Nebius, CoreWeave and Cloudflare Shares Slide: What Happened
Nebius fell 12.6%, CoreWeave 11.2% and Cloudflare 10.8% on Friday as worries about AI spending, sharpened by Amazon's and Intel's results, hit cloud and internet stocks.
What happened
Shares of AI cloud providers Nebius Group (NBIS) and CoreWeave (CRWV) fell 12.6% and 11.2% on Friday, and web-security and networking company Cloudflare (NET) fell 10.8%, as of 2:51 p.m. ET. None of the three released news of its own. They were caught in a broad selloff in technology stocks driven by worries about AI spending.
Those worries grew after results on Thursday evening. Amazon said it burned through $42.4 billion of free cash flow over the past 12 months as it builds out AI capacity, and Intel gave a weak forecast, Reuters (via Yahoo Finance), NBC News, and Forbes reported. 24/7 Wall St tied the drop in AI cloud stocks to jitters about how much the biggest tech companies will keep spending, and Quiver Quant said Cloudflare fell without any company-specific news.
Why it matters
Nebius and CoreWeave rent out computing power built on Nvidia chips, much of it to the largest tech companies. Their growth depends on those customers continuing to spend, so any sign that the spending may slow hits them harder than most.
Cloudflare sells security and networking services rather than raw computing power, but Quiver Quant said the broader selloff hit high-valuation software and AI-related stocks hardest, and Cloudflare is one of them. The company reports its third-quarter results on 5 November, according to Quiver Quant and MarketBeat.
| Stock | Price, 2:51 p.m. ET | Change | Year to date before Friday |
|---|---|---|---|
| Nebius Group | $150.25 | -12.6% | +105.5% |
| CoreWeave | $53.95 | -11.2% | -15.2% |
| Cloudflare | $276.82 | -10.8% | +57.4% |
What the market is telling us
Nebius Group’s shares moved 5% or more on 101 of the last 252 sessions, and CoreWeave’s on 93, so moves this size are routine for both. Nebius’s last move at least this big in the same direction was on 22 October 2026, when it fell 7.2%. At Thursday’s close of $171.99 Nebius sat 40.0% below its 52-week closing high of $286.69 from 18 June 2026, and CoreWeave at $60.74 sat 56.6% below its high of $139.93 from 29 October 2025.
We think the AI cloud names will keep trading on what the biggest tech companies say about spending rather than on their own results, which makes them more volatile than the businesses alone would justify.
Chipmakers fell on the same worries; our story on AMD, Arm and Qualcomm has more.
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Mostly Markets is for information and education only and isn't investment advice. Dev Malhotra is a pen name. Prices are from Nasdaq and CNBC as of the time stated.
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