Microsoft Corp. struck a multiyear deal worth nearly $20 billion to get AI cloud computing power from Nebius Group NV, the technology company spun out from Russian internet giant Yandex.

Nebius Group NV just signed a major deal with Microsoft Corp. as artificial-intelligence demand keeps booming. The neocloud company, which made a name for itself in the technology world by serving as an alternative to the big hyperscalers,

Nebius Group said on Monday it will provide Microsoft with GPU infrastructure capacity, in a deal worth $17.4 billion, over a five-year term, sending its shares soaring over 47% after the bell.