Key Highlights

  • NBIL gained 29.31% on June 1, closing at $56.42 from a prior close of $43.63 on Volume of 1.94 million units
  • The move mechanically amplified a 14.46% gain in underlying Nebius Group (NBIS), which closed at $264.51
  • Nvidia CEO Jensen Huang named Nebius a key partner at his Computex keynote in Taipei, featuring both company logos side by side
  • Nebius Group holds a $17 billion Revenue agreement with Microsoft and a 5.6% stake held by Situational Awareness LP
  • A short float of 21.1% and days-to-cover of 2.3 intensified the session's upward move through short squeeze dynamics

The GraniteShares 2x Long NBIS Daily ETF (Nasdaq: NBIL) is an actively managed, leveraged exchange-traded fund launched in October 2025 and listed on the NASDAQ Global Select Market. It is designed to deliver twice the daily return of Nebius Group N.V., an Amsterdam-based AI cloud infrastructure company formerly known as Yandex N.V., operating large-scale GPU clusters and cloud platforms across Europe and the United States.

The Leverage Amplifier in Action

The GraniteShares 2x Long NBIS Daily ETF  gained 29.31% on June 1, closing at $56.42 from a prior close of $43.63, on volume of 1.94 million units and a Market Capitalisation of $280.99 million. The move extended further in pre-market on June 2, adding 6.35% to reach $60.00. The ETF itself generated no independent catalyst. The gain was a mechanical amplification of a 14.46% surge in Nebius Group N.V. (NASDAQ:NBIS), which closed at $264.51 on a market capitalisation of $63.48 billion and volume of 23.57 million shares, reaching a new 52-week high of $274.80 intraday.

The Underlying Catalyst: Computex, Microsoft, and a Short Squeeze

The June 1 rally in NBIS was driven by a convergence of three distinct forces. The primary catalyst was Nvidia CEO Jensen Huang's Computex keynote address in Taipei, during which he spotlighted Nebius Group as a partner growing "incredibly fast" and displayed both companies' logos side by side. A direct public endorsement from the most influential figure in AI infrastructure carries significant weight in how institutional and retail Capital allocates within the AI ecosystem.

Layered on top was the disclosure of a $17 billion revenue agreement with Microsoft, alongside a previously announced 5.6% stake acquired by Situational Awareness LP, the hedge fund of former OpenAI researcher Leopold Aschenbrenner. Together, these developments created a credible commercial validation of Nebius Group's position as a scaled AI cloud provider with Blue-Chip Demand visibility.

A structural amplifier completed the picture. With 21.1% of the float short and days-to-cover at 2.3, the session carried meaningful short squeeze potential. As the stock pushed toward its 52-week high on above-average volume, covering activity added directional pressure that accelerated the move.

What NBIL Is and How It Works

NBIL achieves its 2x daily exposure through financial instruments including swaps, resetting that exposure at the close of each Trading session. Over periods longer than a single session, compounding of daily returns causes the ETF's performance to diverge materially from twice the cumulative return of NBIS. In strongly trending markets this effect can be additive; in volatile or mean-reverting conditions it erodes returns. The ETF's 52-week range of $6.37 to $60.20 captures the full magnitude of this dynamic in a product tied to a high-Beta underlying.

Conclusion

The June 1 gain in NBIL reflects a confluence of catalyst quality rarely concentrated in a single session: a high-visibility public endorsement from Nvidia's CEO, a large-scale Microsoft contract, significant institutional positioning, and structural short squeeze pressure. For the ETF, the analytical framework remains anchored to Nebius Group's ability to sustain revenue growth and convert AI infrastructure demand into durable profitability. The daily reset mechanics mean NBIL is a precise instrument for single-session directional expression, not a proxy for long-term compounded exposure to the underlying Business.