Meta Platforms is one of CoreWeave’s (NASDAQ: CRWV) biggest customers, locked into a deal valued at $35 billion running through 2032.

Despite that massive, long-term revenue commitment, CoreWeave shares declined following Meta’s own cloud infrastructure announcement.

The selloff reflects growing investor anxiety about whether neocloud operators can hold their ground as hyperscalers aggressively build out their own AI capacity.

Meta’s decision to expand its proprietary cloud capabilities signals that even its largest customers are hedging their dependence on third-party AI infrastructure providers.

The $35 billion contract with CoreWeave represents one of the most significant neocloud deals disclosed publicly,…