专注于AI基础设施的云计算服务商Nebius（NBIS）今日盘前大跌5.10%，延续了近期的下跌趋势。自11月10日以来，该股已累计下跌近20%，但今年以来仍保持了超过200%的涨幅。
此轮跌势主要源于公司近期发布的2025年第三季度财报未能满足市场预期。尽管Nebius报告显示营收增长强劲，达到355%，但公司亏损超出预期扩大。此外，投资者对Nebius当前的高估值表示担忧，公司市销率达到28，市盈率高达123.35，这可能反映了市场对其增长前景过于乐观。
长期来看，Nebius作为新兴云服务领域的领先企业，仍有较大发展潜力。公司最近与微软和Meta达成的大额订单为未来营收提供了支撑。然而，持续的亏损、产能不足以及来自传统云服务巨头的竞争压力，都可能成为公司面临的挑战。投资者需要权衡Nebius在AI基础设施市场的长期增长前景与当前估值和短期盈利压力之间的平衡。
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