Nebius Group NV saw its shares drop 5.3% in morning trading on Tuesday, closing at $198.92 as the Amsterdam-based AI cloud infrastructure company continued a multi-session decline.

The sell-off follows reports from last week showing OpenAI's annualized revenue fell short of market expectations. The news has affected confidence across AI infrastructure stocks, triggering selling pressure in high-valuation companies including Nebius.

The company faces additional pressure from insider share sales disclosed in regulatory filings since early October. The chief operating officer sold 500,000 shares, a transaction analysts say has created a supply overhang ahead of the company's next quarterly earnings report.

Concerns about potential equity dilution remain after Nebius raised more than $2 billion through a stock offering earlier in 2026. The company retains the option to issue additional shares to finance its capacity expansion plans.

Rosenblatt Securities initiated coverage with a Buy rating on Friday, ranking Nebius among the top neocloud providers alongside CoreWeave. The rating has not reversed the stock's downward trajectory.