Nebius Group N.V. is trading at $131.08, down 3.23% in pre-market on October 14, 2025, following a strong 4.54% gain to $135.46 on October 13, 2025. The recent volatility stems from a groundbreaking $17.4 billion AI infrastructure deal with Microsoft announced around October 9, 2025, which caused the stock to surge over 8% that day and spike over 50% in pre-market trading initially[2]. Market analysts revised Nebius' target price to $125 from $75 following the announcement, highlighting the deal's transformative impact on the company's AI infrastructure positioning[2]. However, concerns are emerging about valuation, with the stock trading at approximately 40 times projected 2025 revenue, raising questions about speculative overvaluation[5]. The current pre-market pullback appears to be profit-taking after the stock's dramatic run-up, compounded by broader market weakness as major indices trade sharply lower (S&P 500 futures down 0.88%, Nasdaq-100 futures down 1.12%) amid escalating US-China tensions. Nebius, which competes in the neocloud space alongside CoreWeave and has backing from Nvidia, reported $105 million in quarterly revenue with a pretax profit margin of 5.3% and enterprise value of $29 billion[2][3].