Nebius Group N.V. (NASDAQ: NBIS) ended Tuesday, December 23, 2025, lower, then steadied in after-hours trading—setting up a potentially choppy (and likely thinly traded) Christmas Eve session for investors watching the fast-moving AI infrastructure space.
After regular trading ended, NBIS closed at $90.03, down 3.43% on the day, and later ticked modestly higher in extended-hours trading to around $90.36. [1]
The big thing to know for “tomorrow”: U.S. stock markets are open on Wednesday, December 24, 2025, but will close early at 1:00 p.m. ET (with eligible options closing at 1:15 p.m. ET). That holiday schedule can amplify price swings—especially in higher-volatility names like NBIS—because liquidity is often lighter and spreads can widen. [2]
NBIS price action after the bell: where the stock finished and what changed in extended trading
Regular session (Dec. 23):
- Close: $90.03 (-3.43%) [3]
- Intraday range: roughly $88.31 low to $92.97 high [4]
- Volume: about 8.8 million shares [5]
After hours (evening of Dec. 23):
- NBIS traded slightly higher in extended hours, reaching about $90.36 at one point. [6]
One key takeaway: Tuesday’s drop came after a strong run in the prior sessions, with NBIS recently showing outsized day-to-day swings. MarketBeat’s historical table shows a sharp up move on Dec. 19 and follow-through into Dec. 22, before Tuesday’s pullback. [7]
What news moved Nebius today? Mostly “positioning,” not a new headline
As of Dec. 23, there wasn’t a fresh, company-issued press release dated today on Nebius’ newsroom page—the most recent release listed is Dec. 17, focused on the company’s Nebius AI Cloud 3.1 update and next-generation NVIDIA Blackwell Ultra systems. [8]
That matters because when a high-beta, narrative-driven stock moves without a same-day catalyst, it often reflects a mix of:
- Profit-taking after big runs
- Thin holiday-week trading
- Repricing of risk around the same core topics investors have been debating: capacity buildout, capital intensity, and customer concentration
The most widely circulated “same-day” market recap coverage highlighted that the stock slid on the session with volume below its recent average—an indicator that the move may have been driven more by trading dynamics than by a brand-new fundamental datapoint. [9]
Today’s key coverage and analysis: what investors were reading on Dec. 23
A quick roundup of notable items published Tuesday, Dec. 23 that shaped the conversation around NBIS:
- Market recap / stock-move coverage: MarketBeat reported NBIS falling about 3–4% during Tuesday’s session, with commentary on volume, volatility, and recent analyst target updates. [10]
- Quant-style “best AI stocks” framing: Seeking Alpha published an after-market piece that included Nebius among notable AI-related names, reflecting continued attention from thematic and quant investors even during pullbacks. [11]
These pieces didn’t introduce a single “new catalyst,” but they show the theme: NBIS remains on the shortlist of closely watched AI infrastructure trades, where sentiment can flip quickly.
The bull case still centers on mega-deals—while the bear case focuses on concentration and spend
Even on down days, the market tends to anchor Nebius on two enormous contract headlines and the execution required to deliver them:
The deals investors keep coming back to
- Nebius has described (and analysts continue to reference) major long-term agreements with Microsoft and Meta, with the Microsoft deal discussed in a range around $17.4 billion to $19.4 billion, and the Meta agreement around $3 billion over five years. [12]
Why those deals excite the market
The bullish narrative is that long-duration contracts can provide:
- clearer future utilization,
- a runway for scaling GPU capacity,
- and potential operating leverage as the platform matures.
Analyst commentary carried by Nasdaq (Zacks-branded content) points to management discussing demand exceeding supply and an ambition to reach $7–$9 billion in annualized run-rate revenue by end of 2026, alongside large power-capacity buildout goals. [13]
The risks investors are pricing in
That same analysis also flags what skeptics worry about:
- Customer concentration risk: if a meaningful share of future growth is tied to a small number of hyperscale counterparties, timing changes or contract performance issues can have an outsized impact. [14]
- Capital intensity: commentary referenced heavy spending requirements and elevated capex guidance, which can pressure profitability and raise financing/dilution questions if timelines slip. [15]
Reuters reporting in December also framed Nebius as a “neocloud”-style player expanding on the back of these large contracts while pursuing a broader customer base beyond AI-native firms. [16]
Forecasts and price targets: what analysts and trackers imply heading into the Dec. 24 session
“Forecasts” around NBIS vary widely depending on the source and the analyst set being tracked—but the common thread is a very wide dispersion, which is typical for high-growth, high-volatility infrastructure plays.
