CoreWeave reported a 133% year-over-year increase in third-quarter revenue, driven by strong demand for its AI data-center services. The company’s cloud infrastructure bookings exceeded $500 million for the period, reflecting a 120% annual uptick. Management reiterated its long-term guidance of reaching $29 billion in annual revenue by 2028, underpinned by expanding capacity in Northern Virginia and new GPU cluster deployments in Europe.

Shares of CoreWeave have declined for six consecutive trading days, recording a cumulative loss of 16%. This downturn has erased approximately $6.6 billion from the company’s market capitalization, which now stands at $36 billion. Analysts point to broader tech sector volatility and a recent pull-back in AI hardware spending as catalysts for the sell-off. Trading volume on the final day of the streak was 40% above the 30-day average, signaling heightened investor caution.

CoreWeave faces mounting pressure from established cloud providers such as Microsoft Azure, Amazon Web Services and Google Cloud Platform, each accelerating their rollout of specialized AI compute offerings. While CoreWeave’s performance-optimized GPU fleet and flexible pricing have carved out a niche among research institutions and startups, the entry of deep-pocketed incumbents is expected to compress margins and slow customer wins. Industry forecasts suggest AI infrastructure revenue growth will moderate to 30% annually by 2026, potentially limiting CoreWeave’s ability to sustain its current expansion rate.