CoreWeave stuns Wall Street as Nvidia scandal deepens Peace Longe, Celine Provini Thu, November 12, 2026 at 11:33 PM EST 5 min read NVDA -5.68% CRWV -8.74% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
CoreWeave (CRWV) just delivered a good quarter to investors. The AI cloud company released third-quarter results that were stronger than analysts expected.
However, it did so just as Nvidia (NVDA), its key partner, was thrown into upheaval.
On Nov. 12, 2026, Nvidia's board announced that CEO Jensen Huang had resigned as president, chief executive officer, and board member, effective immediately.
The company named Chief Financial Officer Colette Kress as interim CEO while it searches for a permanent successor, considering both internal and external candidates, according to Nvidia's press release.
Both CRWV and NVDA stock had already suffered losses after Nvidia's board launched an independent investigation into whether its CEO had been targeted by foreign intelligence.
CoreWeave lost about 38% of its stock value over the past month. And Nvidia shares fell nearly 6% in premarket trading on Nov. 9. That fall wiped out roughly $269 billion in market value.
This matters to investors because CoreWeave and Nvidia work together. CoreWeave rents out specialized Nvidia chips to firms like Microsoft and OpenAI. These companies use those chips to train artificial intelligence models.
And if there is an issue with Nvidia's management, CoreWeave's numbers could also be affected.
CoreWeave's third-quarter revenue reached $3.66 billion. That's 168% higher than the same period last year, CNBC reported.
The result beat the $3.55 billion that analysts tracked by LSEG expected. During the earnings call, CoreWeave's management also raised its full-year 2026 revenue outlook to between $13.0 billion and $13.3 billion.
Also read: Goldman Sachs sends CoreWeave shareholders a surprising signal
The report impressed Wall Street. After the results were released, CoreWeave's shares rose about 8% in after-hours trading.
In addition, the company's total contract backlog now stands at $132.5 billion. That means customers have already committed to pay CoreWeave for future AI services.
However, even with all this positive news, CoreWeave still lost $709 million in the quarter. The loss was driven mainly by net interest expenses on the company's nearly $47 billion debt load.
Even with that debt load, the core business was actually profitable, with CoreWeave announcing $207 million in GAAP operating income.
But the market yield on the company's bonds climbed past 15% in early November. That's a sign that borrowing could get more expensive for the company in the future.
On Nov. 8, Nvidia's board launched an independent investigation after the company's former CEO Jensen Huang admitted to having an extramarital affair with a business executive, CNN reported.
The woman involved is named Alice Huang, and U.S. intelligence officials suspect she has ties to Chinese intelligence. She also previously served as an executive at Singapore data center firm Megaspeed.
Four days later, on Nov. 12, Huang resigned from all his roles, effective immediately, Nvidia confirmed.
Related: Oracle CEO admits its software can take years to get running
This could create a problem for CoreWeave because Jensen Huang vouched for the company on a past deal. In January 2026, Nvidia invested $2 billion into CoreWeave at $87.20 per share, Pulse2 reported. Nvidia also supplies the chips that CoreWeave uses to run AI workloads for its customers.
With Huang now gone, questions turn to whether Nvidia's future chip allocations and financial backing could change under new leadership. For now, interim CEO Colette Kress and the board have signaled continuity.
"The Board has full confidence in Colette and the leadership team, and we expect the company's operations, customer commitments and product roadmap to continue without interruption," said Harvey Jones, the newly appointed chair of Nvidia's board.
CoreWeave left one thing out of its friendly letter to Texas
Palantir's business beyond government just got a lot bigger
AI is changing the KFC and Taco Bell experience for customers
Huang has previously made statements backing CoreWeave. Just weeks before the affair became public, Huang publicly defended CoreWeave on Bloomberg Television.
"CoreWeave's strength is improving every day," Huang said, according to Benzinga. "I'm optimistic," he added. "Their cost of capital is actually decreasing."
The loss of such a powerful voice now carries real weight, since Huang has left the company entirely. However, CoreWeave CEO Michael Intrator said he sees no reason to change Nvidia's partnership over the matter, TipRanks reported.
CoreWeave's Q3 results show that there is still demand in the AI market. Some critics have warned for months that tech giants keep building infrastructure without showing evidence of revenue. But CoreWeave's reported revenue and its $132.5 billion backlog counter those claims for now.
Companies are still buying AI hardware, even with rising interest rates and politicians pushing to limit new data centers because of the large amount of electricity they consume. So AI spending is still solid for now.
CoreWeave stock sinks nearly 7% after Nvidia CEO Jensen Huang resigns
BofA reveals how Walmart will win shoppers heading into Christmas
Nvidia-backed AI cloud stock sinks 18% despite record quarter
Wall Street reveals 3 dividend stocks to hold through the AI chaos
This story was originally published by TheStreet on Nov 13, 2026, where it first appeared in the Investing section. Add TheStreet as a Preferred Source by clicking here.
