$CRWV fell 7 points today to 60.23, with $52.7M in trading volume. It looks pretty scary. But if you look through the recent news, it’s actually not that complicated—rumors of SpaceX-related partnerships once lifted it along with the entire neocloud sector. The current pullback is essentially the market repricing assets in the “AI compute tenant” category. Piper Sandler’s price target implies 100% upside, and Jensen Huang has also publicly expressed optimism, yet the stock is still down 51% over the past year. My take is straightforward: the core issue for $CRWV isn’t demand—there’s no shortage of compute orders. The problem is that it’s squeezed between Nvidia and the hyperscale cloud providers, leaving it with limited bargaining power and pressure from capital expenditures. This drop looks more like a washout of sentiment and leverage than a breakdown in the fundamentals. Around 60, I’m inclined to think that bearish expectations have largely been priced in, leaving limited room for further short-term downside.

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