Quick Read
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Nebius (NBIS) drops 3% and extends an 11% weekly slide despite Rosenblatt’s new Buy rating, while CoreWeave (CRWV) slips a shallower 1%.
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Cloudflare’s (NET) asset-light edge model contrasts sharply with CoreWeave’s $6.42 billion Q2 capex and negative $5.74 billion free cash flow.
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Nebius trades below its 50-day moving average, with a $37.5 billion backlog and management targets of annual recurring revenue between $7 billion and $9 billion.
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Nebius Group (NASDAQ:NBIS) stock is at $214.99, down 3% in morning trading, even as a new Buy rating sits on the AI cloud provider. That decline extends a rough stretch, with Nebius stock down 11% over the past week.
Meanwhile, CoreWeave (NASDAQ:CRWV) stock is at $80.91, down 1%, a shallower drop for the larger neocloud rival. Both companies rent accelerator capacity to AI developers by the hour, which ties them together in the neocloud group. CoreWeave stock also joined the NASDAQ 100 index, which gives it a bigger presence in tech benchmarks.
For a wider read, a cloud software basket and the large-cap tech benchmark are moving in opposite directions. The WisdomTree Cloud Computing Fund (NASDAQ:WCLD) is at $43.90, up 0.4%. At the same time, the Invesco QQQ Trust (NASDAQ:QQQ) is at $750.43, down 0.1%.
Rosenblatt Buy Rating Meets a Falling Share Price
Rosenblatt Securities initiated coverage of Nebius with a Buy rating last Friday, ranking Nebius near the top of the neocloud group alongside CoreWeave. Nebius stock has kept falling since that initiation, so the bullish call now sits against a lower share price.
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Last week’s pressure traces to a disputed report on OpenAI’s revenue run-rate, which drove a selloff across AI infrastructure and neocloud names (the power, cooling, and networking suppliers behind that expansion are the subject of our free report on seven AI infrastructure stocks that aren’t chipmakers). That report serves as background for the latest decline, and Nebius hasn’t issued a new announcement since then that accounts for the leg lower.
