Nebius Group (NasdaqGS:NBIS) faces fresh scrutiny after Microsoft issued lower than expected capital expenditure guidance for cloud buildout. Microsoft’s updated outlook signals a slower pace of spend on external infrastructure capacity for hyperscale data centers. Investors are reassessing demand assumptions for third party neocloud providers that rely on hyperscalers for long term contracts. There is more to Nebius Group than the impact of Microsoft’s reduced capex guidance on neocloud...