TTRF Capital has initiated a new position in Nebius Group (NASDAQ: NBIS), an AI infrastructure provider, making it the fund’s single largest holding.
The stock has quadrupled over the past year, reflecting surging investor appetite for companies building the physical backbone of artificial intelligence computing.
Nebius Group N.V. is a technology company focused on building full-stack infrastructure to service the global AI industry across the United States, the United Kingdom, and internationally.
The company offers large-scale GPU clusters, cloud platforms, and a suite of tools and services aimed at developers operating in the AI space.
Nebius was formerly known as Yandex N.V. before rebranding under its current name in August 2024, marking a significant strategic pivot toward AI-focused infrastructure services.
The company maintains a strategic alliance with NVIDIA Corporation to support the expansion of its AI cloud infrastructure, giving it access to cutting-edge GPU technology.
Nebius delivered extraordinary revenue growth in the first quarter of 2026, with total revenues surging 684% year-over-year to $399 million, a figure that underscores rapid commercial scaling.
Cloud AI revenues specifically climbed 841% during that same period, while EBITDA margins expanded to 32.5%, signaling that growth is increasingly translating into operational efficiency.
The company has also secured a landmark long-term AI infrastructure supply agreement with Meta, under which Nebius will provide $12 billion of dedicated capacity across multiple locations.
That Meta deal is based on one of the first large-scale deployments of the NVIDIA Vera Rubin platform, positioning Nebius at the forefront of next-generation AI infrastructure deployment.
The combination of explosive revenue growth, a high-profile partnership with Meta, and its NVIDIA alliance makes Nebius one of the more closely watched names in AI infrastructure investing today.
TTRF Capital’s decision to make NBIS its top holding sends a strong signal about where institutional investors see the most compelling opportunity within the broader artificial intelligence buildout.
