NEBIUS stock experienced a significant pre-market plummet of 5.30% on Tuesday, continuing a downward trend for the AI infrastructure company.

The decline is primarily attributed to persistent investor 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 contributed to negative sentiment despite being partly to cover tax withholding on restricted stock units. 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. The stock has now declined over 20% cumulatively since the beginning of the month.