Nebius Shares Drop 20.1% as U.S.-Listed AI Cloud Stocks Slide

Nebius shares fell 20.1% in premarket trading Thursday, the steepest drop among U.S.-listed AI cloud stocks as losses widened across the group after Nvidia's CEO resigned.

The Roundhill Neocloud ETF fell 12.5%, while CoreWeave slid 13.6% and IREN declined 8.1% in the premarket session. Nebius' loss was 7.6 percentage points steeper than the ETF's and 6.5 points greater than CoreWeave's decline. It was roughly 1.6 times the fund's drop and 1.5 times CoreWeave's.

The ETF's decline was between CoreWeave's loss and IREN's, while IREN had the mildest drop among the three named companies. Together, the fund and all three stocks moved lower before the U.S. market opened, with losses spanning 8.1% to 20.1%. Nvidia Chief Financial Officer Colette Kress was named interim CEO after the company's CEO resigned. The leadership change formed the backdrop to the premarket declines. Nebius' drop was also about 2.5 times IREN's 8.1% decline in premarket trading.