Shares of Big Tech’s favorite AI data center cloud capacity providers, CoreWeave (CRWV), Nebius (NBIS), and IREN Limited (IREN), all fell during pre-market trading on Friday, exacerbating losses from the previous day.
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As of 6:35 a.m. on Friday:
- CoreWeave’s stock (CRWV) fell over 3% to $75.90 per share after dropping over 8% on Thursday.
- Nebius’s shares (NBIS) tumbled nearly 5% to $84.28 per share, adding to the previous day’s over 6% decline.
- IREN stock (IREN) also dropped over 6% to $45.60 per share, extending losses of almost 13% from Thursday.
Why Are AI Neocloud Stocks Falling?
CoreWeave (CRWV) — CoreWeave’s shares have been under pressure over the last few days after the New Jersey-based company followed its Wall Street-beating third-quarter results with a guidance cut. The neocloud company reduced its full-year revenue forecast from $5.25 billion to $5.1 billion and trimmed its capital expenditure by $8.5 billion.
CEO Mike Intrator attributed this to a single delay from a third-party data center provider. However, Wall Street analysts have continued to slash their price targets on CRWV stock, citing this delay and the limited availability of suitable powered shells — that is, physical data center buildings equipped with the necessary power infrastructure to be quickly fitted out with servers and other hardware. To make matters worse, a report from The Verge called CoreWeave “the heart of the AI bubble.”
Nebius (NBIS) — For this AI cloud operator, investors have chosen to continue to focus on its inability to turn in a profit yet, ignoring the Amsterdam-based company’s new $3 billion five-year contract with Meta Platforms (META) to supply the American tech giant with AI infrastructure access.
Nebius’s revenue climbed 355% from a year ago to $146.1 million, according to its newly released third-quarter results. But that came with a net loss of $39.7 million — down from a net loss of $100.4 million during the same period last year.
Yet, as Nebius’s stock eyes a price target of $160 per share, most analysts remain bullish on its potential.
IREN Limited (IREN) — While Nebius remains in the red, IREN has successfully swung from a loss to a profit, posting earnings per share of $1.07 in its first-quarter Fiscal Year 2026 results announced last Thursday. Still, IREN’s shares keep sliding as analysts weigh the forward trajectory of its recent $9.7 billion agreement with Microsoft (MSFT).
What Are the Best Neocloud Stocks to Buy?
Despite the current challenges, CoreWeave, Nebius, and IREN remain Wall Street’s foremost neocloud AI infrastructure providers. The TipRanks Stock Comparison tool provides guidance on which of them are worth investing in based on analysts’ assessments.
