Goldberg Chen sold $438 of CRWV

CoreWeave (CRWV) shares rose 3% after rival IREN (IREN) reported AI cloud revenue nearly tripled to $200 million. IREN delayed $4B annualized revenue to January due to infrastructure issues. CoreWeave's Q2 2026 interest expense was $640M, with Q3 guidance of $860M-$940M. Analysts expect CoreWeave's revenue to grow from $5.13B in 2025 to $43.6B in 2028.

Cloudflare (NET) and IREN (IREN) stocks rose 20% and 15% respectively after reporting better-than-expected earnings. Cloudflare's Q3 revenue grew 39% YoY to $782.5M, with adjusted EPS of $0.38. IREN's Q1 revenue increased to $228M, with adjusted EBITDA of $66M. CoreWeave (CRWV) also gained 10%. The U.S. jobs report showed 165,000 jobs added in October, boosting risk appetite.

On November 5, 2026, Dutch bank ING (unconfirmed) auctioned $500M in data center loans, including some tied to Oracle's Stargate project. Oracle (NYSE:ORCL) and CoreWeave (NASDAQ:CRWV) stocks fell 6.93% and 9.83% respectively. The loans are not confirmed distressed, but the auction has sparked market concern about AI infrastructure funding.

SpaceX's default risk hit a record high, with 5-year credit-default swaps widening to 284.3 basis points. Political risks increased due to Democratic election wins, and AI stock declines impacted Wall Street. SpaceX's insurance costs rose despite its investment-grade rating and revenue from Starlink and rocket launches. CoreWeave and Apollo Global were also mentioned in relation to AI infrastructure financing.

Microsoft is tightening oversight of data center contracts with 'neocloud' companies, withdrawing from high-risk projects. Neocloud stocks like Nebius, IREN, and CoreWeave fell over 12%. Microsoft prioritizes its own data centers but remains cautious about new external contracts. Delays and policy uncertainty in Texas also contribute to the shift. According to Microsoft, their strategy focuses on flexibility and optionality.

Applied Digital (APLD) fell 17% to $13.74, Cipher Digital (CIFR) dropped 14% to $5.58, and TeraWulf (WULF) declined 13% to $10.19. Texas Governor-elect Hinojosa's pledge to halt new data center approvals sparked concerns. Bernstein cut price targets for TeraWulf and Cipher Digital. Applied Digital faces debt and financing challenges, with 800 MW of capacity to finance and $6.4B in debt.