Street-style targets (higher-level consensus snapshots)
- TipRanks shows an average price target of $164.20, with a high forecast of $211 and a low forecast of $130, based on analysts publishing targets in the last few months. [17]
- Zacks’ price-target page lists a forecast range from $84 to $211. [18]
- MarketBeat’s compilation (as cited in its Dec. 23 coverage) referenced a consensus “Buy” and an average target around $144.71. [19]
These aren’t contradictions so much as different snapshots from different universes of analysts and time windows.
What that range tells you (even if you ignore the exact numbers)
- Bulls see NBIS as an underappreciated “picks-and-shovels” platform for AI.
- Bears see execution risk, customer concentration, and huge capex as reasons the valuation can compress quickly.
- The market is effectively saying: the upside is large—but the path is uncertain.
Company updates investors may still be digesting this week
Even though Tuesday didn’t bring a new press release, Nebius’ Dec. 17 announcement is still relevant in how the company positions itself versus other AI-cloud providers.
Nebius said AI Cloud 3.1 delivers:
- next-gen NVIDIA Blackwell Ultra hardware options (including NVIDIA HGX B300 and GB300 NVL72 systems),
- features such as capacity blocks and real-time dashboards,
- and added security/governance tooling, plus a scheduled technical webinar on Jan. 29, 2026. [20]
For investors, product releases like this matter because NBIS is valued in large part on its ability to translate hardware access + orchestration software into sticky, long-term utilization.
Key dates ahead: what to watch beyond tomorrow’s open
Looking past the holiday session, a few calendar items can matter for how NBIS trades in early 2026:
- Next earnings timeframe: TradingView lists the next earnings report date around Feb. 17, 2026. [21]
- Customer deployments and capacity cadence: both bull and bear theses hinge on whether new capacity comes online on schedule and is absorbed at attractive economics (a theme repeatedly emphasized in analyst commentary). [22]
What to know before the market opens Wednesday, Dec. 24, 2025
Here’s a practical checklist tailored to NBIS and to the holiday market setup:
1) Tomorrow is a shortened session—expect thinner liquidity
The NYSE and Nasdaq both list an early close at 1:00 p.m. ET on Wednesday, Dec. 24, 2025. [23]
That often means:
- fewer institutional flows,
- more “air pockets” in the order book,
- and sharper moves on smaller orders.
2) Watch whether after-hours stability holds into premarket
NBIS was slightly higher after hours versus the regular-session close. [24]
For a momentum-sensitive name, the market will be watching whether premarket trading:
- regains the $90 handle decisively, or
- fades back toward Tuesday’s support zone.
3) The most important near-term technical zone is already defined
Tuesday established a clear “battle range”:
- Support area: around the high-$80s (near the $88.31 low) [25]
- Resistance area: around the low-$90s (near $92.97 intraday high, and broader moving-average levels that some trackers highlight) [26]
Even long-term investors tend to watch these levels because they often influence short-term sentiment and headlines.
4) Know what can create headline risk—even if Nebius itself is quiet
NBIS trades as part of the broader “AI infrastructure / neocloud” narrative. That means it can react quickly to:
- hyperscaler capex commentary,
- GPU supply-chain headlines,
- major AI-cloud competitor updates,
- or any surprise filing related to financing.
5) The core debate remains unchanged going into the open
Before the bell on Dec. 24, most of the “must-know” fundamentals remain the same ones laid out in recent Reuters and Nasdaq/Zacks commentary:
- huge long-term contracts (Microsoft, Meta),
- aggressive buildout targets,
- and the trade-off between visibility and concentration/capex risk. [27]
Bottom line for NBIS heading into Dec. 24
Nebius Group’s stock ended Dec. 23 with a notable pullback, but not one clearly tied to a single new headline. It then stabilized after hours, and now heads into a holiday-shortened Dec. 24 session where liquidity—more than news—can heavily influence price action. [28]
For investors, “what to know before the open” comes down to three things:
- The calendar (early close = potentially higher noise-to-signal),
- The range NBIS just set ($88–$93 zone),
- The same macro narrative that’s been driving the stock for months: big contracts, big buildout, big execution risk.
This article is for informational purposes only and is not investment advice.
References
1. finance.yahoo.com, 2. www.nyse.com, 3. finance.yahoo.com, 4. www.marketbeat.com, 5. www.marketbeat.com, 6. finance.yahoo.com, 7. www.marketbeat.com, 8. nebius.com, 9. www.marketbeat.com, 10. www.marketbeat.com, 11. seekingalpha.com, 12. www.reuters.com, 13. www.nasdaq.com, 14. www.nasdaq.com, 15. www.nasdaq.com, 16. www.reuters.com, 17. www.tipranks.com, 18. www.zacks.com, 19. www.marketbeat.com, 20. nebius.com, 21. www.tradingview.com, 22. www.nasdaq.com, 23. www.nyse.com, 24. finance.yahoo.com, 25. www.marketbeat.com, 26. www.marketbeat.com, 27. www.reuters.com, 28. finance.yahoo.com
