selling pressure is fading and buyers are regaining control.

With the stock near the top of its 52-week range ($43.89 low to $297.93 high), the next question is whether it can clear the prior peak and hold it. If it can't, traders often watch for a pullback that stays "constructive" by holding above short-term trend gauges like the 20-day area.

• Key Resistance: $297.93 — the 52-week high from June is the nearby breakout level traders are watching
• Key Support: $233.76 — near the 20-day SMA, a logical first spot where dip-buyers may defend trend support

At the time of publication Thursday, Nebius Group shares were up 3.10% at $289.62.