Nebius (NBIS) shares plummeted 6.36% during intraday trading on Monday, as the stock faced heavy selling pressure and notably underperformed the broader systems software sector.

The decline came amid a distinctly bearish tone in the options market, where a standout $0.52 million put purchase was placed on the 190 strike expiring in July 2026. The overall large-trade flow was overwhelmingly defensive, with a concentration in long puts that points to strong hedging demand or outright downside speculation. With implied volatility at an elevated 93.63rd percentile, the options activity signaled a market tone dominated by caution and a willingness to pay rich premiums for downside protection, contributing to the stock's sharp intraday drop.