On August 18, NEBIUS declined 3.43% in regular trading, trading at $258.66/share with turnover of $2.047 billion, reversing an earlier pre-market gain of over 3% driven by Bank of America's reiterated Buy rating.

Despite bullish analyst coverage — Bank of America maintained its Buy rating noting older-generation GPUs at neo-cloud providers could remain in service through 2029, while Citi previously raised its target to $324 — the stock came under heavy selling pressure from multiple bearish forces. Famed short-seller Michael Burry has repeatedly added to his short position, most recently at $247, calling NEBIS a symbol of peak AI euphoria and warning of supply gluts by 2028. Short interest stands at 28.8% of float. In the options market, an $18.2 million bear put spread (buying 350 PUT / selling 200 PUT, expiring January 2027) represents a concentrated bet on medium-term weakness. Additionally, non-executive director Ryan Charles E filed to sell approximately $12.75 million in shares, while the company's remaining performance obligations have tilted toward shorter-term contracts, raising concerns about revenue durability.

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