Shares of AI compute cloud provider CoreWeave fell more than 30% in two weeks, and its high-leverage compute expansion model is being questioned

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2026-10-22 07:07:13 Source: Caixin.com Author: Yang Zirui Responsible Editor: Qu Yunxu

By Caixin Yang Zirui

October 22, 2026 07:07

CoreWeave's stock has fallen more than 30% in two weeks, Australia's NextDC dropped over 40% in a single day, and the listing processes of two data center developers, Firmus and Nscale, have also hit obstacles

The decline in secondary market prices of CoreWeave and Oracle bonds directly led the recent sell-off in computing power hardware. Image: Visual China

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U.S. AI computing power cloud service provider CoreWeave (CRWV:NASDAQ) has seen its stock price fall more than 30% in two weeks. On October 20, its stock rose 1.65% to $62.13 per share, but the rebound was limited, and this price is still down more than 20% from a week earlier.

Oracle's (ORCL:NYSE) stock has also been falling amid volatility recently, with the company's share price down 9.20% over the past week.

The decline in secondary market prices of CoreWeave and Oracle bonds directly led the recent sell-off in computing power hardware. According to S&P data, on October 15, CoreWeave bonds maturing in 2032 traded at 77% of face value, a performance that usually means the company is in financial distress. In addition, the five-year credit default swap (CDS) spreads of Oracle, SoftBank, Amazon, Meta and Nvidia have all reached historical highs. CDS spreads can be understood as the default protection cost the market pays for corporate credit risk. (See Caixin.com's "Global Tech Stocks Continue to Fall: What Is the Logic Behind the Market Adjustment?")

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