Nebius Group N.V. (NASDAQ:NBIS) stock fell on Thursday amid a broader technology sector pullback that impacted artificial intelligence infrastructure companies.The market movement followed earlier risk-off trends that previously weighed on high-growth AI equities. Nasdaq futures are down 1.07% while S&P 500 futures have shed 0.44%.Meta Platforms Competition Concerns LingerInvestor sentiment remains affected by ongoing concerns over upcoming competition from Meta Platforms, Inc. (NASDAQ:META).Reports indicating that the Facebook parent company plans to monetize its artificial intelligence infrastructure through a program called "Meta Compute" have pressured specialized neocloud platforms.The initiative aims to rent raw compute capacity to external businesses, placing Meta in direct competition with specialized AI cloud providers.Analyst Insights On Neocloud DisruptionThe competitive threat previously caused significant stock movements, including a 17.01% drop for Nebius on July 1.In a July 1 CNBC broadcast, Evercore ISI analyst Mark Mahaney stated that Meta could generate $10 billion to $20 billion in incremental annual revenue by selling excess AI computing capacity.Executive Stock Sales And Short InterestAdditionally, market data from the latest reporting period showed short interest rising from 50.93 million to 61.01 million shares, representing 28.55% of the company’s publicly available stock.Critical Support and Resistance Levels for NBIS StockFrom a trend perspective, NBIS is still in a longer-term uptrend, but the near-term chart is in a reset: the stock is trading 20.6% below its 20-day SMA ($239.75) and 15.4% below its 50-day SMA ($224.89). At the same time, it remains 9.8% above its 100-day SMA ($173.27) and 38.7% above its 200-day SMA ($137.20), which is the kind of structure traders often read as "pullback inside a bigger uptrend."The moving-average stack still leans constructive on a longer lens, with the 20-day SMA above the 50-day SMA and the 50-day SMA above the 200-day SMA.