Goldberg Chen sold $926K of CRWV

On November 4, 2026, data center stocks fell sharply after Democrats won midterm elections, gaining control of Congress and key states. CoreWeave dropped nearly 10%, IREN 5.9%, and others declined. Meanwhile, AI spenders like Amazon, Microsoft, and Alphabet rose. Analysts suggest Democratic wins may slow AI data center construction, impacting suppliers but benefiting large tech firms.

CoreWeave's 5-year credit default swaps rose to 1,289 basis points, easing slightly to 1,155. Its bonds fell, with 2031 notes at 79.5 cents per dollar, yields topping 15%. Stock dropped 9.9% to $48.42. Nvidia, Broadcom, Amazon, and Oracle also saw increased swap costs. Political shifts may impact data center construction, affecting CoreWeave's sector.

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.