Key takeaways
- CoreWeave (CRWV), the largest of the neoclouds, tumbled over the last month, dragging down the AI sector with it, after a social media post showed that its bond yields had reached as high as 15%.
- CoreWeave's revenue backlog improved from $104 billion at the end of the second quarter to $132.5 billion at the end of the third, another sign of strong demand.
- On a free cash flow basis, CoreWeave lost $7.7 billion in the quarter, and its debt jumped to $47 billion.
CoreWeave sparked a massive sell-off in the AI sector a month ago. Revenue growth in the third quarter accelerated to 168%, reflecting new customers and a tight supply-and-demand environment.
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