Short sellers in Nebius Group have spent the past four days adding aggressively. Now the stock has moved their way — down 16% on the week to $240.30. The question is whether the borrow market can support the position they've built.
Short interest has jumped to 23.9% of free float as of June 25. That's up 15.5% in a single week and 20.9% over the past month. For context: three weeks ago this figure sat below 20%. The addition has been consistent rather than sudden — a steady build that persisted even as NBIS climbed to $275.
The most recent week's surge, adding roughly 6 million shares to the short position, now makes this the most crowded the short book has been in the tracked history. The stock has since pulled back sharply. Whether that reflects short sellers being vindicated or simply a broader selloff is unclear.
The borrow picture has shifted modestly since Wednesday's note. Availability stood at just 4.2% on June 22–24, with the lending pool fully exhausted. As of June 25, it has partially recovered to 33.9%. That's still tight — only one share is available for every three currently borrowed. But it represents a meaningful improvement from the near-zero reading that prevailed for three consecutive days.
Cost to borrow reached a peak of 1.23% on June 24 before easing to 0.90% on June 25. That's still 27% above where it stood a week ago. The direction of travel since mid-June has been clear: CTB roughly doubled from 0.59% on June 4 to its recent peak.
The ORTEX short score sits at 70.1, a fresh multi-week high.
The put/call ratio closed at 1.09 on June 26 — the highest in 52 weeks. The 20-day average PCR was 0.98, making the current reading 1.9 standard deviations above normal. Options traders have been building this protective positioning for several sessions. The PCR was already at a 52-week high mid-week and has pushed further since.
The combination — record short interest, tightening borrow, and peak bearish options positioning — has been the defining story on this name for the past two weeks. What's changed today is that the stock has started moving in the direction that positioning anticipated.
Earnings are scheduled for July 28. The last print produced a 23% single-day move. With short interest at 24% of float and availability at 34%, any reversal in price could stress the borrow market quickly.
Data summary
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