Nebius just reminded the market of one simple truth:In a bull market, you get rewarded for spending. In a bear market, you get punished for it.
NBIS:
• Revenue missed expectations
• CapEx surged
• Stock down ~6% pre-market
You don’t get to burn aggressively and miss growth targets.
Look around:
AMD beats earnings → drops on guidance
UNH reports → collapses
Semis are cracking
AI infra names are wobbling
This is not euphoric momentum anymore.
The market is quietly shifting from:
“Spend now, profits later”
to
“Show me the cash flow.”
And when capital expenditure outruns revenue growth, the market stops dreaming and starts discounting.
Is AI dead? No.
But the easy money phase is over.
In bull markets, stories go up.
In bear markets, balance sheets matter.
If you’re still banking on AI without looking at:
• CapEx efficiency
• Free cash flow
• Utilization rates
• Real demand vs hype
You’re not investing.
You’re hoping.
It looks like that repricing is just getting started.
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