Lenders Are Getting Nervous About CoreWeave. I'd Still Buy Nvidia Stock.

Key Points:

• CoreWeave's unsecured notes due 2032 have seen their yield spike from 9.625% at issuance to around 14.5%, signaling increased lender concern and a drop in bond prices, while CoreWeave's stock fell about 15%.
• Despite strong revenue growth—doubling year-over-year to $2.6 billion in Q2 2026—CoreWeave is operating at a loss and its net interest expenses have more than doubled, reflecting heavy borrowing and a $35.6 billion debt load.
• Nvidia owns roughly 47.2 million CoreWeave shares valued at about $3.1 billion currently, down from $4.7 billion earlier, and has a $6.3 billion capacity deal with CoreWeave that could require Nvidia to purchase unused cloud capacity through 2032.
• CoreWeave's purchases represent less than 8% of Nvidia's sales, and Nvidia's operating income continues to grow rapidly, suggesting the chipmaker can absorb CoreWeave-related risks without significant financial strain.
• The broader risk lies in a potential pullback by lenders from multiple debt-funded AI cloud companies simultaneously, which could slow Nvidia's chip orders, though Nvidia's current stock valuation appears to already factor in some growth slowdown.