Nebius Surges 6%, CoreWeave Treads Water as JPMorgan Upgrade Flags Rising Compute Pricing; IREN Slides 4%

AI infrastructure stocks are moving in different directions Thursday as investors digest evidence that pricing for computing power is rising while funding and capital-intensity concerns remain important. Nebius Group (NASDAQ:NBIS | NBIS Price Prediction) stock is up 6% to $240.86, while CoreWeave (NASDAQ:CRWV) stock is down 0.64% to $86.34 and IREN Limited (NASDAQ:IREN) stock is falling 4% to $45.21.

The divergence is notable because CoreWeave received an upgrade from JPMorgan Chase & Co. (NYSE:JPM) to Overweight from Neutral, with JPMorgan raising its price target to $125 from $120. JPMorgan pointed to stronger compute pricing and CoreWeave’s use of shorter-term contracts at premium rates, while Nebius has also been raising prices as demand for AI computing capacity remains strong.

CoreWeave Gets A Pricing Boost

JPMorgan’s CoreWeave upgrade centers on the possibility that stronger pricing can improve revenue and margins as demand for AI infrastructure grows. JPMorgan noted that CoreWeave has been using shorter-term contracts carrying premium pricing, while CoreWeave management has indicated that higher prices are adding 5 to 10 percentage points to contribution margins on new contracts compared with earlier agreements.

CoreWeave has also been expanding its contracted power base as customers seek additional AI computing capacity. CoreWeave’s contracted power increased from 3.1 gigawatts at the end of 2025 to 4.2 gigawatts as of Aug. 11, although CoreWeave continues to face concerns about the amount of capital required to build that infrastructure.

Despite the favorable JPMorgan view, CoreWeave stock is barely moving Thursday and remains below JPMorgan’s new $125 target. CoreWeave stock’s muted reaction suggests that stronger pricing isn’t necessarily enough by itself to overcome concerns surrounding capital intensity, debt and potential dilution from CoreWeave’s at-the-market share offering.

Nebius Is Showing Stronger Pricing Power

Nebius has provided another important signal for the AI compute market by raising prices on several of its Nvidia GPU offerings. Nebius plans to increase prices for selected H100, H200, B200 and B300 computing resources on Oct. 1, marking the second price increase announced by Nebius in three months.

The latest Nebius pricing changes include increases of roughly 17% for H100 capacity, 20% for H200 capacity and 19% for B200 capacity. Nebius also plans a roughly 21% increase for B300 capacity, giving Nebius stock another fundamental catalyst as investors assess how much pricing power can translate into revenue and profitability.

Nebius has been growing rapidly alongside the broader demand for AI infrastructure. Nebius reported second-quarter revenue of $582.3 million, with AI Cloud revenue surging 514% to $574.9 million, while adjusted EBITDA swung to a $236.2 million profit.

IREN Faces a Different Setup

IREN has also been positioning its data-center infrastructure toward AI cloud services, giving IREN stock exposure to many of the same demand trends affecting Nebius and CoreWeave. IREN reported that its operating AI Cloud Services capacity represented about 40 megawatts at the end of June, while IREN had grid connection agreements and similar arrangements representing about 5 gigawatts of total power capacity.

Rothschild & Co. Redburn recently initiated coverage of IREN with a Neutral rating and a $40 price target, while taking a more cautious stance toward Nebius and CoreWeave. The research firm’s view highlights a different concern for IREN stock, as investors weigh the value of power and data-center infrastructure against the capital required to convert that capacity into AI computing revenue.

Thursday’s 4% decline in IREN stock comes even as the broader AI infrastructure theme continues to attract substantial capital. IREN stock could remain sensitive to changes in expectations for AI demand, financing costs, customer commitments and the pace at which IREN converts its available power capacity into operating compute.

The Broader Market Is Relatively Steady

The wider market isn’t showing a comparable move in cloud infrastructure stocks, with First Trust Cloud Computing ETF (NASDAQ:SKYY) down 0.07% to $167.43 and SPDR S&P 500 ETF Trust (NYSE ARCA:SPY) down 0.5% to $763.99. The relatively modest moves in SKYY and SPY put the sharper divergence between Nebius stock, CoreWeave stock and IREN stock more clearly in focus.

For Nebius, CoreWeave and IREN, rising compute prices could support the economics of new AI infrastructure projects, but each company also faces substantial capital requirements as capacity expands. Investors can watch for signs that higher pricing is translating into stronger margins and cash generation, while Nebius stock, CoreWeave stock and IREN stock could continue to react differently as the market weighs growth against financing and execution risks. Investors should consider keeping their position sizes modest given the volatility and capital intensity surrounding AI infrastructure stocks.

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