Why CoreWeave Stock Plummeted Today
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CoreWeave's stock fell 9.6% amid a broader market rise, following Needham's downgrade from buy to hold. The firm raised valuation concerns despite acknowledging the benefits of CoreWeave's $9 billion acquisition of Core Scientific, aimed at enhancing AI processing capacity. The acquisition, set to close in Q4, will involve issuing new stock, which may contribute to investor apprehension about valuations, despite the stock being up 246% since its IPO in April.
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