NBIS has collapsed approximately 36% in the past month from all-time highs near $276, creating a compelling contrarian entry point at $177.71 where the AI infrastructure growth thesis remains structurally intact despite short-term sentiment deterioration. The -36.7% drawdown appears driven by sector-wide semiconductor valuation correction and AI infrastructure backlash sentiment rather than company-specific fundamental deterioration, as NBIS's European GPU cloud positioning and secular demand tailwinds are unchanged. At current levels, the stock has absorbed the bulk of the de-rating pressure, and the 3.46% single-day bounce signals early stabilization, offering an asymmetric risk/reward setup for patient medium-term holders.