CoreWeave Falls 9.53% as Midterm Results Weigh on Compute Stocks

U.S. compute-cloud stocks fell in premarket trading Wednesday, with CoreWeave down 9.53%, as midterm election results heightened concern that opposition to data center expansion could slow U.S. AI infrastructure investment.

Oracle slid 4.83%, while Nebius dropped 6.77%, IREN fell 7.69% and Applied Digital lost 7.24%. The declines spanned a group tied to computing capacity for AI workloads.

Several candidates who opposed data center expansion won governor's races as Democrats recorded a major midterm victory. The results raised concern that officials could tighten project approvals over power supply, environmental protection and AI safety, delaying new facilities.

Opposition to data centers has focused on noise, water use, energy consumption and higher household electricity bills. Possible delays have also put server memory demand in focus, with Samsung Electronics and SK Hynix facing concern about effects on server DRAM and high-bandwidth memory demand. Technology companies may respond by building their own power and supporting infrastructure.