CoreWeave (CRWV) closed down 10.06% at $55.60 and hit a new 52-week low after Bernstein cut its price target to $51 from $74 while keeping an “Underperform” rating, citing financing concerns. Bernstein estimates CoreWeave needs about $85 billion to fund its committed backlog, and higher interest rates have weighed on neocloud companies that borrowed heavily. Peers Nebius Group and Iren also fell sharply, while the S&P 500 dropped 1.22% and the Nasdaq Composite fell 2.60%. Nvidia CEO Jensen Huang said demand for neoclouds is “off the charts,” and Blackstone COO Jon Gray praised CoreWeave's management, with the article suggesting that sector fears may create opportunities for companies that manage their investments and financing well.
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