Nebius Rises 6% as Palantir Names It Preferred Sovereign AI Partner; Palantir Stock Slips

Nebius Group shares rose about 6% in Tuesday morning trading after Palantir named the compute provider its preferred sovereign AI infrastructure partner. Nebius was up to $239.23, extending a strong year-to-date run, while Palantir slipped about 1% to $172.39. SPDR S&P 500 ETF Trust (SPY) was down 0.46%, suggesting the reaction was more company-specific than market-wide. Palantir said it is integrating Nebius cloud and compute into its enterprise perimeter, plugging scaled GPU cloud access into Palantir’s AIP software stack. The move provides a distribution and partner credential rather than disclosed contracted capacity. Nebius reported $582.3 million Q2 2026 revenue, up 454% year over year.