Nebius Group N.V. (NBIS) stock declined on Thursday due to a technology sector pullback and competitive pressure from Meta Platforms, Inc.’s upcoming AI cloud service.

Nebius shares gained after securing a multi-year AI infrastructure agreement worth over $1 billion with startup Reflection AI through 2029.

Nebius shares gained after launching an asset-light AI cloud partnership model that enables infrastructure partners to deploy and operate its AI platform globally.

Nebius Group N.V. (NBIS) stock declined on Thursday due to a technology sector pullback and competitive pressure from Meta Platforms, Inc.’s upcoming AI cloud service.