Nebius Group N.V. has quickly become one of the most talked‑about names in the AI infrastructure “neocloud” trade. As of December 6, 2025, the stock is well off its October peak but still massively ahead of where it started the year, with investors trying to decide whether the latest pullback is a buying opportunity or a warning sign. At Friday’s close, Nebius traded around $98 per share, down about 4.6% on the day and roughly 30% below its 52‑week high of $141.10, yet still more than 435% above its 52‑week low near $18 in April. StockAnalysis+1 That price gives Nebius a market capitalization of roughly $25 billion and implies a rich valuation of about 68× trailing revenue and nearly **200× trailing earnings. StockAnalysis