Nebius Group N.V. Nebius (NBIS) shares jumped nearly 3% in Tuesday's premarket trading after the AI infrastructure company unveiled a strategic partnership with Palantir Technologies (PLTR). The move came even as broader markets showed weakness, with Nasdaq futures slipping 0.04% and S&P 500 futures down 0.32%.

Nebius Becomes Palantir's Preferred Sovereign AI Infrastructure Partner

Here's the gist: Palantir and Nebius are joining forces. Palantir brings its enterprise AI software to the table, and Nebius contributes its cloud infrastructure. The goal is to give businesses more control over their AI models, data, and computing resources. It's a classic "you bring the brains, I bring the brawn" setup, but in this case, both sides are bringing serious firepower.

Palantir has officially named Nebius its preferred sovereign AI infrastructure partner. After an integration period, Palantir plans to offer Nebius compute and inference endpoints directly within its enterprise platform. That means Palantir's customers will be able to tap into Nebius's infrastructure without having to go elsewhere.

The companies also have plans to accelerate the build-out of new computing capacity, including modular data centers at locations where power is readily available. That's a smart move, given how much of a bottleneck power availability has become for AI data centers.

Palantir CEO Alex Karp weighed in, saying Nebius's infrastructure would allow customers to run AI models "under conditions you control." That's a nod to the growing demand for sovereign AI, where governments and enterprises want to keep their data and models within their own controlled environments.

Technical Analysis

For the chart watchers out there, NBIS is looking pretty healthy. The stock is trading 3.7% above its 20-day simple moving average of $223.56 and 8.8% above its 50-day SMA of $213.08. It's also a whopping 49.7% above its 200-day SMA of $154.79. The moving averages are stacked in bullish order, with the 20-day above the 50-day and the 50-day above the 200-day. That's the kind of alignment that makes trend followers smile.

The relative strength index (RSI) is sitting at 52.91, which signals neutral momentum. In plain English, the stock isn't overbought or oversold, so there's room to run in either direction. Resistance is near $233.50, just above the premarket price, while support is around $200.50.

Analyst Outlook

Wall Street is generally bullish on Nebius, with a Buy consensus rating and an average price target of $248.83. But recent analyst moves show some divergence in views:

• DA Davidson: Neutral (maintains forecast at $175.00) on Aug. 13
• DA Davidson: Neutral (raises forecast to $250.00) on Aug. 18
• Citigroup: Buy (raises forecast to $324.00) on Aug. 14

That's a wide range, from $175 to $324, which suggests there's still plenty of debate about where this stock is headed. But the overall sentiment remains positive.

Price Action

Nebius Group shares were up 2.73% at $232.56 during premarket trading on Tuesday, according to market data. That puts the stock right at the doorstep of that $233.50 resistance level. Whether it breaks through or pulls back will be one to watch as the trading day unfolds.