In Wild Year Since IPO, CoreWeave Stock Is Lagging Rival Nebius

One year after CoreWeave Inc.’s tumultuous initial public offering the stock is being trounced by rival neocloud provider Nebius Group NV.

The reason has nothing to do with the companies’ products or competitive outlooks. Instead, the divergence is being driven by the very 2026 concern weighing on so many technology stocks: heavy spending on artificial intelligence.