Bernstein reiterated its Underperform rating on CoreWeave stock. Analysts cite long-term competition from larger hyperscalers as a primary threat to the company’s AI market share. Bernstein’s revenue forecasts diverge significantly from consensus starting in 2027.
CoreWeave projected 2026 capital expenditures between $30 billion and $35 billion. This figure more than doubles the company's 2025 spending levels. Heavy spending and competitive pressures raise concerns regarding profit margins, debt, and execution.
The company recently secured an $8.5 billion loan to support its growth. CoreWeave maintains a significant revenue backlog. The stock traded at $85.24 on April 8, 2026, which remains well above Bernstein's price target.