Nvidia Says Its H100 GPU Prices Are Still Rising. That’s Good News for Nebius Stock.

Shares of artificial intelligence (AI) cloud infrastructure provider Nebius Group (NBIS) have been surging onto Wall Street’s radar lately, and a big reason behind the excitement is none other than chip giant Nvidia (NVDA). During Nvidia’s latest earnings call, CFO Colette Kress revealed that rental prices for its legacy Hopper (H100) GPUs have surged 20% year-to-date (YTD), while older A100 cloud pricing has climbed nearly 15%.

In a rare twist for the tech industry, older chips are becoming more expensive instead of cheaper, and that trend is proving to be a major win for Nebius. As a fast-growing neocloud operator, Nebius is built around buying massive clusters of Nvidia GPUs and renting them out by the hour to AI developers, startups, and enterprises racing to build AI applications. With Nvidia confirming that GPU rental demand continues to outstrip supply, Nebius quickly moved to capitalize on its newfound pricing power.