CoreWeave stock fell 11.4% on Friday due to spending concerns
CoreWeave closed Friday at $71.88, down 11.4% for the session. The drop wiped out the artificial intelligence cloud provider’s entire week and knocked down shares from levels above $86 at one point during the week.
The company’s revenue climbed 112% year over year in the first quarter, to $2.08 billion, and its revenue backlog stood at $99.4 billion at the end of March. However, the picture thins as you move down the income statement.
Alphabet lifted its 2026 capital spending outlook by $15 billion on Wednesday, to as much as $205 billion. CoreWeave shares rose in after-hours trading on that comment but gave it back Thursday and more on Friday.