Nebius Ltd (ticker NBIS) shares fell 4.3% in morning trading on August 28, 2026, as a sector‑wide sell‑off hit neocloud stocks following reports that Nvidia has shelved its revenue‑sharing agreements with AI cloud infrastructure partners. The termination of those deals removed a key incentive that had underpinned investor enthusiasm for companies reliant on Nvidia’s GPU supply chain, including Nebius.
The price decline also reflects natural profit‑taking after a strong pre‑market rally on August 27, when Nebius surged more than 7% after its $5.75 billion convertible notes offering closed above the original $4.5 billion target. Proceeds from the offering were earmarked for data‑center expansion, GPU procurement, and the build‑out of an AI cloud platform.
Goldman Sachs simultaneously raised its price target on Nebius to a street‑high $328 and reaffirmed its Buy rating, a catalyst that briefly halted a six‑session losing streak. With that catalyst now fully priced in, sellers regained control.
Peers CoreWeave and IREN also traded lower, contributing to the broader pressure on the neocloud complex. The Nasdaq index was down a modest 0.2% in the session, offering little macro support for high‑growth, high‑valuation technology names. No major Federal Reserve announcements or significant U.S. economic data releases were identified as primary drivers of the move.
Management’s aggressive capital‑expenditure guidance of $20 billion to $25 billion, combined with the stock’s valuation multiples and its 52‑week low of $63.26, further tempered investor sentiment.