CoreWeave stock slides amid investor concerns over huge AI‑cloud spending

CoreWeave's shares fell sharply in early May, dropping 11.4% in a single day and 30% over the month as investors focused on the company's massive capital‑expenditure plans. The AI‑cloud provider posted Q1 2026 revenue of about $2.1 billion, a year‑over‑year increase of more than 100%, and a backlog near $100 billion, but its adjusted operating income turned marginal and GAAP earnings remained negative.

Management projected $31‑35 billion of capex for 2026, roughly five times the company's 2025 revenue of $6.2 billion, raising doubts about profitability. The sell‑off was amplified by reports that Meta Platforms is considering leasing its own AI‑computing infrastructure, and by Alphabet’s announcement of a $15 billion increase in its 2026 AI‑spending outlook, which could shift demand toward third‑party capacity providers. Investors are now questioning whether CoreWeave can sustain growth while achieving profitable operations.