Line chart of year-to-date total returns for four neocloud stocks from the December 31, 2025 close to the October 22, 2026 close. Nebius is up 90.1% after peaking above 240% in June. Applied Digital is down 22.1%, CoreWeave is down 22.4% and IREN is down 32.5%.

CoreWeave (CRWV) and IREN (IREN) stock are down today because investors sold neocloud stocks on Thursday, October 22, 2026, over worries about debt-funded AI spending. Both ended at their lowest closing prices of 2026.

CoreWeave fell 10.1% to $55.60 and IREN dropped 8.4% to $25.51, while the S&P 500 lost 1.2%.

  • CoreWeave −10.1%

  • Applied Digital −9.0%

  • IREN −8.4%

  • Nebius −7.2%

Why are neocloud stocks down today?

Meta's AI funding plans sparked a broad tech selloff Thursday. A day earlier, Meta said it would create a new class of nonvoting shares to help finance its growth and raised the low end of its 2026 capital spending forecast to $135 billion.

Nebius fell even after announcing a $3.5 billion financing facility from Citi to pay for data center development and GPUs.

Nebius is still up 90.1% this year after peaking above 240% in June. Applied Digital is down 22.1%, CoreWeave is down 22.4% and IREN is down 32.5%.

More AI coverage is on our stocks page, including why Meta stock fell Thursday.

Demand for AI computing hasn't gone away, but on Thursday investors cared more about who's paying for it.

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Phil Rosen
Phil Rosen

Phil Rosen is co-founder and CEO of Opening Bell Media and chief market strategist for Silvia Inc. (NASDAQ: SVIA). He hosts Full Signal and writes Opening Bell Daily — the markets briefing read by over 200,000 investors and published on Bloomberg Terminals — and has also published two books and won a Fulbright award for his reporting. Contact him at [email protected].

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