So, Nvidia and Nebius enjoy a close partnership. That's expected to be beneficial for the latter, since the AI chip giant is busy rolling out AI infrastructure around the globe. Importantly, Nebius' results make it clear that it is quickly making its presence felt in the fast-growing cloud AI infrastructure-as-a-service market.

Nvidia said it has filed applications to resume selling H20 GPUs in China and has received assurances that licenses will be granted.

Nvidia shareholders are complacent and the options are inexpensive — a good time to set up protective positions.