Arabic version: ضغوط ائتمانية على «كور ويف» تغذي تقلبات تداول السهم

According to Cnbc, CoreWeave shares fell 27.5% from last Friday’s close to 52-week lows on Thursday morning, then rebounded 17% before declining another 5% on the day. With earnings a few weeks away, the company faces large leverage, divided analyst views and 15.4% short interest.

The AI cloud infrastructure platform has accumulated $51.6 billion in debt, or about $46 billion net of cash, despite having no historical profitability. Investors had anticipated nearly another $60 billion in debt over the next 18 months. Bonds issued at par in June with an 8.5% rate had fallen nearly 18% through last Friday, while five-year credit default swaps rose from 452 basis points in early June to more than 1,100 basis points this week.

CoreWeave is estimated to face $16.45 billion in negative free cash flow in the second half of the year and another $30.6 billion in fiscal 2027, according to Bloomberg. The source said its leverage of more than 2:1 means a 10% move in enterprise value could translate into a nearly 22% move in equity value.

Analysts remain sharply split. HSBC has a Sell rating and a $39 price target, while BNP and Cantor Fitzgerald see potential for the stock to more than double. Nvidia CEO Jensen Huang downplayed systemic concerns, ARK Investment bought 192,000 shares, and BofA said execution risk was a larger issue than financing.

The source described a November 80/January 72.5 call diagonal as a way to approach the stock’s volatility: buying January 72.5 calls for $10.25 and selling November 80 calls for $4.30, for just under $6 per spread.