CoreWeave-aksjen faller 4%: hvorfor Google–Blackstone-avtalen er dårlig for aksjen?

Shares of CoreWeave CRWV fell in Tuesday premarket trading after Google and Blackstone unveiled a major artificial intelligence cloud infrastructure partnership that investors viewed as a potential competitive threat to the fast-growing neocloud sector.

CoreWeave stock dropped 4.3% in early trading alongside shares of Nebius Group as markets assessed the implications of the new joint venture, which will focus on delivering AI cloud services powered by Google’s tensor processing units, or TPUs.

The new company, backed initially by a $5 billion equity commitment from Blackstone, aims to bring 500 megawatts of AI cloud capacity online by 2027, with plans to scale further over time.

Google will provide TPUs, software, and cloud services, while the venture will offer customers an alternative way to access Google’s AI computing infrastructure outside Google Cloud.

The announcement arrives at a time when investor attention around CoreWeave has intensified following Nvidia’s decision to nearly double its stake in the company earlier this year.

Google og Blackstone sikter mot AI-skymarkedet

The new AI infrastructure company will be led by Google executive Benjamin Treynor Sloss and will focus on delivering compute-as-a-service offerings built around Google’s custom AI chips.

Blackstone President and COO Jon Gray described the opportunity as a major long-term investment theme.

"We see a generational opportunity to invest capital at scale building AI infrastructure," Gray said.

The partnership immediately raised questions across Wall Street about how increased competition could affect companies like CoreWeave that specialize in renting AI computing capacity through GPU-as-a-service platforms.

Bernstein analyst Madison Rezaei said the deal itself may not immediately threaten CoreWeave’s scale, noting that the planned 500 megawatts of capacity remains relatively small compared with CoreWeave’s projected expansion plans for next year.

“This announcement is small” relative to CoreWeave’s expected scale for next year, Rezaei wrote, adding that it “is not immediately problematic” for CoreWeave.

However, she also cautioned that the deal “represents the beginning of a more earnest hyperscale attack of the market.”

Nvidias investering styrker CoreWeaves profil

Investor focus on CoreWeave has grown substantially in recent months after Nvidia sharply increased its ownership position in the company.

Nvidia now owns approximately 47.2 million CoreWeave shares, representing roughly 11% of the company and valued near $4.9 billion based on current market prices.

The AI chipmaker previously held around 24.3 million shares before agreeing in January to invest an additional $2 billion at $87.20 per share, nearly doubling its stake.

The investment reinforced confidence in CoreWeave’s business model, which centers on providing high-performance AI computing infrastructure to customers facing shortages in GPU availability.

CoreWeave’s rapid growth has also fueled bullish sentiment among investors.

The company reported first-quarter 2026 revenue of $2.1 billion, up sharply from $982 million during the same period a year earlier.

Revenue backlog reached approximately $99.4 billion as of March 31, highlighting continued strong demand for AI infrastructure services.

Konkurransen tilspisser seg i AI-infrastruktur

Despite CoreWeave’s rapid expansion, analysts increasingly expect competition in the AI cloud infrastructure market to intensify as hyperscale cloud companies, chipmakers, and private capital firms invest heavily in the sector.

Rezaei warned that a combined Google and Blackstone operation could hold advantages in several key areas.

According to her, the Blackstone and Google entity would win in areas like capital cost, long-term margin potential, and power access.