AI Fears Hit Nebius Stock, But Has the Growth Thesis Changed?

Nebius stock has pulled back 13% from its June 22 all-time high of $299.86 amid broader AI sector volatility and valuation concerns, trading at a P/S ratio of ~80 and P/E above 93. However, the company's fundamental growth thesis remains intact with strong 2026 revenue guidance of $3-3.4 billion, contracted power capacity over 4 gigawatts, and major multi-year agreements with Meta and Microsoft providing forward visibility. The recent selloff is characterized as a sentiment event rather than a fundamental deterioration.