Nebius Drops 10%, CoreWeave Sinks 9% as Rising Credit-Swap Costs Hit the AI Cloud Trade

Price ActionMacro Impact 4

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Summary · why it matters

Nebius Group and CoreWeave shares tumbled Wednesday as surging credit-default-swap costs triggered a sharp re-pricing of highly levered AI infrastructure borrowers. Nebius stock fell 10% to $152.58, while CoreWeave dropped 9% to $61.53, extending one-month losses to 43% and 36% respectively. CoreWeave's CDS topped roughly 855 basis points, implying a 50% five-year default probability, as its Q1 2026 report showed interest expense doubling to $536 million and free cash flow of negative $4.71 billion. Oracle also declined 2% to $117.29, with its CDS above 215 basis points, up from about 145 at the end of last year. The First Trust Cloud Computing ETF rose 0.59% to $138.71, signaling that the selloff remains concentrated in leveraged AI buildout names rather than a broader cloud unwind.

CoreWeave, Inc. Class A Common Stock ▼

Nebius Group N.V. ▼

Oracle Corporation ▼

Impact on stocks 4

Artificial Intelligence▼ · 3 stocks

CoreWeave, Inc. Class A Common Stock

▼ NegativeCapitalrelevance

CoreWeave's CDS surged to 855 bps, interest expense doubled, and free cash flow deeply negative, indicating severe financial distress.

Nebius Group N.V.

▼ NegativeCapitalrelevance

Nebius shares fell 10% as rising CDS costs triggered a re-pricing of leveraged AI infrastructure borrowers.

NVIDIA Corporation

Mentioned

Cloud & Digital Infrastructure▼ · 1 stocks

Oracle Corporation

▼ NegativeCapitalrelevance

Oracle declined 2% with its CDS rising to 215 bps from 145 bps, reflecting increased credit risk.