Nebius Stock: A Tokenized-Trading Fight, a Trimmed Citi Target, and the Delivery Clock That Actually - ad-hoc

Nebius, an Amsterdam-listed AI infrastructure firm, has formally joined a coalition of 62 companies opposing a proposed tokenized trading initiative for their shares on the OKX-ICE platform. The initiative, unveiled on October 5, seeks to utilize a five-year SEC 'Innovation Exemption' to facilitate equity trading via automated market makers and liquidity pools. Nebius and other firms, including Boeing and ServiceNow, are challenging the underlying trading architecture and the regulatory carve-out that permits such settlement mechanisms. This dispute highlights a growing friction between traditional corporate issuers and emerging blockchain-based trading venues attempting to bypass conventional settlement systems. While the tokenization controversy captures headlines, Nebius is simultaneously navigating a valuation reset following a Citigroup price target reduction from $324 to $265. Furthermore, the company faces operational scrutiny regarding potential delivery delays on data-center projects tied to Microsoft contracts. These developments underscore the complex intersection of AI infrastructure financing, equity valuation, and the evolving regulatory landscape for tokenized securities.