Nebius Group N.V.

(NASDAQ Global Select)
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Somewhat Bullish +45

Nebius Climbs 4% Despite Michael Burry’s Bigger Bearish Bet; CoreWeave Ticks Up, Cloudflare Slips

Analyst upgrade Market commentary AI-generated analysis

📈 Nebius stock climbed 4% to $241.80 early in the session, continuing its strong year-to-date performance of approximately 189%.

🐻 Michael Burry swapped his short position for leveraged June put options with double-digit strike prices, signaling a bearish view on an AI bubble unwind.

📊 BNP Paribas upgraded Nebius to Outperform with a $399 price target, directly countering the bearish thesis presented by Burry.

☁️ The First Trust Cloud Computing ETF (SKYY) held flat with zero exposure to Nebius, highlighting the stock's isolated rally within the sector.

📉 CoreWeave rose 2% and Cloudflare slipped 0.6%, showing mixed performance among other AI names mentioned in Burry's recent commentary.

⏳ Burry stated his research suggests an AI bubble burst is coming sooner than later, prompting him to increase leverage on his short positions.

🔍 The divergence between Nebius rallying while the cloud fund stays flat points to concentrated buying rather than a broad sector bid.

Bullish Signals
  • Nebius stock rallied 4% to $241.80 early in the session, demonstrating resilience against high-profile bearish pressure from Michael Burry.
  • The company has gained approximately 189% year-to-date, indicating strong sustained demand for its AI cloud capacity despite market volatility.
  • BNP Paribas upgraded its rating to Outperform and set a $399 price target, citing a significantly improved business outlook that supports the current valuation.
Risk Factors
  • Michael Burry increased his bearish exposure by swapping short stock for leveraged June put options, betting on a steep decline in the AI sector.
  • Burry's strategy relies on an AI bubble unwind happening sooner than later, which could lead to significant downside if his timing proves correct.
Full Analysis
Nebius Group (NASDAQ:NBIS) shares rose approximately 4% to $241.80 in early trading on September 29, 2026, despite a significant bearish shift by investor Michael Burry. The stock has gained roughly 189% year-to-date, defying the market reaction typically associated with high-profile short sellers increasing their leverage against a specific name. Burry moved his position from a short on common stock to leveraged June put options with double-digit strike prices, indicating he expects an AI bubble unwind sooner than anticipated. This strategy requires a substantial decline in Nebius stock for the puts to become profitable, yet the company's price action remained resilient and detached from the broader cloud sector. Analyst sentiment appears divided regarding the immediate outlook for Nebius. While Burry maintains a bearish stance on AI infrastructure generally, BNP Paribas recently upgraded its rating on NBIS to Outperform with a $399 price target, citing an improved business outlook that contrasts sharply with the investor's thesis. The stock's performance stands out as the First Trust Cloud Computing ETF (SKYY) remained flat, holding no direct exposure to Nebius. This divergence suggests concentrated buying in the single name rather than a sector-wide rally, positioning NBIS as a key outlier in the current AI infrastructure trade.