NEBIUS stock experienced a significant pre-market plunge of 5.17% on Tuesday, continuing a downward trend that has seen the stock lose over 20% of its value since the beginning of the month.

The decline is attributed to persistent concerns over Meta's reported plans to commercialize its excess cloud computing capacity through an internal "Meta Compute" division. As NEBIUS currently holds AI infrastructure service agreements with Meta worth up to $270 billion, investors fear that a major client could become a direct competitor, potentially impacting future revenue streams.

Additional pressure came from CEO Arkadiy Volozh's sale of 46,627 Class A shares earlier this month, which added to negative sentiment. Market activity also reflected bearish positioning, with institutional options trading showing a significant bet on future volatility and a large sale of out-of-the-money calls indicating limited expectations for near-term upside.