Nvidia-Backed CoreWeave's Stock Plunges on Weak Forecast, Even as Its AI Backlog Grows

Core Insights - CoreWeave's stock is projected to decline by nearly 20% following a disappointing revenue outlook despite better-than-expected sales [1][5] - The company anticipates current-quarter revenue between $1.9 billion and $2 billion, significantly lower than the $2.29 billion forecasted by analysts [2] - CoreWeave reported a wider-than-expected loss in the fourth quarter, despite narrowly surpassing revenue estimates [2] Industry Implications - The softer revenue forecast raises concerns about inconsistent growth in AI spending and negative sentiment towards AI-focused stocks [3] - Some analysts maintain a positive long-term outlook for CoreWeave, highlighting a rapidly growing revenue backlog and plans to increase capacity [3] Analyst Perspectives - Citi analysts have a "buy" rating with a target price of $135, asserting that CoreWeave's growth narrative remains strong, supported by a backlog exceeding $60 billion [4] - The consensus target among analysts is approximately $115, indicating nearly 50% upside potential from current stock levels [4] - Despite the recent decline, CoreWeave's shares have increased by about 8% in 2026 and have nearly doubled since its IPO last year [5]