Why is Nebius stock sliding today?

Shares of Nebius fell 9.1% in afternoon trading to reach $116.91, extending a punishing two-session decline that began after the AI cloud company released its Q3 2026 financial results on November 12. While revenue surged 571% year-over-year to $980.8 million — comfortably ahead of the roughly $907.5 million consensus — the company simultaneously narrowed its full-year 2026 revenue guidance to the low end of the $3.0 billion to $3.2 billion range, below the prior top end of $3.4 billion and well under analyst expectations near $3.37 billion. The revision was attributed to delays in bringing third-party colocation capacity online, specifically citing disruptions at its Vineland, New Jersey facility where a site landlord shut down temporary diesel power operations earlier than anticipated, pushing some capacity additions into the second quarter of 2027.

Adding to the pressure today, at least seven Wall Street analysts reduced their price targets on the stock. DA Davidson slashed its target from $250 to $125 and assigned a Neutral rating, while Baird cut its target from $340 to $200, maintaining an Outperform. Bank of America trimmed its target from $310 to $265, keeping a Buy rating. Rosenblatt’s analyst, however, maintained a Buy and a $304 price forecast, characterizing the data center delay as a "slight blemish" on an otherwise strong quarter. Separately, insider activity over the prior 90 days skewed heavily negative, with insiders selling roughly $23.5 million worth of shares versus just $280,000 in purchases, and trading volume today ran at more than double the stock’s average.

The broader market offered little relief, with the Nasdaq declining 0.9% and the S&P 500 off 0.5% during today’s session. The entire neocloud and AI infrastructure sector remained under a cloud of uncertainty stemming from Nvidia CEO Jensen Huang’s resignation, announced Thursday, which rattled investor confidence across GPU-dependent businesses. Competitor CoreWeave also fell in sympathy, underscoring the sector-wide nature of the sentiment shift.

Taken together, a guidance trim tied to infrastructure timing delays, a dramatically higher capital expenditure commitment of approximately $27 billion for 2026, a cascade of analyst price target reductions, and a risk-off tone across AI infrastructure names combined to send Nebius shares to an intraday low of $109 — even as management emphasized on the earnings call that "the changes in our 2026 guidance are just about timing, not demand."