Investors may be concerned because CoreWeave has financed much of its growth through borrowing. By mid-2026, CoreWeave had $35.6 billion in debt, some of it backed by its NVIDIA graphics processing units (GPUs). The arrangement drew attention because chips can quickly lose their value when newer technology appears. Investors also questioned whether AI computing demand would remain strong enough to support the company’s capital spending. CoreWeave depends heavily on a few customers, with Microsoft providing 67% of its 2025 revenue.
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