TradingKey – CoreWeave (NASDAQ: CRWV) has a rough week. The stock dropped 11.91% to end at $61.39 on Friday, making last week its worst week in over 11 months. Adding insult to injury, last week’s drops caused it to lose about 25% for the week and about 20% in October.

For me, this is more of a credit story than a demand story. Last week, CoreWeave’s bonds and credit default swaps crossed over to distressed territory. The selling pressure from that news spilled over into other AI infrastructure stocks. The main catalyst for the stock is CoreWeave’s Q3 results, expected to be released in mid-November. However, the company has yet to confirm this date.