CoreWeave ( CRWV) is an AI cloud computing company that delivered multibagger gains post-IPO. Soaring AI demand and spending on computing and data centers allowed it to land significant contracts and gain steam, though the momentum has come to an end and reversed.

CoreWeave (CRWV) is down nearly 20% at the time of writing even after reporting market-beating revenue for its second quarter and offering upbeat guidance for the future. The AI infrastructure company saw its revenue more than triple to $1.

The AI-focused data center operator beat revenue forecasts but reported a $291 million quarterly loss, rattling investors.