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The artificial intelligence capex cycle is facing a recalibration as interest rates move higher and calls for a slowdown in development gain traction.
Against this backdrop, Nebius Group (NASDAQ:NBIS) has seen its recent momentum cool, with shares down more than 20% from its 52-week high of just under $300.
The neocloud provider, which rents out AI compute power, remains one of the most active names in the sector despite the pullback.
Nebius has been a standout performer this year, with its stock value more than doubling to enter this week up over 170% since the start of 2026.
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