Dan Ives Calls CoreWeave Sell-Off A ‘False Narrative’ — Sees Buying Opportunity With AI Demand Accelerating As CRWV Stock Sees Worst Week In 11 Months

Ives argued during an interview with Bloomberg on Friday that the broader AI demand story remains intact even as investors reassess the economics of debt-heavy data center companies.

• Ives said he views the recent pressure on CoreWeave and other AI infrastructure stocks as a buying opportunity, pointing to the company's demand and backlog as reasons to look beyond the near-term volatility.
• He added that he sees a major disconnect between the market's concerns and the underlying demand picture.
• Ives said his recent trip to South Korea reinforced his conviction that demand across the AI hardware ecosystem continues to accelerate, particularly in memory.

CoreWeave Inc. (CRWV) shares are facing their worst week in nearly a year as investor concerns over the AI infrastructure company's debt load and rising borrowing costs intensify.

But Yorkville Ives Partner and Senior Managing Director analyst Dan Ives sees the recent sell-off as an overreaction. Ives argued during an interview with Bloomberg on Friday that the broader AI demand story remains intact even as investors reassess the economics of debt-heavy data center companies.

CoreWeave shares closed nearly 12% lower on Friday, falling about 1% further during the afterhours session. CoreWeave shares are now down over 25% this week, which is the worst weekly decline since a roughly 26% fall in November 2025.

CoreWeave Sell-Off Is A ‘False Narrative,’ Says Ives

Ives said he views the recent pressure on CoreWeave and other AI infrastructure stocks as a buying opportunity, pointing to the company's demand and backlog as reasons to look beyond the near-term volatility, while adding that he sees a major disconnect between the market's concerns and the underlying demand picture.

“When you think about what's happening in CoreWeave, given the worries in terms of the debt and what's happened with CDS spreads, I view it as similar to ‘SaaS apocalypse’ earlier this year,” he said.

While Ives acknowledged that higher interest rates could create challenges, he argued that the strength of AI demand ultimately outweighs those concerns.

“I'm not saying there's not some issues in terms as rates go higher. But given the demand, given backlog, I think this is ultimately a false narrative,” he said, while noting that the sharp decline in AI-related stocks has created an opportunity for investors.

AI Demand Is Accelerating, Ives Says

Ives said his recent trip to South Korea reinforced his conviction that demand across the AI hardware ecosystem continues to accelerate, particularly in memory.

“Memory, if I look at chips, we've seen demand accelerate 30%, 40% over the last 60 and 90 days,” he said.

For Ives, that acceleration is an important signal for the broader AI trade. He expects upcoming earnings from hyperscalers and other technology companies to provide another test of whether the massive spending cycle is continuing.

“So what that speed boost is showing is that this is all accelerating in terms as it plays out. That to me, continues to be the best barometer for what we're seeing,” he said.

He argued that investors should focus less on near-term volatility and more on whether demand for AI infrastructure continues to build.

“And I think we're going to see that in earnings relative to the hyperscalers, relative to broader tech. Focus on demand and demand is telling you we are in the third inning relative to this AI game,” he added.

Ives also acknowledged that political opposition could prevent some data center projects from moving forward, estimating that 5% to 10% could ultimately be rejected or delayed. But he said that would not fundamentally derail the AI infrastructure buildout.

Even with that potential pushback, he argued that the scale of the remaining opportunity is enormous, with data center spending continuing to have a broad impact across the technology sector.

“But still to that point, you're going to have 800 to 1,000 data centers out there,” Ives said, adding that capital spending could have a “6 to 7x multiplier” relative to the rest of tech, which he said remains central to his core AI thesis.

Jefferies Says CoreWeave Sell-Off Is Overdone

According to TheFly, Jefferies is also pushing back against the recent pressure on CoreWeave, with analyst Brent Thill maintaining a ‘Buy’ rating and a $150 price target on the stock.

Thill said the market's reaction to rising yields on CoreWeave's unsecured debt has been too harsh and does not reflect the company's underlying fundamentals.

“While future funding costs could rise, short-duration deals at about $40 million per MW more than offset this,” the firm said in a research note.

Jefferies consequently views the recent decline in CoreWeave shares as excessive.

What Retail Investors Think About CRWV Stock

Retail sentiment on Stocktwits around CoreWeave trended in the ‘extremely bullish’ territory at the time of writing.

CRWV stock is down 14% year-to-date and 57% over the past 12 months. The Invesco QQQ Trust (QQQ) is up 18% over the past 12 months, while the Vanguard Morningstar Total Stock Market ETF (VTI) is up 15%.

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