CoreWeave’s stock plummeted 40% from its peak, but don’t panic—the business is still booming. Revenue doubled to $5.1 billion, with a $100 billion backlog and top AI clients like Meta and Anthropic firmly in place. The drop isn’t due to weak fundamentals, but heavy spending: $15 billion on hardware in just two quarters. Competitors like Amazon, Microsoft, and Google are also ramping up AI infrastructure, forcing CoreWeave to prove its edge. While the market demands more proof before rewarding it, the long-term AI infrastructure play remains strong. This pullback could be a buying opportunity for patient investors—just not for those chasing quick profits.
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