CoreWeave vs. Nebius Group: Which Artificial Intelligence (AI) Cloud Stock Has More Upside?

CoreWeave and Nebius are competing neocloud providers offering AI-optimized cloud computing services to hyperscalers like Microsoft and Meta. While both have shown strong 2026 performance, Nebius has significantly outperformed with a 196% gain versus CoreWeave's 30%. Analysts project Nebius will grow faster (544% in 2026, 250% in 2027) compared to CoreWeave (151% in 2026, 105% in 2027), though CoreWeave trades at a lower valuation multiple. The author favors Nebius for better returns, but both stocks depend heavily on continued AI infrastructure buildout and face risks if demand slows.