Why Nebius Group Stock Was Down Double-Digits Today
Shares of Nebius Group (NASDAQ: NBIS) were falling in sympathy with CoreWeave (NASDAQ: CRWV), its larger neocloud peer, after it issued a disappointing earnings report last night.
While there was no company-specific news out on Nebius, the stocks tend to move in unison as they represent a new and unproven sector in the stock market. Both companies are growing rapidly but are also putting up large losses as they spend aggressively on data centers to sell AI computing power.
As of 2:32 p.m. ET, Nebius was down 14.9%, while CoreWeave was off 21.9%.
Source Fool.com
