Nebius stock meltdown continues as Gartner issues blistering warning

Impact · against what's priced in

The Gartner report acts as a catalyst for the 'depreciation trap' bear case, specifically validating the risk that AI infrastructure spends will not generate sufficient returns to avoid impairments. While the market was already skeptical of neocloud margins, the $3.5 trillion impairment warning provides a fundamental basis for the current technical breakdown in NBIS and its peers.

NBIS−0.70

Challenges what's priced in

The price assumes