Why is Nebius stock sliding today?

Nebius Group NV shares slid 3.9% in pre-open trading today, dragged lower after Elon Musk issued a stark warning on social media that debt markets have largely stopped financing companies whose revenues are heavily concentrated in AI data centers, predicting that more than 200 neocloud providers face widespread failures and consolidation.

The warning, posted on X in response to venture capitalist Chamath Palihapitiya — who had described neoclouds as disorganized and undercapitalized — landed directly on Nebius, one of the sector’s most prominent pure-play AI cloud operators.

The pressure on NBIS was amplified by remarks from CEO Arkady Volozh at Nvidia’s GTC Berlin conference, where he acknowledged that some funding channels had become temporarily unavailable, though he expressed confidence in the company’s overall financial standing.

That admission, coming so close in time to Musk’s social media broadside, reinforced investor fears that the credit tightening narrative is not merely theoretical for Nebius — it is already being felt at the operational level. The combination of an external warning and an internal confirmation proved particularly damaging to sentiment.

At the sector level, the selloff was broad and uniform, with peer neocloud stocks including CoreWeave, IREN Ltd, Hut 8, and Riot Platforms all declining more than 3% in pre-market trading alongside NBIS.

This synchronized move underscores that the market is repricing the entire neocloud category rather than singling out Nebius for company-specific reasons. The wider Nasdaq was only marginally lower, while the S&P 500 and Dow Jones were essentially flat, meaning AI infrastructure stocks bore the brunt of the risk-off shift almost exclusively.

Taken together, Musk’s sweeping industry indictment, the CEO’s candid acknowledgment of tighter financing, and the sector-wide contagion created a perfect storm for NBIS in today’s pre-market session.

With the stock already well off its 52-week high of $299.86 and trading near $152.55, investors appear unwilling to absorb further uncertainty around the credit conditions that underpin Nebius’s capital-intensive growth model.