AI Infrastructure Leader Faces Competition from Major Client as 10 Trillion Won Vanishes in a Day

Nebius Group N.V. (NASDAQ: NBIS), a publicly traded AI infrastructure company, plunged over 16% on Nasdaq on July 1, closing at $231 with about 22 million shares traded—erasing roughly KRW 10 trillion from its approximately KRW 70 trillion market capitalization in a single day.

Although its shares were trading in the $80 range at the beginning of the year, they remain nearly three times higher year-to-date despite the recent sell-off. (marketbeat.com)

The decline was directly triggered by reports that Meta is preparing “Meta Compute,” its own AI cloud service, to sell surplus GPUs externally—raising fears that Nebius’s largest customer could soon become a direct competitor. (invezz.com) Investors are also concerned that the profitability and pricing leverage of Nebius’s long-term AI infrastructure contract with Meta—reportedly valued at up to $27 billion (about KRW 40 trillion)—could be compromised. (invezz.com)

Headquartered in Amsterdam, the Netherlands, Nebius Group is an AI infrastructure firm that spun off the non-Russian assets of Russia’s Yandex, rebranded in 2024, and resumed trading on Nasdaq. (en.wikipedia.org) The company has built large-scale GPU data centers and cloud platforms to meet global AI demand, and has emerged as a prominent AI infrastructure provider through multi-billion-dollar supply agreements with Microsoft and a $2 billion (approximately KRW 3 trillion) investment from NVIDIA. (nasdaq.com)