CoreWeave’s total debt jumped to $51 billion, up from $46 billion last quarter, as the company’s shares plunged 11% on Friday, sending the Nasdaq Composite down 2.1% and pushing the CBOE VIX past 22.
The Nasdaq Composite fell 2.1% on the day, its biggest single‑day drop since June, and logged a 4% loss for the week, the worst since the summer. The S&P 500 slipped 1.1% and the Dow Jones edged down 175 points, while the tech‑heavy Nasdaq 100 lost 2.5%.
Chipmakers faced an eight‑day losing streak, the longest since 2008, as memory‑chip names like SanDisk, Western Digital and Seagate fell 7–7.5%. AMD, Broadcom and Intel trended 4–6% lower, and Oracle slid 5% to its 52‑week low.
The sell‑off was fueled by rising crude prices—Brent hit $110 a barrel after Iran’s escalation in the Strait of Hormuz—and fears over Chinese competition and debt‑heavy data‑center buildouts. CoreWeave’s debt surge underscores the funding challenge for AI‑centric firms, a point echoed by Cathie Wood of ARK Investment Management.
Investors are now eyeing next week’s earnings from NVIDIA, AMD and Intel, with analysts expecting NVIDIA’s AI revenue to grow 30% YoY but cautioning that higher capex may pressure margins. The CBOE VIX remains above 22, suggesting volatility could stay elevated until geopolitical tensions ease.