What's the hottest artificial intelligence (AI) stock on the market right now with a market cap of at least $10 billion? I'll give you a hint: It's not Nvidia (NVDA -0.67%) or Palantir Technologies (PLTR -7.29%). It's not CoreWeave (CRWV -2.33%), either.
No, the top-performing large-cap AI stock so far in 2025 is one that many investors might be unfamiliar with. Nebius Group (NBIS 1.75%) has delivered a sizzling year-to-date gain of over 350%. I think it's without question the kind of stock that can make investors a lot of money over time. But can investing $10,000 in Nebius Group stock make you a millionaire?
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What Nebius Group does
Nebius Group's primary focus is on AI infrastructure. It's one of a handful of hyperscalers with the capacity to handle massive AI processing loads. The company operates seven large-scale GPU clusters across Europe, the U.S., and the Middle East.
Several big-name customers use Nebius for their AI applications. Content delivery network and cybersecurity company Cloudflare (NET -3.38%) is one. E-commerce star Shopify (SHOP 6.52%) is another notable example. However, Nebius also serves many AI start-ups and rising stars.
While AI infrastructure is Nebius Group's biggest moneymaker, by far, it has other businesses. The company's Avride subsidiary develops autonomous driving technology. It's working with Uber (UBER -0.08%) to deliver food from restaurants using self-driving robots and to launch a robotaxi service in Dallas. Nebius' TripleTen subsidiary operates an online education platform for technology workers to improve their skills.
In addition, Nebius has equity stakes in two other companies: Toloka and ClickHouse. Toloka provides curated data for use by AI agents and for developing AI models. ClickHouse markets an open-source database management platform.
Characteristics of a millionaire-maker
Those rare stocks that can turn $10,000 into $1 million often share similar characteristics. I think Nebius possesses several of those millionaire-maker traits.
Perhaps most importantly, the company is an early entrant in a nascent market with explosive growth potential. To be sure, Nebius isn't the only AI hyperscaler. It's not the biggest, either. However, I agree with what Nebius CEO Arkady Volozh wrote to shareholders recently, "Outside of a handful of big tech companies, only a few newcomers have both the technological expertise and the multi-billion-dollar scale to play in this
field. Nebius is one of them."
Millionaire-maker stocks must deliver ginormous revenue growth. Nebius checks off that box in spades. In the second quarter of 2025, the company's revenue skyrocketed 625% year over year and 106% quarter over quarter.
The companies that help investors make $1 million or more must also be able to quickly adapt to changes. That requires management with vision and competence. Volozh definitely fits the bill.
He founded Yandex in 1997. The company ultimately became Russia's largest search engine provider and ride-sharing service operator. However, following the Russian invasion of Ukraine and the subsequent economic sanctions, Volozh spearheaded the divestiture of all Russian holdings and refocused the renamed Nebius Group on AI infrastructure.
A difficult task
Many stocks offer the opportunity to be multibaggers. However, to grow $10,000 into $1 million requires that a stock deliver a 100x return. That's a difficult task, to say the least. Is Nebius Group up to the challenge? Maybe, but I have to admit the odds are stacked against it.
Nebius Group's market cap currently stands around $32 billion. The company would have to be worth $3.2 trillion for its stock to be a millionaire-maker (assuming an initial investment of $10,000). Only three companies on the planet have a market cap that big today. Nebius may join the club over the next 20 years, but I wouldn't bet the farm on it.
That doesn't mean, though, that Nebius isn't a great stock to buy. I think the stock has tremendous growth prospects over the rest of this decade and beyond. Whether or not Nebius is a millionaire maker, it could make investors a lot of money over the long term.
