Nebius stock has soared impressively this year, and its rise seems justified considering its outstanding growth and solid prospects. Goldman Sachs believes that the stock remains undervalued when its growth potential is taken into account.

But it was the increase in investment banking where the gains for Goldman and its rival JPMorgan Chase were particularly striking. Investment banking has been suffering a prolonged slump, as higher interest rates have discouraged private equity firms from selling portfolio companies at depressed valuations and volatility in the equity markets has made it difficult to launch initial public offerings.

JPMorgan and Citigroup on Tuesday reported higher revenue from trading and investment banking.