CoreWeave, CRWV Stock Today – November 20, 2025: Nvidia-Fueled Spike, CDS Jitters and a Wild Ride for AI Cloud Investors

CoreWeave, Inc. (NASDAQ: CRWV) – delivered another roller‑coaster session on November 20, 2025, as Wall Street tried to digest Nvidia’s blockbuster earnings, growing worries about CoreWeave’s debt load, and sharply divided analyst opinions.

The AI‑focused cloud-computing company, which rents GPU capacity to enterprises and AI developers, is based in Livingston, New Jersey and operates its own data centers in the US and Europe. ^[1]

After gapping higher at the open on Nvidia’s upbeat guidance, CoreWeave shares swung from the low $80s to the high $60s on heavy volume before closing just under $70, roughly 8% lower on the day and still about 50% below where it traded a month ago. ^[2]

At the same time, fresh research notes and macro commentary highlighted:

A pre‑market pop of around 9–10% as Nvidia’s Q3 beat reignited enthusiasm for AI infrastructure plays including CoreWeave. ^[3]
A sharp intraday reversal as investors took profits across high‑beta AI names and digested rate and jobs data. ^[4]
A bearish Trefis model that pegs fair value at $53 and calls the stock “unattractive” at current levels. ^[5]
A credit‑market scare, with one note estimating CoreWeave’s five‑year default probability above 40% based on credit default swap (CDS) pricing. ^[6]
Bullish fundamental pieces stressing rapid revenue growth, a massive backlog, and deep ties to Nvidia, Meta and OpenAI. ^[7]

Below is a detailed, news‑style rundown of everything that mattered for CoreWeave stock today (20.11.2025).

CoreWeave, CRWV Stock Price Today – Key Numbers

Because many traders search for “Corewave stock” while the listed company is actually CoreWeave, this section uses both terms but refers to CRWV on Nasdaq.

Based on intraday data from major market trackers: ^[8]

Previous close (19 Nov 2025): about $74.9
Today’s open (20 Nov 2025): just above $82
Intraday high: roughly $83–84
Intraday low: high $60s (around $69 at the lows)
Last price near the close: just under $70
Daily move: down roughly 7–8%
Volume: around 34 million shares, well above the roughly 24 million average.

From a slightly wider lens, a CoinCentral analysis published today notes that CRWV has dropped around 50% over the past month, even after rallying about 18% off Tuesday’s lows earlier this week. ^[9]

This extreme volatility is the backdrop for today’s flood of news and analysis.

Morning Surge: Nvidia’s Blowout Quarter Lifts CoreWeave

The first major theme in today’s CoreWeave coverage is clear: Nvidia lit the fuse.

A GuruFocus/TradingView news brief reports that CoreWeave shares climbed about 10% on Thursday morning after Nvidia (NVDA) posted a $57 billion revenue quarter and $1.30 in adjusted EPS, beating Wall Street expectations and guiding to roughly $65 billion in revenue next quarter. ^[10]

Why it matters for CoreWeave:

Business model linkage: CoreWeave rents Nvidia’s AI GPUs to customers; its entire cloud platform runs on high‑end chips like Blackwell and Rubin.
Sector signal: Nvidia’s strong data‑center sales (over $51 billion in the quarter) reinforced the idea that AI infrastructure spending remains robust. ^[11]
Confidence spillover: Several commentaries today emphasized that if Nvidia’s AI roadmap is intact, GPU cloud partners such as CoreWeave should see continued demand.

TipRanks likewise highlighted CoreWeave as one of the AI names catching a pre‑market tailwind on Nvidia’s guidance, noting a pre‑market jump of about 9.5% in CRWV as investors leaned back into AI‑linked infrastructure stocks. ^[12]

In short: the early session narrative was “AI is back on,” and CoreWeave benefitted.

That optimism did not last all day.

Afternoon Reversal: AI Rally Fizzles and Profit‑Taking Hits CRWV

By early afternoon, the tone across the AI complex shifted.

A Benzinga “why it’s moving” piece, “CoreWeave Eases Off From Earlier Rally: What’s Going On?”, noted that CRWV was trading lower as Nvidia’s own shares backed off session highs, and broader risk sentiment cooled. At the time of publication, Benzinga cited the stock down about 3.1% around $72.60, with the article stressing how tightly CoreWeave’s fate is tied to Nvidia’s stock and GPU supply. ^[13]

Key points from that coverage:

Early gains faded as traders reassessed Nvidia’s report alongside macro data, including a strong jobs report that clouded hopes for near‑term rate cuts.
CoreWeave’s business model is heavily dependent on continued GPU availability from Nvidia, making it particularly sensitive to any wobble in sentiment around NVDA. ^[14]
The stock was described as having a “challenging session” despite the morning pop.

