Nebius Group Stock Tanks on Data Center Concerns

Nebius Group's stock plummeted on Thursday, down 10.5% as of 2:32 p.m. ET.

The sell-off was triggered by a contentious public hearing about the construction of one of its data centers in Vineland, N.J.

The massive AI data center, which will be Nebius' first major facility in the U.S., is expected to be 45 football fields in size and use significant amounts of electricity and water.

Residents expressed concerns about transparency, quality of life issues such as noise and air quality, and the impact on local resources during the hearing.

Nvidia announced last month that it owns a nearly 10% stake in Nebius, which builds data centers and supplies infrastructure for high-performance computing and AI using Nvidia's GPUs.