Aker shares tumble as AI venture faces valuation cuts and Microsoft pulls out

Aker's share price dropped significantly on Monday morning while the Oslo Børs overall index edged higher. The slide follows a series of setbacks for the group's artificial-intelligence push through its data-center arm Nscale. Investors are now demanding a valuation cut of roughly half before Nscale proceeds with its intended U.S. IPO, a move that could compel current shareholders to provide fresh funding.

Danish Bank analyst Vidar Skogset Lyngvær questioned whether the listing can proceed at the originally targeted value given the deteriorating market conditions. In a further blow, Microsoft announced it will not serve as the primary client for Nscale's upcoming Essex data centre, undermining the project's revenue outlook. The challenges arrive as other AI-related stocks, such as CoreWeave, have also experienced sharp declines on the New York market. In contrast, Mowi, the world’s largest salmon farmer, posted stronger-than-expected earnings, lifting its stock.