CRWV, NBIS, IREN Stocks Extend Slide Overnight: Retail Eyes The Dip As CoreWeave CEO Says Market Acting ‘Irrationally’

• ARK bought CoreWeave shares worth $14.7 million amid the selloff.

• Dan Ives called fears surrounding CoreWeave “way overdone,” and said hyperscaler earnings would reinforce AI infrastructure spending trends.

• A Stocktwits poll showed 57% of retail traders plan to buy neocloud stocks on the dip, while 22% are waiting for further declines.

Shares of top neocloud operators CoreWeave (CRWV), Nebius (NBIS) and IREN (IREN) dropped further in overnight trading after a sharp fall on Wednesday after Gartner predicted 80% of neoclouds will cease independent operations by 2030 if AI infrastructure spending continues at its breakneck speed.

Still, several signals — including Cathie Wood-led ARK Investment Management’s purchase of a sizable block of CoreWeave shares and the results of a Stocktwits poll — suggest that some market participants view the selloff as temporary and remain bullish on the sector’s long-term growth prospects.

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CRWV slid 4% overnight after tumbling 15.5% in Wednesday’s regular session. NBIS fell 2.5%, while IREN shed 1.5%. Hotter-than-expected inflation data also weighed on tech stocks broadly, adding to Wednesday’s selloff.

CoreWeave CEO Defends Company’s Position

CoreWeave CEO Mike Intrator said the market is acting “irrationally” and that he remains confident in the AI cloud company’s business model, according to an internal memo reviewed by Bloomberg.

“When you are building a new type of technology company, there will be periods of time when the market misunderstands and acts irrationally,” Intrator wrote to staff. “We are confident in our business model, our customers, the extraordinary quality of our execution, and the relentless discipline around the financial engine we have built.”

CoreWeave’s bond prices fell sharply, raising concerns on Wednesday. The company’s unsecured debt due in 2032 traded below 80 cents on the dollar on Wednesday, Bloomberg reported, citing Trace pricing data, a level widely considered the threshold for when a borrower is financially strained.

At that price, the bonds yield more than 15% — a figure noted by venture capitalist Chamath Palihapitiya that led SpaceX CEO Musk to respond “yikes” on his X account.

Amid the slide, Cathie Wood’s ARK Investment Management bought 188,665 shares of CoreWeave, valued at $14.7 million. Over the past year, ARK has largely accumulated CoreWeave shares, while making occasional sales.