Markets
What to know:
- CEO Michael Intrator says the rejected Core Scientific merger won’t affect growth plans, but supply-chain delays will weigh on Q4 results. (Which, in other words, is like saying the sky is blue, but also that the clouds are currently in a very bad mood.) 🌥️
- Despite strong Q3 earnings, CoreWeave cut full-year guidance and faces investor concern over execution risks and AI infrastructure bottlenecks. (Because nothing says “confidence” like a 9% drop in pre-market trading. 🚀)
- CoreWeave shares are down 9% in pre-market trading to $96. (Astonishing! Who could have predicted it? 🤯)
CoreWeave’s (CRWV) downtrend has worsened after the company warned that data centre delays would impact its fourth-quarter results. Who knew? 🧙♂️
The cloud computing provider specializing in AI infrastructure, saw its shares decline 9% in pre-market trading to $96, dropping below $100 for the first time since September. How tragic. How… unthinkable. 💀
According to Investing.com, the company reported third-quarter revenue of $1.36 billion and an EPS loss of $0.22, both beating expectations. However, it lowered full-year guidance, citing delays from a third-party data center developer. Because nothing says “trust us” like a vague excuse involving “supply chains.” 🧩
CEO Michael Intrator noted, “We are experiencing relentless demand for our platform, but data center developers across the industry are enduring unprecedented pressure across supply chains, this impacts fourth-quarter expectations.” Or, as we like to call it, “the universe is conspiring to ruin your day.” 🌍
Downtrend worsens
The latest price drop extends a broader slide that has seen the stock lose roughly 20% since shareholders at Core Scientific (CORZ) rejected a proposed merger last month. Rejection! A tragedy of epic proportions! 🧟♂️
Intrator addressed the failed acquisition during the company’s earnings call, saying, “While the deal made sense strategically for both companies, the valuation required by their shareholders was simply not a price that was appropriate for CoreWeave.” Or, as a seasoned wizard might say, “The price was wrong. The stars aligned against us.” 🧙♀️
“The outcome in no way adversely impacts our ability to achieve our growth ambitions,” Intrator noted, adding that CoreWeave will continue collaborating with Core Scientific on about 590 megawatts of leased capacity. Because nothing says “optimism” like leasing power from a rival. A bold move, indeed. 🔌
Despite the short-term headwinds, CoreWeave continues to expand its infrastructure footprint, reaching 2.9 gigawatts of contracted power and launching new projects across Europe. Because nothing says “resilience” like building more data centers in a world where even the clouds are grumpy. 🌧️
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2025-11-11 15:25