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CoreWeave Shares Fall Despite Strong AI Demand as Losses Mount

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Shares of CoreWeave, the Nvidia-backed AI infrastructure firm, dropped 11% after the company reported a larger-than-expected loss for Q2. Operating expenses surged nearly fourfold to $1.19 billion, highlighting tension between rapid revenue growth and rising financial strain.

Analysts expressed concern over CoreWeave’s heavy reliance on key customers, such as OpenAI, and questioned its ability to grow profitably given widening losses, high capital needs, and deteriorating debt coverage. The company, which went public in March, had about $8 billion in debt last year and planned to use roughly $1 billion of IPO proceeds for debt repayment.

With the IPO lock-up period expiring soon, analysts expect volatility as insiders can sell shares for the first time. CoreWeave operates 33 AI data centers in the U.S. and Europe, providing access to Nvidia GPUs. Despite losses, surging demand helped the firm beat quarterly revenue estimates, and its stock has nearly tripled since its IPO.

Meta Partners with PIMCO and Blue Owl for $29 Billion Data Center Expansion in Louisiana

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Meta (META.O) has enlisted U.S. bond giant PIMCO and alternative asset manager Blue Owl Capital (OWL.N) to lead a $29 billion financing effort for its data center expansion project in rural Louisiana, according to a source familiar with the matter. PIMCO is expected to manage approximately $26 billion in debt financing, likely issued through bonds, while Blue Owl will contribute around $3 billion in equity.

Bloomberg News earlier reported that Meta had been working with Morgan Stanley (MS.N) on raising funds, with Apollo Global Management (APO.N) and KKR (KKR.N) also in contention to lead the financing until the final stages of negotiations. Meta, PIMCO, and Blue Owl declined to comment on the details.

This financing move supports Meta’s broader push to build AI infrastructure. Recently, the company disclosed plans to divest about $2 billion in data center assets as part of a co-development strategy to share construction costs for generative AI facilities. CEO Mark Zuckerberg has announced intentions to invest hundreds of billions into AI data centers, including the upcoming Prometheus and Hyperion centers—expected to come online in 2026 and scale to 5 gigawatts respectively.

The initiative underscores Meta’s aggressive investment in AI technology amid an ongoing talent war for engineers and competition in the AI sector.

SoftBank Acquires Foxconn’s Ohio EV Plant to Support Stargate AI Infrastructure Project

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SoftBank Group Corp (9984.T) is purchasing Foxconn Technology Group’s (2317.TW) electric vehicle manufacturing plant in Ohio to further its ambitious Stargate project aimed at building extensive AI data center infrastructure across the United States, Bloomberg News reported on Friday. The Stargate initiative, unveiled by U.S. President Donald Trump in January, represents a private sector investment potentially reaching $500 billion, with backing from SoftBank, OpenAI, and Oracle (ORCL.N).

SoftBank reportedly faced challenges in its financial planning for Stargate and sought Foxconn’s involvement to facilitate the development of data centers and related infrastructure, leading to the acquisition. The Ohio facility is expected to be repurposed as a data center site. Reuters could not independently confirm the report; SoftBank declined to comment, and Foxconn did not immediately respond.

The Stargate Project aims to generate over 100,000 jobs across the U.S., aligning with national goals to boost AI infrastructure and domestic technological capacity.