Arkady Volozh, a prominent tech entrepreneur, has experienced a remarkable resurgence in his fortune, primarily driven by the artificial intelligence boom, after a complex and challenging separation from Yandex, the Russian tech giant he founded. Volozh spent two years meticulously disentangling himself from Yandex, a process he likened to an "exodus." Following Russia's full-scale invasion of Ukraine, Yandex's shares on Nasdaq were suspended, and Volozh was sanctioned by the European Union, leading to his resignation as the company's head. By 2024, the Russian business of Yandex was sold for $5.2 billion to a consortium that included allies of the Kremlin, a move that allowed Volozh to pivot his international ventures.

After the sale, the Dutch holding company for Yandex was rebranded as Nebius Group NV in July 2024. Volozh quickly refocused Nebius on providing crucial infrastructure for artificial intelligence. His strategic shift has now yielded substantial results, as Nebius Group NV, based in Amsterdam, announced a significant deal with Microsoft Corp. The agreement entails Nebius providing Microsoft access to capacity at its new data center in New Jersey over a five-year period, with the contract valued at up to $19.4 billion.

This landmark contract propelled Nebius shares to surge by 49% to $95.72 in New York trading. Consequently, Volozh's 13% stake in Nebius, held through his family's trust, is now valued at $2.9 billion, marking an increase of approximately $1 billion since the deal's announcement and nearly tripling in value since January. This turnaround is particularly significant given that when Nebius shares were unfrozen in October, Volozh's stake was valued at around $630 million, reflecting initial market skepticism about the company's ability to thrive in the highly competitive data center market.

Previously, Nebius primarily served startups and smaller businesses, but Volozh anticipates a broader shift. He expressed confidence in securing more long-term, committed contracts with leading AI labs and major tech companies, viewing the Microsoft deal as the first of many. Volozh now divides his time between the Netherlands and Israel, where Nebius maintains a satellite office, signaling a clear geographic and strategic reorientation away from his Russian origins.