Microsoft Capex Miss Sends CoreWeave, Nebius Down 5% After Hours
CRWV sits 19% above its 52-week low of $51.24.
Summary
Microsoft reported $45.2 billion in quarterly capital expenditures and finance leases, well below the $50.7 billion analyst average, and CoreWeave and Nebius both fell almost 5% in extended trading; IREN dropped about 3%. Microsoft's spending still rose roughly 30% year over year and Azure revenue grew 48%, so the read-through is about the pace of AI buildout, not a pullback. That matters for CoreWeave because its demand story rests on hyperscaler compute commitments — the $103.7 billion backlog disclosed with Q2 results and the $4.2 billion convertible notes raised in September were both sized against that spending curve. A softer capex print from the largest customer cohort pressures the whole neocloud group, and CoreWeave carries $35.6 billion of debt plus unremediated material weaknesses from its last 10-Q, leaving little room for a demand scare. Nebius is the secondary casualty here, with a smaller balance sheet and similar hyperscaler exposure.
At the time of this announcement, CRWV was trading at $60.96 on NASDAQ in the Technology sector, with a market capitalization of approximately $35.3B. The 52-week trading range was $51.24 to $141.79. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Binance News.