New York, Feb 3, 2026, 13:32 (EST) — Regular session
- CoreWeave shares dropped roughly 4% by midday, erasing earlier gains
- Class-action notices have reappeared, with the lead-plaintiff deadline scheduled for March 13
- Pressure mounted as chips and AI-linked stocks saw a broad pullback
CoreWeave shares dropped Tuesday, hit by class-action notices and a broader selloff in AI stocks. The stock traded down 3.6% to $85.71 by 1:17 p.m. EST, after opening at $90.86 and hitting a session high of $92.28.
The shift is notable since the stock now sits under the $87.20 per share Nvidia paid last week for its $2 billion stake. CoreWeave, a “neocloud” provider, leases GPUs tailored for AI tasks. CEO Michael Intrator described Nvidia as “the leading and most requested computing platform at every phase of AI.” (Reuters)
Legal troubles are mounting. Bleichmar Fonti & Auld LLP issued a notice revealing a securities-fraud class action against CoreWeave and some of its executives. The suit alleges the company exaggerated its capacity to meet demand while hiding construction delays, including at a Denton site. Investors have until March 13 to apply to be lead plaintiff—the representative chosen to manage the case for all shareholders. (GlobeNewswire)
DJS Law Group said in a notice that the complaint claims CoreWeave minimized the risks of depending on a single third-party data-center provider, even as it assured investors it could meet customer demand. (PR Newswire)
CoreWeave wasn’t the only stock feeling the heat. The Nasdaq slipped about 1% earlier, with investors sorting through earnings reports and reassessing big tech’s prospects. “We’re finally taking a deep breath … let’s chill out a little bit here,” said Jack Janasiewicz, lead portfolio strategist at Natixis Investment Managers. (Reuters)
Shares in chip and AI infrastructure took a hit. Nvidia dropped 3.6%, the VanEck Semiconductor ETF slid 3.4%, and the Invesco QQQ Trust Series 1 declined 1.9%.
Nvidia’s shares dropped after a report surfaced that OpenAI is exploring alternatives to certain Nvidia chips for inference — the phase when an AI model processes user queries. Nvidia pushed back, saying customers continue to pick its chips for inference due to “the best performance and total cost of ownership at scale.” (Reuters)
Some buyers remained active. On Monday, the ARK Innovation ETF snapped up roughly $11 million worth of CoreWeave shares, data from Cathie’s Ark shows, tracking daily trades. (Cathiesark)
CoreWeave debuted on the public markets in March 2025, setting its IPO price at $40 per share. Since then, the stock has seen sharp moves, reacting to updates on chip availability and data-center schedules. Investors have been closely watching as they wrestle with valuing these smaller cloud players vying for AI-driven growth. (Reuters)
The lawsuit notices highlight the collapse of a planned merger with Core Scientific and a subsequent earnings downgrade linked to third-party construction delays. Core Scientific called off the deal after shareholders rejected it, and CoreWeave later blamed “temporary delays” at a data-center developer when cutting its 2025 forecast. (Reuters)
Shares of Core Scientific fell 3.6% on Tuesday. Applied Digital Corporation’s stock remained mostly flat.
CoreWeave’s story is risky even setting aside the lawsuits, thanks to its aggressive spending on capacity growth. A filing with the U.S. Securities and Exchange Commission reveals the company pulled in $1.75 billion through 9% senior notes due 2031, issued in mid-2025. This move highlights how sensitive the business is to financing costs, especially if demand falters or expansion slows. (SEC)
Traders have key dates to mark. According to Investing.com’s earnings calendar, CoreWeave is set to report on Feb. 18. Hagens Berman Sobol Shapiro LLP is pushing investors aiming to lead the class action to step forward by March 13. “We are investigating the alleged gap between the company’s assurances … and the alleged reality of systemic construction delays,” said Reed Kathrein from the firm. (Investing)
