Stock Market Today, Oct. 22: CoreWeave Slides on Bernstein Downgrade and Financing Worries
CoreWeave (NASDAQ:CRWV), a specialized AI cloud infrastructure and GPU hosting provider, closed at $55.60, down 10.06%. Bernstein cut its target even as Nvidia CEO Jensen Huang said demand for neoclouds is "off the charts." Trading volume reached 79.7 million shares, coming in ab
CoreWeave, an AI cloud infrastructure provider, experienced a 10% drop to $55.60 on Tuesday as Bernstein downgraded its target and expressed concerns over financing. Trading volume surged to 79.7 million shares, more than double the three-month average. Despite the slide, Nvidia CEO Jensen Huang emphasized the unprecedented demand for neocloud services.
CoreWeave, which went public in 2023 and has since grown 39%, faced a new 52-week low as investors grappled with higher interest rates and debt concerns. Bernstein analyst Madison Rezaei lowered her price target to $51 from $74, citing the need for approximately $85 billion to fund CoreWeave's committed backlog. Blackstone's COO Jon Gray praised CoreWeave's management, despite the challenges, acknowledging the strength of the underlying business.
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