VNET Group (VNET) Sheds 10% as Markets Fall

We recently published 10 Stocks Investors Are Dumping. VNET Group Inc. (NASDAQ:VNET) was one of the worst performers on Tuesday.

VNET Group extended its losses to a third straight day on Tuesday, dropping 10.18 percent to close at $9.48 apiece, mimicking a broader market pessimism triggered by ongoing geopolitical tensions.

The decline fell in line with the Nasdaq, losing 2.39 percent during the session after President Donald Trump announced over the weekend that he would impose 10 percent tariffs on goods from eight European countries opposing his planned takeover of Greenland.

Meanwhile, investor sentiment was further dampened by the European Union’s promise that it would retaliate with a $108 billion tariff on American goods entering the region.

While the brewing tensions do not directly affect VNET Group Inc. (NASDAQ:VNET), investors parked funds to minimize potential risks.

VNET Group Inc. (NASDAQ:VNET) is one of the leading data center providers in China, with a plan to develop 10 GW of green computing capacity in both China and the overseas markets over the next few years.

In June last year, VNET Group, Inc. (NASDAQ:VNET) unveiled its so-called Hyperscale 2.0 initiative, which would focus on AI data center innovation.

Among its prospective regions are Inner Mongolia, Hebei, Beijing, and the Yangzi River Region, and it will feature MW-level racks, 100MW single facilities, and GW-scale campuses.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.