NBIS Stock Tanks Amid CoreWeave Decline — What Does Retail Think?

CoreWeave on Thursday announced that its capital expenditure plans for 2026 would be more than double of 2025, sending its shares down in Friday’s trade.

• Nebius and CoreWeave are both neocloud or artificial intelligence infrastructure providers with GPU-first data centers. 
• Retail touted the dip in NBIS stock as a ‘buying opportunity,’ while also calling the company’s shares superior to CoreWeave’s because of its lower leverage.
• CoreWeave has long-term debt of $14.67 billion as of Dec. 31, 2025, while Nebius has long-term debt of $4.1 billion as of the same date.

Shares of Amsterdam-based Nebius Group N.V. (NBIS) slumped more than 13% on Friday amid a decline in rival CoreWeave Inc.'s (CRWV) shares.  

CoreWeave on Thursday announced that its capital expenditure plans for 2026 would be more than double of 2025, sending its shares down in Friday’s trade.

Nebius and CoreWeave are both neocloud or artificial intelligence infrastructure providers with GPU-first data centers. Both companies are backed by Nvidia Corp. (NVDA) and operate on its chips.

What Is Retail Saying?

On Stocktwits, retail sentiment around NBIS shares was in the ‘bullish’ territory amid ‘normal’ message volumes at the time of writing. The stock was among the most-trending on the platform.

One bullish user said that CoreWeave’s dip just gave the market an ‘incredible buying opportunity.’

Another bullish user said that compute would be the future of the market and called it a ‘gift dip’.

A third user called Nebius the ‘winner’ when compared to CoreWeave.

Another bullish user gave Nebius the thumbs up, while giving CoreWeave a thumbs down, citing capital structure differences.

Capital Expenditure

For 2026, CoreWeave has forecasted capital expenditure of $30 billion to $35 billion in 2026, compared to $14.9 billion spent in 2025. The company also reported long-term debt of $14.67 billion as of Dec. 31, 2025, compared to $5.4 billion as of Dec. 31, 2024.

In comparison, Nebius reported long-term debt of $4.1 billion as of Dec. 31, 2025, a notable increase from zero debt the previous year, as it catches up to growing competition in the AI cloud market. Yet, its debt is significantly lower than that of CoreWeave’s.

However, Arkady Volozh, founder and CEO of Nebius, said in a letter to shareholders on Feb. 12 that the company would “maintain a disciplined approach to raising capital” even as it considers a range of financing options for 2026, including corporate debt and asset-backed financing.

Shares of NBIS have risen more than 178% in the past year, while shares of CRWV have gained more than 93% in the same period.

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Also Read: CoreWeave CEO Justifies Capex Spend Amid Stock Price Plummet, Touts High Demand: ‘Our Backlog Is Enormous’