CoreWeave‘s (CRWV -1.44%) stock has plunged 54% over the past 12 months, and it set a new 52-week low of $53.50 on Oct. 22. In the past week alone, it sank about 13%. Let’s see why this neocloud stock fizzled out — and if it’s becoming a compelling buy at these prices.

What does CoreWeave do?

CoreWeave was once an Ethereum miner, but it repurposed its Nvidia (NVDA -0.12%) GPUs to train AI models after the cryptocurrency market crashed in 2018.

Image source: Getty Images.

Today, CoreWeave operates 51 data centers that run over a quarter million Nvidia GPUs to remotely process AI tasks. That streamlined approach enables it to process advanced AI workloads roughly 35 times faster and at 80% lower cost than larger cloud platforms. Its…