UBS lowered CoreWeave's target price from $120 to $105, but maintained a “buy” rating. It is mainly concerned that the financing risks of AI infrastructure companies will continue to increase, and investor confidence will be difficult to recover in the short term. CoreWeave's stock price has dropped 37% since October, while Microsoft and Amazon stock prices rose during the same period. UBS believes this reflects that investors are turning to large technology companies with more stable financial conditions to reduce the risk of investing in AI infrastructure. The agency said it is re-evaluating CoreWeave's credit status and anticipates that it may take several quarters to rebuild market confidence. CoreWeave currently has about US$129 billion in contracts to be fulfilled, but it is estimated that an additional US$20 billion in financing will be required to meet the needs already signed. Meanwhile, the company's credit default swap costs have risen to an all-time high, reflecting growing market concerns about its debt risk.

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