Changes in US stocks | Musk warns: More than 200 AI cloud vendors faced a sharp drop in the cleaning of Xinyun concept stocks

The Zhitong Finance App learned that on Monday, US stocks plummeted at the beginning of the Xinyun concept market. Nebius (NBIS.US) once fell more than 5%, while CoreWeave (CRWV.US) and Iren (IREN.US) fell more than 4%. As of press release, the decline had narrowed. According to the news, Musk posted an article on the X platform on Sunday, bluntly saying that more than 200 Neocloud companies will face “death and integration at the level of small fish.” This statement further deepens the market's doubts about whether the sector's debt-driven expansion will continue.

Nebius Group CEO Arkady Voloz acknowledged that it is becoming increasingly difficult for Neocloud (neocloud) companies to obtain debt financing. Meanwhile, market concerns about Xinyun's business model and leverage dependence continue to heat up, putting pressure on related companies' stock prices. He said that some funding sources have temporarily dried up, including “asset-backed financing or debt markets,” but Nebius has sufficient capital to advance its planned capacity expansion plans.

Over the past month, the NeoCloud sector has been hit hard — CoreWeave and Nebius have both dropped by more than 30%, and Iren has plummeted by more than 40%. This round of sell-off began earlier this month when CoreWeave's five-year credit default swap spread climbed to a level commonly viewed as a sign of financial distress. Its bond yields also rose at the same time, causing investors to seriously question the industry's large-scale borrowing business model to buy Nvidia chips and build data centers.