Separate market commentary from Dow Jones / MarketWatch framed the day as one where “the AI rally fizzles”, highlighting how CoreWeave, AMD and other AI names gave back Nvidia‑fueled gains as the session wore on. ^[15]

By the close, CRWV had swung from a double‑digit percentage gain in the morning to a mid‑single‑digit loss on the day, underscoring just how crowded and momentum‑driven the AI trade remains.

Fundamental Check: What Today’s Articles Say About CoreWeave’s Business

Several deep‑dive pieces dated November 20, 2025 tried to reconcile CoreWeave’s violent share price swings with its underlying fundamentals.

Revenue growth and backlog

A feature on CoinCentral titled “CoreWeave (CRWV) Stock: Price Rallies 18% From Tuesday Lows — Is It a Buy?” lays out some key numbers: ^[16]

Q3 2025 revenue:$1.36 billion, up about 13% quarter‑over‑quarter.
Performance obligations: around $50 billion.
Backlog: approximately $55.6 billion, driven largely by long‑term contracts with Meta and OpenAI.
A new “Zero Egress Migration” program, launched on November 13, eliminates data‑egress fees for customers moving large datasets from AWS, Google Cloud, Azure, IBM and Alibaba onto CoreWeave’s platform.
Nvidia holds roughly 7% equity in CoreWeave and just posted its own 62% year‑over‑year revenue growth, reinforcing confidence in the AI infrastructure demand that underpins CoreWeave’s business. ^[17]

CoreWeave’s own investor‑relations site also emphasizes its role as an “AI Hyperscaler” and notes that the company went public on Nasdaq under ticker CRWV in March 2025. ^[18]

Profitability and leverage

Today’s Trefis deep‑dive, “CoreWeave Stock To $53?”, takes a much more cautious stance, despite acknowledging strong top‑line growth: ^[19]

Trefis sees CoreWeave trading at very high valuation multiples, with a price‑to‑sales ratio around 10.4x vs. roughly 3.1x for the S&P 500.
Over the last 12 months, CoreWeave generated about $3.5 billion in revenue but posted roughly –28.8% net margin, with operating income of ~$222 million and operating cash‑flow margin around 18%.
The note estimates $15 billion of debt against a market cap near $36 billion, implying a debt‑to‑equity profile materially higher than the broader market.

Trefis concludes that while growth is strong, profitability is “very weak” and leverage is “moderate” at best, leading to an overall “Unattractive” stock opinion and a fair‑value estimate of $53 per share – well below today’s sub‑$70 trading level. ^[20]

Taken together, today’s fundamental coverage paints a picture of a company with:

Explosive revenue and backlog,
Deep strategic ties to Nvidia and marquee AI customers, but
Heavy investment needs, persistent losses, and a large debt burden.

That mix sets the stage for the next big story in today’s news: credit risk.

Credit Markets Flash Warning Lights: CDS Spreads and Default Odds

One of the most striking pieces published today comes from Real Investment Advice (RIA), in a Daily Market Commentary titled “Oracle And CoreWeave CDS Spreads Widening: Omen Or Jitters.” ^[21]

Key points from that analysis:

RIA looks at five‑year credit default swap (CDS) spreads for Oracle and CoreWeave and uses a standard recovery‑rate assumption of 35% to translate those spreads into implied default probabilities.
For CoreWeave, the note cites a CDS spread of 675 basis points, which corresponds to an annual default probability of around 10.4% and a cumulative five‑year probability near 42%, using a simplified model. ^[22]
The authors argue that CDS traders are worried because:
- CoreWeave is highly leveraged, with about $18.6 billion of debt outstanding (bonds plus loans),
- It has generated around $1.92 billion in sales over the last four quarters but nearly $1.5 billion in net losses, and
- It must continually secure new financing while also scaling revenue enough to service existing obligations. ^[23]
RIA also flags that CoreWeave has reportedly used Nvidia GPUs as collateral in recent financing deals. While those chips are valuable today, rapid advances in AI hardware could compress their resale value, potentially forcing the company to post additional collateral if prices fall. ^[24]

The commentary doesn’t predict imminent default, but it does argue that CDS prices are sending a cautionary signal about CoreWeave’s balance‑sheet risk and the pace at which it needs to scale to justify its capital structure.

For equity holders, that means today’s stock volatility is not just about Nvidia’s earnings – it’s also about how comfortable investors are with CoreWeave’s leverage and cash‑burn profile.

Analyst Sentiment Today: Targets from $53 to $180

Another big theme running through today’s CoreWeave coverage is the enormous spread in analyst views.

