By Aaron McDade

Nebius shares are soaring Wednesday on a vote of confidence from AI chip leader Nvidia.

Shares of Nebius Group (NBIS) were up over 16% in recent trading, after the AI infrastructure firm announced a partnership that includes a $2 billion investment from Nvidia (NVDA). Nvidia shares were little changed.

The companies said the deal will build on Nebius' existing partnership with Nvidia to expand cloud capacity to support AI. “Together, we are scaling the cloud to meet the surging global demand for intelligence,” Nvidia CEO Jensen Huang said in a release.

Nvidia first revealed a stake in Nebius in its quarterly 13-F filing last February. It has held that stake in Nebius steady even as it sold positions in some other tech stocks in recent quarters.

READ: Nvidia Is Morgan Stanley's Favorite Chip Stock Again. Here's Why

The chipmaker's latest investment in Nebius adds to a string of recent deals. Earlier this month, Nvidia also announced $2 billion investments in Coherent (COHR) and Lumentum (LITE).

With Wednesday's gains, Nebius shares have added close to a third of their value since the start of the year, and nearly quadrupled in the last 12 months.

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