CoreWeave is trading at $55.51, down 10.21%, after Bernstein lowered its price target to $51 from $74 and maintained an Underperform rating.
- Bernstein cited concerns about CoreWeave’s business model and fundamentals.
- Broader technology-stock pressure amid concerns about AI spending and rising oil prices may have added to the selloff; Reuters reported the Nasdaq fell more than 2% as those concerns weighed on growth stocks.
- CoreWeave has also faced recent investor concerns about debt, according to reporting on the day’s market action.