CoreWeave, Dell, Rocket Lab fall as US inflation hits 3.7%
- CoreWeave shares dropped 15.46% amid concerns over high borrowing costs relative to returns
- Dell Technologies fell 11.27% after Barclays downgraded the stock to Equal-Weight
- Rocket Lab slid 7.85% as Neutron rocket launch is delayed to 2027
- Bending Spoons rose 41.20% following a $330 million investment by Berkshire Hathaway
- US inflation rose to 3.7% in September, pushing major indices lower
*this image is generated using AI for illustrative purposes only.
Major U.S. indices closed lower on Wednesday as annual inflation accelerated to 3.7% in September, exceeding the 3.6% forecast. The hotter-than-expected data pushed the Dow Jones Industrial Average down 0.09%, the S&P 500 down 1.11%, and the Nasdaq down approximately 1.88%.
CoreWeave Inc. shares plunged 15.46% to $65.78, with further declines in after-hours trading. Investor sentiment soured amid reports that OpenAI's revenue run rate stood at roughly $50 billion, below the widely reported $68 billion figure. Analyst Gil Luria of D.A. Davidson warned that CoreWeave shareholders could face significant losses if the AI boom slows, citing borrowing costs of around 9% against estimated investment returns of just 1%. Despite a $104 billion revenue backlog, the company faces mounting debt obligations.
Tech and Infrastructure Stocks Under Pressure
Dell Technologies declined 11.27% to $507.93 following a Barclays downgrade from Overweight to Equal-Weight and a price-target reduction to $574 from $603. CEO Michael Dell maintained that artificial intelligence infrastructure demand remains strong, but the downgrade weighed heavily on the stock.
Rocket Lab Corporation fell 7.85% to $59.18 after confirming that the first launch of its Neutron rocket was pushed into 2027. This delay extends the wait for the vehicle central to its larger-launch expansion plans, following earlier warnings that a 2026 debut was becoming less likely.
| Company | Close Price | Change (%) | Key Driver |
|---|---|---|---|
| CoreWeave Inc. | $65.78 | -15.46% | Debt concerns, OpenAI revenue miss |
| Dell Technologies | $507.93 | -11.27% | Barclays downgrade |
| Rocket Lab Corp. | $59.18 | -7.85% | Neutron launch delay to 2027 |
| Greenland Energy | $3.90 | +76.47% | Drilling agreement extension |
| Bending Spoons | $53.46 | +41.20% | Berkshire Hathaway investment |
Mixed Moves in Energy and Tech
Greenland Energy Company surged 76.47% to $3.90 after amending its farm-out agreement with 80 Mile plc. The amendment extended key drilling deadlines for the Jameson Land project in East Greenland to 2028 and transferred rights from its wholly owned subsidiary, March GL Company.
Bending Spoons S.P.A. jumped 41.20% to $53.46 after Berkshire Hathaway committed another $330 million to the Italian technology company, increasing its ownership stake to 4%. The investment announcement drove the stock sharply higher during the session.
What the Numbers Show
The divergence between CoreWeave's $104 billion revenue backlog and the analyst warning regarding its cost of capital highlights a critical tension in the current AI infrastructure cycle. While order inflows remain robust, the gap between borrowing costs of ~9% and estimated returns of ~1% suggests that near-term profitability may lag significantly behind top-line growth metrics.
How might the discrepancy between OpenAI's actual revenue run rate and market expectations impact future capital expenditure guidance from major hyperscalers?
What specific refinancing strategies or debt restructuring plans is CoreWeave likely to pursue to address the widening gap between its 9% borrowing costs and projected returns?
Will the Barclays downgrade of Dell Technologies trigger a broader re-rating of traditional hardware suppliers as investors scrutinize the sustainability of AI infrastructure demand?
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