Reuters reported on Friday that shares of AI-related US companies “dropped again”, with neoclouds “among the worst hit”. CoreWeave and Nebius, which Reuters described as neocloud firms backed by Nvidia, were down 10.8% and 12.1% in its report. At 17:20 UTC they were down 8.53% and 9.93% on the day, on delayed Yahoo Finance prices.
Since the 11 November close, the two have lost $16.4 billion of market value between them, by our arithmetic on the share counts in their latest SEC filings: $5.0 billion at CoreWeave and $11.4 billion at Nebius. Nvidia was down 29.61% from its 13 October close at the same time, by the same arithmetic.
Business Pill · Vendor Guarantees
An evergreen Business Engineer explainer on vendor guarantees: when a supplier backs its customers’ financing. It teaches the general idea only and does not discuss Nvidia, its leadership or the neoclouds.
The key insight: As we read the numbers, the selling hit hardest where the financing is: CoreWeave and Nebius lost $16.4 billion of market value in two sessions, by our arithmetic, while the Nasdaq-100 fell 2.04% over the same span.
Update (13 Nov, 18:11 UTC): the main US indexes were also lower. Reuters, in a market report headlined “Wall St slides as Nvidia overhang weighs on tech”, said the major US stock indexes fell on Friday “as fresh concerns about Nvidia reignited a selloff in technology shares”. In the version we read, syndicated at 16:51 UTC, Reuters said Nvidia’s shares “plunged 4.3%” and were on track for their longest streak of weekly losses since October 2012, and that “Neoclouds CoreWeave and Nebius shed 10% each”. At 18:11 UTC, Yahoo Finance data put the S&P 500 at 7,533.27, down 0.78% on Thursday’s close; the Nasdaq Composite at 25,032.46, down 1.32%; the Nasdaq-100 at 27,791.60, down 1.76%; the Dow Jones Industrial Average at 52,214.41, down 0.16%; and the PHLX Semiconductor index at 10,012.90, down 4.70%. Separately, The New York Times reported that no loans have closed under Nvidia’s $500 billion financing plan; our piece on that report has the filings.
Update (13 Nov, 18:30 UTC): memory shares. Micron traded at $762.22 at 18:30 UTC, down 4.5% on Thursday’s $798.44 close, Yahoo Finance data show. In Seoul, where trading closed at 06:30 UTC before the US session, SK Hynix closed at 1,216,000 won, down 3.0%, and Samsung Electronics at 206,000 won, down 1.0%. The percentages are our arithmetic; the figures do not show what drove each move.
Update, 13 November 2026, 21:30 UTC: the closing prices. Nvidia closed at $162.85 on Friday, down 2.01% on the day and 12.75% on the week from its 6 November close of $186.64, Yahoo Finance data show. By our arithmetic on Yahoo’s weekly closes, that is Nvidia’s steepest weekly fall since the week to 4 April 2025, when it dropped 14.01%. CoreWeave closed at $53.13, down 6.13%; Nebius at $115.88, down 9.92%; IREN at $18.17, down 6.72%; Arm at $190.53, down 4.63%; and Micron at $778.31, down 2.52%. At the close, CoreWeave and Nebius had lost $15.6 billion of market value since the 11 November close, on the same share counts used below: $4.2 billion at CoreWeave and $11.4 billion at Nebius. With IREN, the three neoclouds lost $16.7 billion. On its 24.1 billion shares, Nvidia’s Friday fall is about $80 billion. The percentages and dollar values are our arithmetic.
Update, 13 November 2026, 21:45 UTC: six straight down weeks. The week to 13 November was Nvidia’s sixth weekly decline in a row, its longest losing streak since 2012, CNBC reported. Our count on Yahoo Finance weekly closes agrees: the last run that long ended in late October 2012, and no streak since then went past five weeks. Over the six weeks the stock fell 30.39% from its 2 October close of $233.95. On the 24.1 billion shares on its latest 10-Q cover, that is about $1.71 trillion of market value, in line with the $1.7 trillion CNBC cited since the slide began in early October. Measured from the record close of $239.24 on 6 October, the loss is 31.93%, or about $1.84 trillion. On Friday, when Nvidia fell 2.01%, the S&P 500 closed at 7,561.67, down 0.40%, and the Nasdaq Composite at 25,136.27, down 0.91%, on Yahoo closes. The percentages and dollar values are our arithmetic.
Update, 14 November 2026: a $196 million options trade. FT Alphaville reported on 13 November, in an article headlined “OK who just made $200mn shorting Nvidia ahead of Jensxit?”, that Macro Risk Advisors had spotted Nvidia put options entered into on October 12 that expire in January. MRA’s Joseph Niles says the trader bought 180,000 puts with a strike price of $150 and sold 280,000 puts with a strike price of $100, for an estimated net cost of $8.32mn. The trade has now made approximately $196mn, “roughly 24 times the initial premium paid, according to MRA’s calculations”, the FT reported. Nvidia was trading at $226 on October 12, per the FT, so the $150 strike sat about 34% below that price, by our arithmetic. MRA puts the maximum profit at about $892mn and calculates that the trade makes money if Nvidia trades between $114.60 and $150.46 when the options expire on Jan 15. FT Alphaville refers to the buyer only as a “mystery trader” and “the person or firm who first entered into it”.
Reuters put the Nasdaq-100 down 2.2%, on pace to erase almost $870 billion in market value if the losses held through the close, and the Philadelphia SE Semiconductor index down 6%, facing a more than $670 billion wipeout for the day. Advanced Micro Devices fell 10.2% and Broadcom 6.7%, it said, and Micron 5.6%. Meta Platforms was the exception among the hyperscalers, up 1.3%.
