New York, Jan 31, 2026, 05:33 (EST) — Market closed
- On Friday, NBIS plunged 10.2%, ending the day at $85.19.
- Nebius scheduled its fourth-quarter and full-year 2025 results for Feb. 12, with an 8 a.m. ET call planned.
- The decline followed a slide in U.S. stocks, rattled by concerns over rates and AI spending.
Shares of Nebius Group N.V. (NBIS) dropped 10.2% Friday, closing at $85.19 after trading as high as $94.11 and as low as $84.19. Roughly 18.2 million shares were traded.
With U.S. markets closed for the weekend, all eyes turn to Feb. 12. That’s when Nebius will release its Q4 and full-year 2025 earnings before the open, followed by a conference call at 8:00 a.m. Eastern. The Amsterdam-based company trades on Nasdaq and specializes in full-stack AI infrastructure. It also runs Avride and TripleTen, alongside stakes in ClickHouse and Toloka. nebius.com
Timing played a key role as risk appetite dipped heading into month-end. Wall Street’s major indexes ended Friday lower after investors digested President Donald Trump’s choice of ex-Fed governor Kevin Warsh and a hotter inflation report. “Markets are calibrating” to the nomination and the outlook on rates, said Michael Hans, chief investment officer at Citizens Wealth. Reuters
Thursday saw a rough ride for tech and software stocks as doubts grew over whether Big Tech’s AI spending will pay off. Microsoft tumbled 10% after cloud revenue came up short, prompting John Praveen of Paleo Leon to warn, “there are some genuine concerns that AI investments will eat the software companies’ lunches.” Reuters
Spending on AI infrastructure keeps climbing. Meta now forecasts 2026 capex—cash poured into data centers and gear—between $115 billion and $135 billion. The company also inked capacity deals with Nebius and CoreWeave. “This is going to be a big year,” CEO Mark Zuckerberg said. Reuters
For Nebius, the trade is that split-screen. Investors demand clear evidence that growth is solid and lasting, yet they slam any sign of unchecked spending or delayed returns.
Nebius has pinned its growth hopes on multi-year contracts, revealing last year it inked a roughly $3 billion deal with Meta and another $17.4 billion agreement with Microsoft to supply AI infrastructure capacity. The company also flagged steep spending on graphics processing units (GPUs)—the chips powering AI training and operations—and mounting losses as it scales up its capacity. Reuters
Management described the build as gearing up for a prolonged cycle, not a rapid turnaround. Roman Chernin told Reuters in December the company is focused on developing higher-margin services and said, “We should be ready (for when) the winter will come.” Reuters
Still, the situation works both ways. Should February numbers reveal steady demand alongside surging spending, or if prices tighten amid growing capacity, the stock could remain fragile.
As next week unfolds, eyes turn to whether NBIS can steady itself following Friday’s sharp sell-off and if the wider AI sector regains momentum. Investors are still parsing the Fed chair nomination alongside fresh signals from Big Tech spending.
Nebius’s Feb. 12 results and conference call stand as the next major catalyst. Investors will zero in on any fresh clues about demand, the speed of the buildout, and how quickly capex converts into revenue.
