Jitters about the AI trade are spreading across the market again. CoreWeave has plunged in recent weeks, reaching its lowest level since shortly after its IPO, after its bond yields jumped to as high as 15%. The Nasdaq Composite plunged 2.6% on Thursday, hitting its lowest level in more than a month. Meta Platforms tumbled 7% in spite of a strong earnings report as investors were spooked by its first quarter of negative free cash flow in its history, reflecting the surge in spending on AI infrastructure capital expenditures. While there's no sign of demand issues in AI, investors are clearly skeptical that companies like Meta and CoreWeave will see a return on investment, especially as interest rates have surged.
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