CoreWeave and IREN slide after Nebius results and Nvidia CEO exit

CoreWeave (CRWV) and IREN shares fell sharply on Wednesday, dropping 8.6% and 10% respectively, reversing most of the prior session's gains driven by CoreWeave's optimistic quarterly results. The decline was triggered by news that Nvidia CEO Jensen Huang resigned, creating uncertainty over chip supply for neoclouds that depend heavily on Nvidia hardware. Additionally, CoreWeave's plan to raise at least $4 billion in chip-backed debt highlighted the sector's high leverage and financing risks. Rival Nebius also fell over 10% despite beating revenue estimates, as its increased capital expenditure plans for 2026 and 2027 raised concerns about funding and returns across the neocloud sector.