Nebius Sinks 13% as Baird and BofA Slash Price Targets Over Data Center Delays; CoreWeave Tumbles 11%, NVIDIA Falls 4%

Wall Street is losing patience with the data center expansion timeline at Nebius Group (NASDAQ:NBIS | NBIS Price Prediction). Nebius stock is at $111.34 in morning trading, down 13%. That drop compounds a steep stretch, leaving Nebius stock down 46% over the past month.

Two Wall Street firms cut their price targets on Nebius on November 13, citing delays in activating third-party data center capacity. The reset follows the company’s Q3 2026 report on November 12, which paired a revenue beat with a trimmed 2026 outlook and a bigger spending plan.

Baird and BofA Cut Nebius Targets Over Data Center Delays

Baird analyst Rob Oliver lowered his NBIS stock price target to $200 from $340 while keeping an Outperform rating. According to Oliver, the delays introduce risk to the Nebius story that didn’t exist before.

Bank of America (NYSE:BAC) cut its Nebius stock price target to $265 from $310 and kept its Buy rating. In the firm’s view, the full-year outlook implies a sequential fourth-quarter slowdown, with planned launches and related revenue shifting from late 2026 into early 2027.

Nebius Group posted third-quarter revenue of $980.8 million, topping the $907.2 million consensus estimate. Of that total, Nebius Group disclosed $325 million came from non-recurring activity tied to the initial phase of an asset-light partnership. Without that item, revenue would have landed below the consensus.

Management said Nebius Group now expects 2026 revenue at the low end of its prior $3 billion to $3.4 billion range because third-party colocation deliveries slipped, with New Jersey phases pushed to Q2 2027. At the same time, Nebius Group raised its 2026 capital expenditure forecast to approximately $27 billion. “The changes in our 2026 guidance are just about timing, not demand,” the chief financial officer stated on the earnings call.

CoreWeave and NVIDIA Slide Alongside Nebius

CoreWeave (NASDAQ:CRWV) stock is at $50.49, down 11%, as a broad neocloud selloff spreads. Compared with Nebius, the AI cloud provider shows a smaller decline, and CoreWeave raised its full-year revenue guidance when it reported on November 10.

Meanwhile, NVIDIA (NASDAQ:NVDA) stock is at $159.49, down 4%. As a Nebius Group investor and partner, the chipmaker is also absorbing impact from Jensen Huang’s resignation as CEO on November 12. Among the three names, NVIDIA posts the smallest decline, and the company’s main concern is its own leadership change.

How Nebius’s Business Model Differs From CoreWeave and NVIDIA

Nebius runs a full-stack AI cloud that pairs owned data centers in Finland, Missouri and Alabama with leased colocation space in the U.S., Europe, Israel and India. Through Token Factory it sells managed inference, and it owns side businesses including the Avride robotaxi and delivery-robot unit and the TripleTen education platform. That colocation layer is where the current delays sit.

CoreWeave operates as a pure-play graphics processing unit (GPU) cloud, funding its expansion largely through debt facilities matched to customer contracts, convertible notes and customer prepayments. NVIDIA sits upstream, supplying the chips and systems, including Vera Rubin, that both cloud providers deploy. All three depend on the same expansion cycle, where power and construction timelines can slow revenue even when demand holds up (we highlighted seven suppliers behind that expansion, from power to cooling, in a free report you can grab here).

Nebius’s 2027 Capacity Timeline Is the Next Test

Nebius’s next test is whether its delayed third-party capacity comes online in early 2027 as expected. CEO Arkady Volozh said on the call that “none of that capacity is canceled” and that the company’s own sites remain “on track and even ahead of schedule.” The company’s initial 2027 outlook calls for revenue of $12 billion to $13 billion.

Bullish investors could point to Volozh’s statement that “Prepayments on Q3 agreements covered more than 100% of the associated capex.” In contrast, the bears can counter that Nebius is lifting its spending while pushing revenue out, leaving the company more reliant on prepayments, convertible notes and asset-backed financing.

Further delays at third-party sites could add pressure on Nebius, while on-time deliveries could ease the concerns behind the analyst cuts. The New Jersey capacity timeline could be the strongest signal of whether those concerns ease.

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