CoreWeave CEO Michael Intrator appears after the company's initial public offering at the Nasdaq MarketSite in New York on March 28, 2025.

Michael Nagle | Bloomberg | Getty Images

CoreWeave is facing a crisis of confidence on Wall Street that's playing out in real time among equity and bond investors.

With interest rates spiking and AI build-out concerns mounting, debt-heavy neoclouds like CoreWeave are being viewed by many market participants as the most vulnerable trade in the artificial intelligence space.

"Sentiment is decidedly negative," Andrew Keches, a credit analyst at Barclays, wrote in a note to clients on Tuesday, referring broadly to corporate debt in tech. Keches highlighted the "speed at which AI vibes are shifting on a day-to-day basis."

CoreWeave, which went public in March of last year and reached a peak market cap of about $90 billion three months later, is now valued at roughly $34 billion, with its stock down 29% this month.…