Both behave the same, and I prefer the second option.
Usually people prefer to have a 1.cs file for each class / interface, or at least for groups of similar ones (for example, all Tuple implementations), which means that you usually have 1 namespace in any .cs file.
Nested namespaces add indentation levels. As a rule, you are already at 3 levels (namespace, class, method) for each part of the code that you write, so why add even more unnecessary deepenings?