CoreWeave Can’t Secure Nvidia GPUs; Shares Fall 4.9%

CoreWeave reported that demand for Nvidia GPUs exceeds its available supply, and its stock fell 4.9% to $94.94 on Wednesday as investors reacted to higher capital spending and financing costs. The Nasdaq slipped 0.64% in the session.

Chief executive Michael Intrator told attendees at a technology conference that the company is “struggling to meet demand every day” and that “every GPU we have could be sold to multiple different clients.” The company increased customer pricing across its product lineup by about 25% in July.

Analysts have adjusted targets and ratings as CoreWeave updates its outlook. Truist Securities raised its price target to $165 from $155 in August, expecting higher customer prices to flow into margins in the second half of 2026. Freedom Capital Markets retained a Buy rating with a $151 target; analyst Paul Meeks wrote that shorter-term contracts are pricing and repricing at higher rates. Bernstein raised its target to $74 from $67 but kept an Underperform rating, noting capital spending increased faster than guidance for revenue and operating income.

The company raised its 2026 capital-expenditure forecast to $35 billion–$39 billion from a prior $31 billion–$35 billion range. Second-quarter capital spending reached roughly $9.4 billion. CoreWeave reported a second-quarter revenue backlog near $104 billion, excluding more than $25 billion of commitments signed early in the third quarter.

CoreWeave recently arranged a $2.6 billion delayed-draw term loan with an estimated interest rate near 8.2%–9.2%. Management told investors that the economics of newer infrastructure deals are improving because customer pricing is rising faster than costs for power, memory and other inputs.

Analysts outline two main scenarios. The bullish scenario holds that continued scarcity of Nvidia compute will keep customer pricing elevated and push margins higher. The bearish scenario points to the scale and timing of the required investments: much spending occurs now while revenue may arrive later, and if GPU supply tightens or borrowing costs remain high, the company could carry a large asset base that produces lower-than-expected returns.

CoreWeave’s most recent results showed an active-power ramp and raised guidance across several metrics. Elevated capital spending and higher borrowing costs were cited by market participants as factors behind the stock decline despite strong demand signals.