Nebius Group has signed a deal worth about $3 billion with Meta to provide the Facebook owner with AI infrastructure over a five-year period, the company said on Tuesday, after it reported a more than fourfold rise in third-quarter revenue.

The company’s shares seesawed in volatile premarket trading, after it posted a surge in capital spending and a quarterly loss of over $100 million, widening from $39.7 million last year.

The stock has been on a strong run this year, with its market value rising fourfold to $27.61 billion, through last close.

The agreement with Meta underscores the surging demand for high-performance computing power that is required to build and run artificial intelligence models.

It is Nebius’ second contract with a hyperscaler, following its $17.4 billion deal with Microsoft in September.

Nebius said it would deploy the capacity needed for the Meta contract over the next three months, adding that the demand was so strong that the size of the contract had to be limited to the capacity that Nebius had available.

Amsterdam-based Nebius is among a group of so-called neocloud companies that offer hardware and cloud capacity as services. Its core business involves providing Nvidia graphics processing units and AI cloud, helping companies expand their AI infrastructure.

Nebius and its larger rival CoreWeave have seen strong demand this year as insatiable AI appetite has left even the biggest cloud companies, such as Microsoft and Amazon, with capacity constraints.

Nebius reported a 355% jump in revenue to $146.1 million in the third quarter ended September.

The company is targeting $7 billion to $9 billion in annualized run-rate revenue by the end of 2026, compared with its ARR of about $551 million at September-end.

Its capital expenditures ballooned to $955.5 million in the September quarter, from $172.1 million a year earlier, as the company invests heavily in securing GPUs, land and power.

Meta’s chief artificial intelligence scientist Yann LeCun is planning to leave the social media company to set up his own startup, the Financial Times reported on Tuesday, citing people familiar with the matter.

LeCun is also in early talks to raise funds for a new venture, according to the report.

The owner of Facebook and Instagram has significantly increased its investments in artificial intelligence, with CEO Mark Zuckerberg reorganizing the company’s AI initiatives under Superintelligence Labs.

Zuckerberg hired Alexandr Wang, former CEO of data labeling startup Scale AI to lead the new AI effort.

As a result, LeCun, who had reported to chief product officer Chris Cox, is now reporting to Wang, the report said.

Meta and LeCun did not immediately respond to Reuters requests for comment.

SoftBank Group’s $5.8 billion sale of its Nvidia stake jolted stock markets on Tuesday, stoking fears that the frenzy around artificial intelligence may have peaked, especially after recent warnings from Wall Street bank chiefs and a famed short seller.

In its quarterly results, the Japanese tech investor said it had sold all the 32.1 million Nvidia shares it held in October to bankroll CEO Masayoshi Son’s sweeping AI push, built around his “all in” bet on ChatGPT-creator OpenAI. SoftBank needs the proceeds for initiatives including the $500 billion Stargate project to expand U.S. data-center capacity and as much as $40 billion funding pledged to OpenAI, whose financing details were not given with the announcements.

But the timing of its sale deepened some investor doubts that valuations in the AI industry might have gotten ahead of fundamentals. Nvidia shares were down more than 2% in early trading, weighing on the benchmark S&P 500 index. Adding to the jitters was a revenue forecast cut from AI cloud provider CoreWeave over a contract delay that sent its stock down 9%. Drumbeats of an AI bubble grew louder in recent weeks after Morgan Stanley and Goldman Sachs CEOs warned equities could be heading to a drawdown, while hedge fund manager Michael Burry, known for shorts on the U.S. housing market ahead of the 2008 crash, bet against Nvidia and Palantir.

Several analysts said the sale suggested Son – one of tech’s most audacious investors – sees the blistering rally that turned Nvidia into the first $5 trillion company last month cooling after a more than 1,200% surge in the past three years.

But a few of them pointed to SoftBank’s patchy record managing its Nvidia holdings. The company, by some estimates, missed out on a more than $100 billion rally in Nvidia shares by selling it off in 2019 before the AI boom took off, only to later buy the chipmaker’s shares again.

“As for timing, cannot say Masayoshi Son has been great with his trading of Nvidia shares,” said C J Muse, senior managing director at Cantor Fitzgerald. “It appears simply resource allocation – finding funds to make bets elsewhere.”

