Overview
- Shares fell more than 60% from June’s record and slipped another 4% on Tuesday, trading below $70 for the first time since May.
- The Wall Street Journal detailed weather‑driven construction delays in North Texas that pushed back data‑center capacity timelines.
- Heavy, high‑interest borrowing and multi‑billion‑dollar quarterly capital spending have produced more than $8 billion of negative free cash flow over the past year.
- Revenue exposure remains concentrated in a few large customers, including OpenAI, Microsoft and Meta, while a proposed $9 billion Core Scientific acquisition collapsed in October.
- Nvidia holds roughly a 7% stake and has committed to buy up to $6.3 billion of unsold CoreWeave capacity through 2032, a backstop that underscores both support and demand uncertainty.