Nebius Group NV (NASDAQ:NBIS), the Nvidia Corp (NASDAQ:NVDA)-backed AI infrastructure company, has dropped more than 24% over the past five days — but options data suggests institutional traders are treating the slide as a buying opportunity, not a red flag.
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According to Barchart, NBIS's put-call volume ratio sits at 0.42, with roughly 88,519 call contracts traded versus about 36,925 puts. The open interest ratio of 0.58 — representing 423,943 calls vs. 247,421 puts — also signals a heavy tilt toward bullish exposure.
While retail traders panic-sell into the weakness, big players appear to be quietly accumulating, betting that the current dip is more of a "shakeout" than the start of a breakdown. Although short-term momentum has turned negative, long-term signals still lean constructive — NBIS remains above its 50-day moving average of $95.30 and far above its 200-day average of $52.11.
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AI Exposure At A Discount
Nebius' current market cap, just under $30 billion, seems modest considering its portfolio of high-growth assets. The company owns Nebius, an AI infrastructure platform; AVride, an autonomous driving firm often compared to Alphabet Inc‘s (NASDAQ:GOOGL) (NASDAQ:GOOG) Waymo; Toloka, an AI data labeling company rivaling ScaleAI; and TripleTen, an edtech reskilling startup.
Add to that a 28% stake in ClickHouse, a fast-growing analytics platform, and bulls argue the stock looks more like a bundled AI ETF trading at a steep discount.
‘Extraordinary Demand' Still Intact
Chief Revenue Officer Marc Boroditsky says the company's momentum is extraordinary and that demand and opportunities ahead are "greater than what we’ve already reported and shown." His remarks, made just three weeks ago, continue to echo among investors who see the selloff as technical, not fundamental.
With AI demand surging and option traders leaning bullish, NBIS' latest slide might be the market's way of testing conviction — before the next leg higher.
In short: while the crowd frets, the whales seem to be quietly circling back for more.
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