It's been a tough past couple of months for Nebius Group ( NBIS 2.76% ) shareholders. The stock's down nearly 30% from its mid-October peak, starting with worries that artificial intelligence (AI) stocks are in a bubble, followed by mid-November news that its widening losses were even worse than expected. The market's understandably worried.

As veteran investors can attest, however, there's always more to the story. Nebius stock's recent weakness may not be the warning it seems like it is on the surface.

Nebius is a newcomer

If you're not familiar with it, Nebius offers cloud-based artificial intelligence data center services. It's a specialist, though -- its focus is on AI model training, and increasingly, inference training. And it's doing pretty well. Nebius's top line grew

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