Nebius Group (NASDAQ: NBIS) has lost roughly one-quarter of its value in a month, rattling investors who had been betting on the explosive growth of artificial intelligence (AI) to support the neocloud's business. The stock decline reflects more than a change in sentiment toward one company. Investors are questioning whether specialized AI cloud providers will be able to generate attractive returns from the enormous sums they are spending to expand their data center footprints.
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