CoreWeave shares fall 6.9% on Nov. 12 after jumping more than 27%
Key Facts
CoreWeave shares fell 6.9% in trading on Nov. 12, after Nvidia shares dropped at the open before trimming losses to close down about 4%, according to market data and reports by Reuters and the Associated Press. The move came on the day Nvidia confirmed Jensen Huang’s immediate resignation as chairman, CEO and board member. In the previous session, CoreWeave shares had jumped more than 27% after the company reported quarterly results, while Nvidia shares rose 5% following those results. The rapid sequence put gains tied to the company’s results alongside a selloff that followed a sudden change in the leadership of its largest backer. Major U.S. indexes also fell in the session, with the S&P 500 down 0.35%, the Nasdaq Composite down 0.39% and the Dow Jones Industrial Average down 0.36%.
On Nov. 10, CoreWeave reported revenue of $3.661 billion for the third quarter ended Sept. 30, 2026, compared with $1.365 billion in the same period of 2025. But its net loss widened to $709 million, from a loss of $110 million a year earlier. The company said revenue increased by more than $1 billion quarter over quarter and its adjusted operating income margin reached double digits a quarter ahead of plan. The results highlight rapid sales growth alongside rising losses, as the company continues to expand the computing capacity it provides to customers. As of Sept. 30, contracted revenue expected to be recognized in future periods stood at about $132.5 billion, offering an indication of the business awaiting execution and recognition in coming periods.
The company raised its 2026 revenue outlook to a range of $13.0–13.3 billion. It also raised the lower end of its capital spending forecast for the year, projecting spending of $37 billion to $39 billion, compared with a previous range of $35 billion to $39 billion. The company attributed the revision to its expectation that it would deploy infrastructure and deliver it to customers earlier than planned. It said, "Revenue increased by more than $1 billion quarter over quarter, and adjusted operating income margin reached double digits a quarter ahead of plan." The guidance puts spending on computing capacity at the center of investor scrutiny, alongside an expansion in contracted orders and growing execution needs.
On Nov. 12, Nvidia announced that Chief Financial Officer Colette Kress would serve as interim CEO while continuing in her finance role until a permanent successor is appointed. The company said its board had begun a search for a permanent CEO and would consider candidates from inside and outside the company. Nvidia shares fell 14% at the open after the resignation was announced, before stabilizing and ending the session down about 4%, according to the Associated Press. A Reuters report said the ties between AI infrastructure companies and Nvidia’s ecosystem had left some investors questioning their future after Huang’s departure. Investors were awaiting Nvidia’s financial report, scheduled for the following Tuesday, while its CEO said the previous day that increased scrutiny could slow data-center construction but was not expected to change expansion plans or significantly raise costs.
Nvidia is scheduled to report results for the third quarter of its 2027 fiscal year on Nov. 17, at about 1:20 p.m. Pacific time, followed by an earnings call at 2 p.m. The date follows a week in which CoreWeave reported results and revised its revenue and spending forecasts, followed by a leadership change at Nvidia. Markets will watch what the company’s results say about demand for chips and related infrastructure, as AI cloud-computing companies face sharp moves in their share prices. CoreWeave had previously recorded a gain of more than 27% in a single session after its results, before falling in the next session. On Nov. 12, its decline coincided with a drop in U.S. stock indexes and Nvidia shares paring their early losses to close about 4% lower.