Nebius Group Shares Drop After New Jersey Data Center Opposition

Nebius Group shares fell as much as 10.5% on Thursday after a public hearing regarding the expansion of its first major U.S. data center in Vineland, New Jersey, drew significant local opposition. The 300-megawatt facility, developed in partnership with DataOne USA, is designed to serve as a flagship site for the company's GPU-as-a-service infrastructure.

During a Wednesday evening meeting held at a local theater to accommodate a large crowd, residents raised concerns over noise, air quality, water usage, and a lack of transparency in the expansion process. While the city planning board has not yet issued a final decision on the project, investors reacted to the public backlash by selling off the stock.

Nebius Group operates as an AI and neocloud specialist. The company maintains a strategic relationship with Nvidia, which holds a nearly 10% stake in the organization.