• CoreWeave (CRWV) is trading at $91.50 (8.1% down) in pre-market following reports that Meta Platforms is developing plans for its own cloud infrastructure business.
  • The news, reported by Bloomberg, suggests Meta plans to sell access to AI computing power and models, creating new competition for "neocloud businesses" like CoreWeave.
  • This development has raised concerns about increased competition and potential impact on CoreWeave's market position, contributing to today's sharp pullback.