Nebius and CoreWeave Experience Volatility Amid AI Obligations Report
Shares of Nebius Group (NASDAQ:NBIS) plunged nearly 14% intraday on Wednesday, while CoreWeave (NASDAQ:CRWV) dropped about 4%, before both stocks rebounded. The sell-off was triggered by a Wall Street Journal report highlighting $3 trillion in off-balance-sheet AI-related obligations across nine major tech companies. This raised concerns over financial exposure and led to broader volatility among neocloud firms like IREN and WULF, which also fell around 5%. Despite Treasury yield declines that typically support leveraged borrowers, the market reaction was driven by sentiment shifts rather than macroeconomic factors. Nebius had surged nearly 197% year-to-date before Wednesday’s drop. The company recently issued a $4.5 billion convertible bond offering, which may have contributed to investor caution. CoreWeave's SEC filings reveal significant leverage with liabilities reaching $72.05 billion against only $5.02 billion in equity as of Q2 2026.
Tickers: $CRWV $GOOGL $IREN $META $MSFT $NBIS $WULF
Topics: AI CoreWeave Nasdaq Composite Nebius Group off-balance-sheet obligations