Summary · why it matters
Nebius Group shares plunged as much as 14% and CoreWeave fell about 4% on Wednesday after a Wall Street Journal report flagged roughly $3 trillion in hidden AI obligations across nine large tech companies, before both stocks rebounded alongside the Nasdaq Composite. The WSJ analysis by Peter Rudegeair and Peter Santilli tallied off-balance-sheet commitments including Alphabet around $900 billion, Meta more than $600 billion, Microsoft nearly $600 billion, Amazon closing in on $300 billion, and Nvidia more than $200 billion. Nebius, which entered the day up nearly 197% year-to-date and 29% in one week, was the first high-beta name traders trimmed as risk appetite cooled, while peers IREN and WULF each dropped about 5% despite Treasury debt buybacks that pushed 10-year yields down four basis points to 4.66% and 30-year yields down eight basis points to 5.21%. CoreWeave's SEC filings show total liabilities of $72.05 billion against $5.02 billion of equity in Q2 2026, and Nebius total liabilities climbed from $5.29 billion in Q3 2025 to $17.62 billion by Q2 2026 with $12.1 billion in uncommenced lease obligations. As of 12:30 p.m. ET, Nebius had rebounded to a 7% decline and CoreWeave was slightly up on the day.
Amazon.com Inc
CoreWeave, Inc. Class A Common Stock
Alphabet Inc Class C
Microsoft Corporation
Nebius Group N.V.
NVIDIA Corporation
Iren S.p.A.
Meta Platforms Inc.