NEBIUS (NBIS) shares surged 6.81% in after-hours trading on Tuesday, extending gains from the regular session, as institutional buying signals and high expectations ahead of the company's upcoming earnings report drove strong investor demand.

The rally was primarily fueled by the disclosure that private equity giant Carlyle Group initiated a new position in NEBIUS during the second quarter, marking it as one of only three new additions to its portfolio for the period. The clear institutional endorsement bolstered market confidence and attracted follow-on buying. Additionally, traders are positioning ahead of NEBIUS's Q2 earnings report, scheduled before the market open on August 12, with consensus estimates projecting a 374.21% year-over-year revenue surge. The company's previous quarter already delivered $399 million in revenue, representing a 621.55% year-over-year increase, reinforcing its hyper-growth trajectory.

Despite some cautious voices—including Michael Burry's disclosed short position and Piper Sandler's Neutral rating with a $224 price target—the stock's upward momentum was supported by large put-selling activity in the options market, which established strong support around the $170–$180 range. The after-hours move reflects sustained bullish sentiment as investors anticipate robust quarterly results.