CoreWeave, a US-based AI cloud infrastructure provider that rents out graphics processing units, or GPUs, saw its bonds fall for a second straight session

The decline followed a report that Meta is developing a cloud infrastructure business to sell access to AI computing power and models, though the plans are still early and could change.

CoreWeave’s 2 billion euros (US$2.28 billion) bond fell nearly two cents over two days to 96.8, while a US$1.25 billion bond issued in June dropped about 1.3 cents to 97.3.

Nebius, a Netherlands-based AI infrastructure company, saw its convertible bonds due March 2031 fall about 21 cents to 152 cents on the dollar.

The move also renewed focus on customer concentration among AI infrastructure providers.

Gil Luria of D.A. Davidson said Meta accounts for more than half of Nebius’s backlog and more than a third of CoreWeave’s backlog, making those contracted future revenues less valuable if Meta shifts from a major buyer of computing capacity to a seller.

CoreWeave said it continues to see “incredibly strong demand” across a growing and increasingly diverse customer base, including Meta.

🔗 Source: Bloomberg

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