CoreWeave fell 9% today after the Financial Times reported that Microsoft declined an option to more than double its lease at Nscale's Texas site, a deal potentially worth tens of billions of dollars. The article says neoclouds borrow against new contracts, so a hyperscaler stepping back weighs on CoreWeave even though its $104.2 billion backlog is untouched. Total debt, including leases, rose from $2 billion at the end of 2023 to $29.8 billion at the end of 2025 and reached $51.6 billion by June 30, 2026, while its 9.625% notes due 2032 fell below 80 cents on the dollar, a yield near 15%. CoreWeave guided third-quarter interest expense of $860 million to $940 million, against adjusted operating income of $200 million to $260 million. The author calls today's drop fair and will watch the November 10 report to see whether CoreWeave can cover its interest.
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MSFT
• NeutralMicrosoft
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Systems Software |
| Market cap | $3.9T |
| Close on 11/04/2026 | 556.03 |
| Change that session | +6.73% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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