Australian AI data centre operator NextDC shares shed 44% on revenue delay

Sydney, October 21 - Shares of Australian data centre operator NextDC plummeted nearly 44 percent on Wednesday after the company slashed its revenue forecasts for the year and postponed future developments, contributing to a trend of negative sentiment surrounding global AI stocks. The company revealed that delays in electricity network upgrades at one of its major Melbourne facilities would result in approximately A$140 million worth of contracted customer revenue being deferred this financial year.

Furthermore, NextDC announced it would suspend all new development projects and land acquisitions and evaluate capital recycling opportunities, including potential sales of selected development sites. The stock's value dropped by A$3.1 billion in early trade, reaching its lowest level since January 18.