OPENAI FOCUS, SON’S GROWING WARCHEST

Along with the Nvidia share sale, SoftBank sold around $9.2 billion worth of shares in T-Mobile, providing Son with a larger money chest to stamp his influence on an industry hungry for the capital and chips needed to fund the pursuit of AI technology that can match or surpass human intelligence.

“By cashing in now, he’s securing the capital needed to double down on his conviction in AI applications and the super-scaled infrastructure behind them, OpenAI, Oracle and the Stargate project,” said Michael Ashley Schulman, chief investment officer at Running Point Capital Advisors. But the rising bet on OpenAI also ties SoftBank, which has taken massive losses on its Vision Fund investments, closer to the startup at the center of a series of circular deals that have fueled worries about the bubble.

The Japanese company’s stock, which has surged more than twofold this year, is getting priced more and more based on its exposure to OpenAI. The stock jumped last month on news of a sweeping OpenAI restructuring that frees the startup from its non-profit roots. The startup is considering a $1 trillion public listing as soon as next year, which could be a big windfall for investors such as Microsoft and SoftBank, Reuters has reported.

The rising valuation of OpenAI also boosted SoftBank’s second-quarter net profit, which more than doubled.

But OpenAI has not given any clear details on how it plans to fund its AI infrastructure deals that total around $1.4 trillion.

It expects to finish the year with $20 billion in annual recurring revenue and recently walked back comments on need for government-backed loans.

“The Vision Fund’s checkered past certainly lends an air of high-stakes poker to this divestment,” Schulman said.

Apple will not release the next version of the iPhone Air in the fall of 2026 as previously planned, amid weak sales, the Information reported on Monday, citing sources familiar with the matter.

The company launched the iPhone Air in 2025 as a thinner and lighter alternative within its flagship iPhone portfolio. The model, with a slim design, came with some trade-offs in terms of battery size and camera features.

Apple did not immediately respond to a Reuters request for comment. Reuters could not independently verify the report.

Analysts said demand for the iPhone Air has been weaker than originally anticipated.

In October, the company said the iPhone Air would be available for pre-order in China, following regulatory approval for eSIM services by those telecom operators.

The iPhone Air is being sold in China without a physical SIM tray, supporting only eSIM connectivity.

Intel said on Monday its CEO Lip-Bu Tan would oversee the chipmaker’s artificial intelligence efforts after the firm’s chief technology officer departed for ChatGPT maker OpenAI.

Sachin Katti, who has led Intel’s AI efforts since a management reorganisation at the chipmaker in January, said on social media site X that he had joined OpenAI.

“We thank Sachin for his contributions and wish him all the best. Lip-Bu will lead the AI and Advanced Technologies Groups, working closely with the team,” Intel said in a statement.

“AI remains one of Intel’s highest strategic priorities, and we are focused on executing our technology and product roadmap across emerging AI workloads,” the company added.

OpenAI President Greg Brockman said on X that Katti would be “designing and building our compute infrastructure, which will power our (artificial general intelligence) research and scale its applications to benefit everyone.”

OpenAI did not immediately respond to a request for comment.

Realme has launched the GT 8 Pro Aston Martin F1 Limited Edition smartphone in China with a racing theme. The new Realme GT 8 Pro Aston Martin F1 Limited Edition launch comes ahead of the series India arrival on November 20.

Being a part of GT 8 series, the limited edition GT 8 Pro bears the Aston Martin logo at the back panel along with the team’s name, Aston Martin Aramco F1 Team.

Realme GT 8 Pro Aston Martin F1 Limited Edition comes loaded with 16 GB RAM and 1 TB storage in Chinese market. It runs on Snapdragon 8 Elite Gen 5 processor.

Realme GT 8 Pro Aston Martin F1 Limited Edition has a 6.79 inch QHD+ display with a 144 Hz refresh rate and 7,000 nits peak brightness. The phone comes in green shade.

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Realme GT 8 Pro Aston Martin F1 Limited Edition gets a 7,000 mAh battery accompanied by a 120W charger.

Realme GT 8 Pro Aston Martin F1 Limited Edition sports a 50 MP main Ricoh GR lens along with a 50 MP ultrawide camera and a 200 MP telephoto lens. It holds a 32 MP front camera.

Realme GT 8 Pro Aston Martin F1 Limited Edition was launched at CNY 5,499 which translates to nearly ₹68,490. However, its India arrival is still not certain.