Morning Read: Nebius scales as oil softens before PPI

Snapshot: 13 August 2026, 03:58–04:10 ET. U.S. equity futures were narrowly higher before the cash open: S&P 500 and Dow futures each gained 0.10%, while Nasdaq-100 futures rose 0.03%. Oil moved the other way, and July producer prices at 08:30 ET are the morning's scheduled U.S. macro test. Nebius and T1 Energy supplied the clearest new company filings.

Macro overnight

Asia remained split. Japan's Nikkei 225 finished at 68,308.59, up 1.16%, while Shanghai fell 0.50% to 3,926.965. The Hang Seng was near 25,378.27 and down 0.24% on CNBC; Yahoo showed a larger decline because it used a different previous close, so the table does not blend those baselines.

Europe opened with modest gains in the Euro Stoxx 50 and DAX, each up 0.45%, while the FTSE 100 slipped 0.37%. September WTI traded at $82.10, down 1.41%. December gold was $4,426.30 on CNBC, while the dollar index was near 99.988 and down 0.03%. Gold's daily direction differed across the two market-data baselines, so only the CNBC comparison is retained.

The Treasury's official 12 August close put the 2-year yield at 4.20% and the 10-year at 4.68%, a positive 48-basis-point slope. Cboe's delayed VIX record displayed 14.67 with a 16:15 ET timestamp on 12 August, 0.82% above its 14.55 previous-close field. BLS schedules July PPI for 08:30 ET on 13 August; BEA lists no release today and its next releases on 26 August at 08:30 ET.

Your tickers

NBIS: Nebius reported Q2 revenue of $582.3 million, up from $105.1 million a year earlier, or 454%. Its core AI-cloud business generated $574.9 million, up 514%, and segment adjusted EBITDA reached $285.7 million versus $9.5 million. Group adjusted EBITDA was $236.2 million, compared with a $21.0 million loss a year earlier.

Nebius said it now expects 5 GW of contracted power by year-end 2026, up from its prior target above 4 GW, and plans to deploy more than 1 GW per year starting in 2027. Those targets show how quickly demand and capacity ambitions are expanding, but the large investment requirement, operating loss and reliance on advance payments remain important parts of the same picture.

TE: T1 Energy's Q2 filing showed total net sales of $250.128 million, up 88% from $132.767 million a year earlier. Gross profit increased 50% to $49.097 million, while the operating loss from continuing operations narrowed to $22.781 million from $31.361 million. The filing also said one customer accounted for approximately 100% of first-half net sales, making customer concentration a material counterweight to production growth.

T1 ended June with $156.436 million of cash, cash equivalents and restricted cash, then completed a $120.0 million convertible-note placement on 31 July. Its first 2.1-GW phase of the G2 Austin solar-cell factory is expected to begin production in Q1 2027; estimated capital spending is approximately $510 million, including a 20% contingency. The company says a financing package is still being pursued, so timing and funding remain execution points.

What to watch today

• 08:30 ET — PPI: compare July producer prices with the immediate 2-year Treasury, dollar and index-futures response.
• 09:30 ET — breadth: test whether the modest +0.10% S&P and +0.03% Nasdaq-100 futures tone extends beyond a narrow group of stocks.
• NBIS: weigh $582.3 million of Q2 revenue and positive adjusted EBITDA against the $8.1303 billion first-half investment pace and GAAP operating loss.
• TE: track the balance between 88% sales growth, narrower operating loss, customer concentration and financing for the 2.1-GW cell project.
• Oil and overseas markets: watch whether WTI holds near $82.10 as Japan rises and Hong Kong, Shanghai and London trade lower.

The morning combines quiet U.S. futures with a firmer Japan, softer oil and two capital-intensive growth stories. The key distinction is between demand evidence and funding quality: both Nebius and T1 are scaling, but their filings also make the cash-flow structure, concentration and financing burden visible. This article is educational information, not personalized financial advice or an order recommendation.