Nebius Group, an Amsterdam-based AI cloud provider, fell 14.03% to $121.67 at 11:20 ET on November 5. The drop came amid a broader data-centre selloff, with concerns about possible hurdles to new development. Investors are asking how fast Nebius can turn expansion plans into capacity that customers pay to use. In its August 12 results, the company reported second-quarter revenue of $582.3 million, up 454% from a year earlier. It also reported roughly $8 billion in cash and raised its year-end contracted-power guidance to 5 gigawatts. Facilities still need to be built, energised, and equipped before they earn revenue. The company remains loss-making. The next test is whether capacity arrives on schedule and demand fills it.

Nebius Group shares fell 19% after Gina Hinojosa beat Greg Abbott in the Texas governor's race. Hinojosa has called for an immediate moratorium on new data centers, and Wells Fargo estimates Texas holds 27% of planned US data center gigawatts. Nebius has disclosed no Texas site; it builds in New Jersey, Missouri, and Pennsylvania. Even so, its plans depend on growth: it had about 170 megawatts active at the end of 2025 and targets 800 megawatts to 1 gigawatt connected by the end of 2026. IREN, which builds in Texas, fell 20%. Bloom Energy fell 19% and Applied Materials fell 11%. Before the drop, Nebius traded at 5.4x forward sales, about half its five-year average of 10.6x. Its third-quarter report is expected next week.

Nebius Group fell 6% today even as the broader market rallied, after Democrats won both the House and the Senate in Tuesday's midterms. Investors fear tighter data center rules, especially in Texas, where governor-elect Gina Hinojosa has called for a moratorium on new data centers. Wells Fargo estimates Texas holds 27% of planned US data center gigawatts. Nebius has not disclosed a Texas site; its US buildout runs through New Jersey, Missouri, and Pennsylvania. Texas Pacific Land fell 14%, Quanta Services 12%, and Comfort Systems USA 15%. Nebius had already lost a third of its value in a month. Citi cut its target to $265 from $324 and kept its Buy rating. The company reports third-quarter results on November 12. It must show annualised run-rate revenue rising from $3.0 billion at June 30 toward the $7 billion to $9 billion it guides for December.