The stated cause was Nvidia. Reuters linked the selling to “fresh jitters over AI financing” after Jensen Huang stepped down as Nvidia’s chief executive on Thursday. The neocloud names fell further than the indexes on our numbers: at 17:20 UTC, IREN was down 8.73% on the day, against 1.75% for the Nasdaq-100 and 4.64% for the semiconductor index.
Share-price decline since the 11 November close for Nebius, CoreWeave, IREN, Nvidia, the PHLX Semiconductor index and the Nasdaq-100, at 17:20 UTC on 13 November, from delayed Yahoo Finance prices. The percentages are our arithmetic; the close may differ.
Two Days, $17.7 Billion
We multiplied each company’s latest reported share count by its price change since the 11 November close. CoreWeave’s 10-Q lists 556,125,724 Class A and Class B shares outstanding on 30 October; at $51.77, down from $60.77, that is $5.0 billion. Nebius’ third-quarter statements show 292,902,405 Class A and Class B shares outstanding on 30 September; at $115.86, down from $154.69, that is $11.4 billion.
IREN’s 10-Q lists 424,357,381 ordinary shares on 30 October; its fall from $20.84 to $17.78 is $1.3 billion. Together the three neoclouds lost $17.7 billion in two sessions, by our arithmetic. Friday alone accounts for $7.1 billion of it: $2.7 billion at CoreWeave, $3.7 billion at Nebius and $0.7 billion at IREN.
For Nvidia, the same method uses the 24.1 billion shares on the cover of its latest 10-Q, counted on 21 August. Friday’s fall to $160.86 from $166.19 is about $128 billion; since the 11 November close of $173.73 it is about $310 billion. From the 13 October close of $228.52, the stock is down 29.61%, or about $1.63 trillion, by our arithmetic. Our piece on Nvidia’s after-hours drop started this run of coverage, and the analyst downgrades followed.
Why Financing Is the Thread
Reuters wrote that Nvidia “has financed infrastructure built around its chips, a strategy that has driven demand but also raised questions about circular funding flows between the chipmaker and its customers”. It quoted Thomas Hayes, chairman of Great Hill Capital: “It’s a short-term death blow to the industry because the amount of vendor financing and financing guarantees that Nvidia and Jensen Huang stepped into are now over”. That is one investor’s view, not a statement from Nvidia.
ARK Invest added to CoreWeave on Thursday. Its daily trade file for 12 November shows ARKK buying 223,010 CoreWeave shares and ARKW 60,012, or 283,022 in total, worth about $16.0 million at Thursday’s $56.60 close by our arithmetic. ARKK held 3,173,886 CoreWeave shares in its 13 November holdings file. At 17:20 UTC on Friday, CoreWeave was 8.53% below that close.
The Structural Read
As we read it, the gap between the neoclouds and the indexes is the story: at 17:20 UTC Nebius was down 25.10% since the 11 November close and the PHLX Semiconductor index 5.16%, by our arithmetic on Yahoo prices.
As we read Reuters, the stated worry is the financing link: it tied Friday’s selling to “fresh jitters over AI financing” and to questions about circular funding flows between Nvidia and its customers.
Thomas Hayes, chairman of Great Hill Capital, quoted by Reuters
“It’s a short-term death blow to the industry because the amount of vendor financing and financing guarantees that Nvidia and Jensen Huang stepped into are now over”
Three Implications
FOR INVESTORS Reuters said Nvidia’s quarterly earnings and Anthropic’s market debut are set for next week and could prove to be catalysts for sentiment towards AI.
FOR THE NEOCLOUDS Our share-count arithmetic puts the three-company loss at $17.7 billion in two sessions, of which $7.1 billion came on Friday.
FOR OUR COVERAGE We will report any statement from Nvidia or the neoclouds on their financing arrangements.
The analysis says: “The total cycle: $725B Big Four + $50B Oracle + $13B Apple + $60B Neoclouds + $80B China + $60B Sovereigns + $48B Other = ~$1.04 trillion in 2026 compute capex, the first trillion-dollar year of compute capex in human history.”
As we read it, the neoclouds are a small slice of that capex but the most leveraged one, which is why their shares moved several times more than the indexes on Friday. The analysis predates this week and does not discuss the Nvidia CEO change.
Share-price decline since the 13 October close for IREN, Nebius, CoreWeave and Nvidia, at 17:20 UTC on 13 November, from delayed Yahoo Finance prices. The percentages are our arithmetic.
What Is Not Established
Friday’s figures are intraday: Reuters’ and ours were taken at different times, and the close may differ. Our market values apply the latest share counts the companies have filed, not the count on the day, and Nvidia’s count dates from August. ARK does not give reasons for individual trades in the file. Reuters said Nvidia’s quarterly results and Anthropic’s market debut are set for next week; our piece on Nvidia’s $1 trillion outlook sets out what those results will be measured against.
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Neocloud shares fell for a second day on Friday, and Reuters tied the move to worries over AI financing after Nvidia’s CEO change. On the companies’ own share counts, CoreWeave and Nebius have lost $16.4 billion of market value since the 11 November close and IREN another $1.3 billion, while Nvidia is 29.61% below its 13 October close, by our arithmetic at 17:20 UTC.
A note on sourcing. We read Reuters’ report of 13 November in full through its MarketScreener syndication for the index, sector and company moves it gave and the quotes. Share prices are delayed Yahoo Finance data taken at 17:20 UTC. Share counts come from CoreWeave’s and IREN’s 10-Qs for the quarter ended 30 September, Nebius’ third-quarter statements filed on Form 6-K and Nvidia’s 10-Q for the quarter ended 26 July. ARK’s CoreWeave purchase comes from ARK’s own trade file for 12 November. All percentage changes and market values are our arithmetic.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
