Core Fact Summary
CoreWeave (NASDAQ: CRWV), specializing in AI data centers, saw its share price decrease by approximately 50% since October 2025. The company’s revenue backlog surged from $15.1 billion at the end of 2024 to $66.8 billion by the end of 2025, but remains highly leveraged, relying on debt for growth. CoreWeave’s operating margin is projected to expand to between 25% and 30% long-term.
Phillippe Laffont’s hedge fund, Coatue Management, which initially led CoreWeave’s Series C funding round in 2024, has fully disposed of its shares, a strategic move as the market reacts to CoreWeave’s recent struggles. Conversely, Laffont has increased his holdings in Applied Materials (NASDAQ: AMAT), the largest provider of wafer fabrication equipment, anticipating more than 20% revenue growth driven by significant demand from semiconductor companies.
