CoreWeave Delivers AI's First Real Shock, Casts Cloud Over Upbeat Day[Featured](https://moneymorning.com/category/featured/) # CoreWeave Delivers AI's First Real Shock, Casts Cloud Over Upbeat Day  by Rich Duprey  November 11, 2025  Share it: ## **Today’s Top & Bottom Lines – November 11, 2025** | | | | --- | --- | | #### **Pre-Market Price Check** | | **S&P 500 Futures: (-0.20%)** | **10-Year Yield: (+0.03%) 2.9 bps** | | **Nasdaq 100 Futures: (-0.38%)** | **WTI Crude: $60.51 (+0.63%)** | | **Dow Jones Futures: (-0.02%)** | **Gold Futures: 4,149 (+0.66%)** | | **VIX: 17.89 (+1.65%)** | **Bitcoin (BTC): ~$104,984 (-0.91%)** | ## **What’s Driving Stocks This Morning** The market's exuberance over the seeming resolution to the government shutdown may be short-lived. Stock futures are trending lower this morning as the AI boom may have hit its first significant speed bump. **CoreWeave** (CRWV) stock is tumbling 9% lower in premarket trading today after slashing its full-year revenue outlook amid setbacks with a major data center partner. The specialized cloud provider said one of its key data center developers was experiencing temporary delays and was behind schedule. While the partner agreed to extend the contract, so the deal's total value remains unchanged, the hiccup will impact its fourth quarter results. Despite exceeding quarterly revenue expectations at $1.36 billion, driven by surging demand for AI computing services, the firm is grappling with eroding margins – adjusted operating margin dropped to 16% from 21% – due to escalating infrastructure costs, pricier AI chips, and fierce rivalry for resources. This episode underscores significant operational vulnerabilities in the nascent AI infrastructure space, where complex projects can falter, potentially stalling sector-wide expansion. For high-flying stocks like **Nvidia** (NVDA) and others leading the AI charge, but especially those carrying lofty valuations, such disruptions signal heightened risks. It should remind investors that unchecked growth assumptions could lead to sharp corrections if execution falters. Add in growing concerns about data center resource consumption, especially energy, and we're likely to see a lot of companies begin reporting similar situations. ## **Stocks on the Move (Pre-Market)** - **CoreWeave (CRWV)** $96.09 -9.6% \- Delays with a key data center developer are impacting Q4 results. - **Nvidia (NVDA)** $196.12 -1.5%The AI chipmaker is undoubtedly caught up in the shaken investor sentiment over CoreWeave. - **Halliburton (HAL)** $26.81 -3.3% \- No company-specific news for the oil and gas services giant, though several related companies beat estimates yesterday, but results were lower year-over-year. - **Plug Power (PLUG)** $2.67 +4.3% \- The hydrogen power stock initially soared on new monetization plans, only to close 3.4% lower as it was much ado about nothing. It's up again this morning, though, on no news. - **Opendoor Technologies (OPEN)** $8.24 +3.4% \- The online real estate agent is continuing to rise after yesterday's 21% surge following a bullish note from JPMorgan. - **Paramount Skydance (PSKY)** $16.08 +5.4% \- The movie studio reported better than expected earnings, suggesting it was poised for growth following its merger. ## **Upgrades & Downgrades** #### **Upgrades:** - **Canopy Growth (CGC)** upgraded to Hold at Thee Benchmark Company - **Coinbase Global** upgraded to Buy at Monness Crespi & Hardt, tgt $375 - **DraftKings** upgraded to Market Perform at Northland Capital - **Eli Lilly (LLY)** upgraded to Outperform at Leerink Partners, tgt $1,104 - **Strategy (MSTR)** upgraded to Neutral at Monness Crespi & Hardt #### **Downgrades:** - **CarMax (KMX)** downgraded to Equal Weight at Morgan Stanley, tgt $35 - **JD.com** downgraded to Underweight at Morgan Stanley, tgt $28 - **Oracle (ORCL)** downgraded to Hold at Erste Group - **Meta Platforms (META)** downgraded to Hold at Erste Group - **Six Flags Entertainment (FUN)** downgraded to Equal Weight at Morgan Stanley, tgt $20 ## **Today’s Bottom Line:** It's Veterans Day today, so bond markets are closed, but the stock market remains open. That means investors won't have much time to digest CoreWeave's earnings news and warning to assess what it means for the sector. Markets have already been climbing a wall of worry over valuations, concerned about whether this is just another bubble. It doesn't appear likely this will be the spark that ignites a major rout, but it is a wakeup call for investors who have dismissed concerns with "it's different this time." No bull market goes on forever, and even if this is no dot-com era collapse – which doesn't seem to be the case – there will be moments of stark reratings. If not broadly, then certainly with those most exposed. The potential end of the government shutdown should also see the steady flow of government data resume, providing better insight into the overall health of the economy. Yet, the shutdown will also have affected the quality of the initial data that will be reported, so markets may react more strongly than they otherwise would if the numbers don't reflect the hope of improving health.  **Beat the market, without relying on brokers or biased institutions.** Email(Required) Email This field is for validation purposes and should be left unchanged. Subscribe By submitting your email address, you will receive a free subscription to _Money Morning!_ and occasional special offers from us and our affiliates. 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