US Stock Market Move | AI infrastructure company stocks decline, CoreWeave (CRWV.US) drops over 14%.

On Wednesday, AI infrastructure company stocks declined, with CoreWeave (CRWV.US) dropping over 14% and NEBIUS (NBIS.US) falling more than 10%, both among the biggest decliners in the Nasdaq 100 Index. CoreWeave, an AI cloud service provider backed by NVIDIA Corporation, is trying to tap into the insurance industry's trillion-dollar capital pool to support AI computing expansion with lower-cost, longer-term institutional funding. So far this year, the company has raised more than $35 billion and, through an $8.5 billion loan secured by a long-term Meta computing procurement contract, opened a financing channel for investment-grade chip-backed debt. But as of the end of June, CoreWeave's debt and lease obligations had reached $52 billion, with unsecured bond yields approaching 15%. Jordan Chalfin, an analyst at credit research firm CreditSights, noted that CoreWeave has been "very creative" in financing, but as more competitors and hyperscale cloud providers explore similar chip-backed transactions, its borrowing costs may face upward pressure.