On Tuesday (May 19), during the U.S. stock market, AI computing power service providers collectively declined. CoreWeave (CRWV.US) fell 5.43% to $98.14, Nebius Group (NBIS.US) dropped 4.73% to $190.40, and Iris Energy (IREN.US) and Hut 8 (HUT.US) decreased by 5.09% and 5.27%, respectively, with the sector's decline concentrated in the 5%-6% range. Meanwhile, the NBIS leveraged ETF (NEBX.US) saw its decline widen to 9.92%, hitting a low of $92.46 during the session, becoming the most volatile asset in the sector. In contrast, traditional cloud computing giant Oracle (ORCL.US) remained stable, slightly rising 0.16% to $186.91, with its leveraged ETF (ORCX.US) also increasing by 0.37%, highlighting a clear divergence in funding between &#34;mature cloud computing companies&#34; and &#34;new computing power forces.&#34;From the market rhythm, there were almost no signs of a rebound in the sector today. CRWV.US only reached a high of $101.30 during the session (still below yesterday's close of $103.77), then fell to a low of $97.60; NBIS.US dropped to a low of $187.77, failing to hold the $190 integer level; NEBX.US experienced an amplitude of over 9%, with a cumulative decline of nearly 20% over two consecutive trading days.On the news front, The Wall Street Journal reported that Google (GOOGL.US) and Blackstone Group (BX.US) plan to collaborate to establish an AI cloud service company, providing $5 billion in funding support. Bernstein analysts warned that this move would substantially squeeze the long-term profitability of &#34;new computing power forces&#34; like CoreWeave, and market concerns about the profitability of new entrants have continued to amplify during the sector's two-day decline. Several brokerages lowered their target prices for CoreWeave during the session, pointing out that rising input costs would bring sustained pressure on profit margins.On the individual stock level, CoreWeave (CRWV.US), as the most impacted by the &#34;Google + Blackstone AI cloud&#34; news, led the decline for the second consecutive day; Nebius (NBIS.US), despite receiving a $287 highest target price from Citigroup last week, also failed to stop its decline under the sector's selling pressure; Iris Energy (IREN.US) and Hut 8 (HUT.US), which are &#34;Bitcoin mining companies transitioning to AI cloud,&#34; faced similar pressure. IREN recently completed a $3 billion convertible bond issuance for AI cloud expansion, but it is difficult to offset the emotional impact on the sector in the short term. Oracle (ORCL.US), as a mature cloud computing giant, was not directly affected by competitive concerns and attracted safe-haven inflows during the session

Google I/O took place on May 19th, followed closely by Google Marketing Live on May 21st. The market focus has shifted from "Will Gemini 4.0 be released?" to "Can AI make money?"—Can AI search expand commercial queries? Can AI Max replace Dynamic Search Ads as the new default for advertising? Can agency-based shopping complete the transaction loop? Can Google Cloud's backlog of orders, which nearly doubled to $462 billion month-over-month, continue to grow? Everything hinges on these two events. Are you betting that Alphabet will take another leap forward with AI, or has its valuation already exhausted expectations?

Google I/O took place on May 19th, followed closely by Google Marketing Live on May 21st. The market focus has shifted from "Will Gemini 4.0 be released?" to "Can AI make money?"—Can AI search expand commercial queries? Can AI Max replace Dynamic Search Ads as the new default for advertising? Can agency-based shopping complete the transaction loop? Can Google Cloud's backlog of orders, which nearly doubled to $462 billion month-over-month, continue to grow? Everything hinges on these two events. Are you betting that Alphabet will take another leap forward with AI, or has its valuation already exhausted expectations?

With two AI conferences being held in quick succession, can Google AI truly make money?

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Google partners with Blackstone to establish a $5 billion AI cloud, causing a backlash as new AI computing forces decline for two consecutive days. CoreWeave (CRWV.US) fell over 5%, Nebius, IREN, and Hut 8 dropped 5%-6%, while the NBIS leveraged ETF (NEBX.US) declined nearly 10%. Oracle remained stable against the trend

- On May 19, 2026, AI compute service stocks declined, with CoreWeave dropping 5.43% and Nebius Group falling 4.73%.  
- A report indicated that Google and Blackstone plan to form an AI cloud service company, raising concerns about profitability for newer entrants like CoreWeave.  
- Oracle’s stock rose slightly, reflecting investor preference for established cloud computing firms amidst increasing risks for AI-driven companies.

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Google partners with Blackstone to form a $5 billion AI cloud. CoreWeave (CRWV.US) drops over 5%, Nebius (NBIS.US) falls nearly 5%