Neocloud firms slide after Alphabet Q3 disappoints
NBIS•US neocloud companies fell in premarket trading after Alphabet missed Q3 revenue estimates. Nebius dropped 6.3%, CoreWeave 5.6% and IREN 4.4%, while the Roundhill Neocloud ETF fell 4.9%.
1. Shares fall premarket
Shares of US neocloud companies slid in premarket trading after Alphabet missed its Q3 revenue estimates. Nebius fell 6.3%, CoreWeave declined 5.6% and IREN dropped 4.4%; the Roundhill Neocloud ETF was down 4.9%.
2. Alphabet results weigh
Weaker search advertising and mounting AI costs drove Alphabet's revenue miss and deeper cash burn. Alphabet shares were down 10.2% premarket.
3. Year-to-date performance
As of the last close, Nebius shares had more than doubled year to date, while CoreWeave and IREN were down 10.7% and 23.6%, respectively.
