Nebius and CoreWeave Shares in the Artificial Intelligence Infrastructure Sector

Massive demand for artificial intelligence data centers, which outpaces supply, pushed the total contract backlogs of tech giants such as Microsoft, Oracle, Amazon, and Google to $2.3 trillion by the end of the second quarter.

Artificial Intelligence Infrastructure Demand

According to Bank of America data, the total contract backlogs of Microsoft, Oracle, Amazon, and Google reached $2.3 trillion in the second quarter of 2026.

The intense need for dedicated artificial intelligence data centers is accelerating the growth of neocloud infrastructure companies Nebius Group and CoreWeave.

Second Quarter Revenue Reports

CoreWeave's revenues increased by 112 percent year-over-year in the second quarter, rising to $2.6 billion.

Nebius, on the other hand, increased its revenues by a massive 454 percent to $582 million during the same period.

Market Size and Backlogs

The neocloud infrastructure market is projected to grow from $25 billion in 2025 to $400 billion by 2031, with a compound annual growth rate of 58 percent.

While CoreWeave increased its revenue backlog by 246 percent year-over-year to reach $104 billion by the end of the second quarter, Nebius's backlog is estimated to be over $50 billion.

Stock Performance and Costs

Thanks to the increasing use of software stacks such as Token Factory in 2026, Nebius reduced its adjusted net loss by 64 percent to $33.2 million, and its shares gained 146 percent in value.

CoreWeave shares achieved an 18 percent gain despite its loss per share increasing by 90 percent due to aggressive artificial intelligence infrastructure capital expenditures.