Nebius shares fell 4.3% in morning trading as a sector-wide selloff hit neocloud stocks after reports that Nvidia had shelved revenue-sharing agreements with AI cloud infrastructure partners. The reported change removes an incentive that had supported investor enthusiasm for companies dependent on Nvidia’s GPU supply chain and ecosystem relationships. The decline also followed profit-taking after Nebius surged more than 7% on August 27, when its $5.75 billion convertible notes offering closed above the original $4.5 billion target. The proceeds are earmarked for data center expansion, GPU procurement and AI cloud platform development. Goldman Sachs raised its NBIS price target to a Street-high $328 while reaffirming its Buy rating, briefly interrupting a six-session losing streak. CoreWeave and IREN also traded lower, while the Nasdaq fell 0.2%, offering little support to high-growth technology shares. No major Federal Reserve announcements or significant U.S. economic data releases were identified as primary drivers. The move reflects sector concerns about Nvidia’s partnership terms, digestion of the previous day’s gain and caution over Nebius’s planned $20 billion to $25 billion capital expenditures, amid elevated valuation multiples after the stock’s rise from a 52-week low of $63.26. The article was generated with AI support and reviewed by an editor, with additional information available in Investing.com’s terms and conditions.