Nebius Group N.V. (NASDAQ: NBIS) stock fell Tuesday amid broader technology-sector weakness, concerns over AI infrastructure spending and reports that IREN Limited (NASDAQ: IREN) secured a multiyear cloud computing deal with Anthropic.

The Nasdaq Composite fell 0.39%, while the S&P 500 gained 0.06%.

IREN's Anthropic Deal Raises Competition Concerns

The stock is trading lower amid concerns that the company may have missed out on a potential partnership with Anthropic following reports of a multiyear cloud computing deal between IREN and the AI startup.

Investors had viewed Nebius as a possible Anthropic partner because of its NVIDIA computing clusters and increased capital expenditure guidance in May 2026, according to market data.

Rising Capital Needs Threaten AI Expansion

Meanwhile, Broadcom Inc. (NASDAQ: AVGO) CEO Hock Tan warned about funding challenges at the DBS Asia Future Forward Conference in Singapore on Monday.

Tan identified capital availability as potentially the biggest constraint on AI infrastructure expansion.

Intel Corporation (NASDAQ: INTC) CEO Lip-Bu Tan, who attended the same panel, also highlighted infrastructure pressures.

Investors may be concerned that limited access to capital could make it harder for AI infrastructure companies like Nebius to finance data-center expansion, potentially delaying revenue growth and increasing funding costs.

Technical Analysis

Nebius remains in a longer-term uptrend but faces weakening short-term momentum.

The stock trades 16.2% above its 200-day simple moving average (SMA) of $172.60. However, it is 12.4% below its 20-day SMA of $228.92 and 10.7% below its 50-day SMA of $224.57.

Meanwhile, the moving average convergence divergence (MACD) indicator remains below its signal line, with a negative histogram. This suggests buying momentum has weakened.

The stock reached a 52-week high in June before recording another swing high in August. It subsequently broke below a key support level.

Traders are watching $195 as immediate support, while $230 remains a key resistance level near its short-term moving averages.

NBIS Price Action

Nebius shares were down 4.44% at $200.73 at the time of publication Tuesday, according to market data.