Bullish camp: $150–$180 and “strong fundamentals”

From CoinCentral and a related Parameter.io piece, we see H.C. Wainwright analyst Kevin Dede reaffirming a Buy rating with a $180 price target earlier this month, citing: ^[25]

Strong demand for GPU‑accelerated AI workloads,
A deep backlog and multi‑year contracts with major tech platforms, and
Strategic acquisitions (like OpenPipe, Weights & Biases and Monolith AI) that strengthen CoreWeave’s AI tooling and reinforcement‑learning capabilities.

Benzinga’s rundown of Street opinions notes several other banks still in the bullish camp, albeit with recently cut targets: ^[26]

Compass Point: initiated coverage with a Buy rating and $150 target (Nov 13).
Wells Fargo:Overweight, but target reduced to $150 from $170 (Nov 12).
Loop Capital & Barclays: maintained Buy/Equal‑Weight stances with $120 targets after trimming from higher levels (Nov 12).

Meanwhile, a MarketBeat alert today (headline only accessible) references: ^[27]

Jefferies cutting its target from $180 to $155 while keeping a Buy rating,
Mizuho reducing its target from $150 to $120 with a Neutral stance, and
Arete upgrading CoreWeave from Neutral to Buy with a $180 price objective.

This cluster of targets between roughly $120–$180 reflects a still‑bullish Wall Street base case that assumes:

The AI infrastructure cycle remains intact,
CoreWeave can keep accessing capital, and
Margins can eventually improve as scale kicks in.

Bearish camp: valuation and downside risk

On the other side, Trefis stands out as notably skeptical, arguing that even after a 50% monthly drawdown, the stock remains overvalued and could slide to $53. Their thesis leans heavily on: ^[28]

High revenue growth but negative net margins,
Substantial debt and relatively low cash,
A premium to market valuation that the authors feel is not yet justified by profitability metrics, and
Poor “downturn resilience” compared with the S&P 500.

When you combine that with the CDS‑based default‑probability discussion from RIA, the bear case becomes clearer: if AI capex slows or capital markets tighten, CoreWeave’s leverage could bite. ^[29]

Net takeaway on sentiment

Put simply, today’s research landscape on CoreWeave spans from high‑conviction bull to outright caution:

Bull case: AI cloud leader with massive backlog, strategic Nvidia/Big Tech ties, and a long runway for GPU demand.
Bear case: cash‑burning, heavily levered AI infrastructure name priced for perfection, with credit markets already signaling elevated default risk.

That wide dispersion of views is one reason the stock can swing double‑digits in a single session.

How Today Fits into the Bigger CoreWeave Story

Earlier this year, CoreWeave was widely cited as one of 2025’s hottest AI IPOs, with moves of more than 200–240% above its March IPO price at various points in the first half of the year. ^[30]

Fast‑forward to November 20, 2025, and the narrative has clearly shifted:

From “pure growth story” to “show‑me story”
- Investors now want to see evidence that CoreWeave can convert backlog into profitable growth, not just expand capacity.
From equity euphoria to credit awareness
- The CDS spreads, debt levels and commentary about using GPUs as collateral brought the balance sheet squarely into focus today. ^[31]
From AI hype to AI triage
- Nvidia’s results confirm that AI spending remains huge, but recent pullbacks across AI stocks show investors are picking winners more carefully, and punishing names that miss guidance or appear over‑levered. ^[32]

Coreweave/CoreWeave’s wild session today basically compresses all of those themes into one trading day: a Nvidia‑powered surge, a macro‑driven reversal, and a research and credit narrative that’s increasingly nuanced.

What CoreWeave Investors Are Watching Next

Based on today’s coverage, here are the key questions traders and long‑term investors will likely carry into the coming weeks:

Can CoreWeave turn backlog into sustainable, profitable growth?
- With $55.6 billion in backlog and $50 billion in performance obligations, execution on large contracts with Meta, OpenAI and government clients is critical. ^[33]
Will leverage and CDS spreads keep climbing?
- If CoreWeave’s debt load stays high while net losses continue, CDS spreads could widen further, potentially raising borrowing costs and impacting equity valuations. ^[34]
How stable is Nvidia’s AI cycle?
- Today proved again that CoreWeave trades as a high‑beta derivative on Nvidia’s AI story. Any hint of supply constraints, capex pullback, or competitive shifts in GPUs can spill over directly into CRWV. ^[35]
Where does the Street converge on fair value?
- With targets ranging from $53 (Trefis) to $180 (H.C. Wainwright, Arete), the market is still searching for a consensus narrative about how risky – and how profitable – CoreWeave’s growth will be. ^[36]

Final Note and Disclaimer

Nothing in this article is investment advice or a recommendation to buy, sell, or hold any security. It is a news‑style summary of publicly available information as of November 20, 2025. Investors should do their own research and, where appropriate, consult a licensed financial adviser before making decisions.

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