Cloud computing shares fell on Wednesday. CoreWeave fell 13%; Nebius down 8%; IREN down over 7%; Oracle down over 6%.

CoreWeave, Inc. is seeking to tap insurance-company capital to lower funding costs for AI chips and infrastructure expansion, a development the market appears to have read as underscoring persistent financing pressure behind its growth model.

Recent disclosures indicate the company has raised more than $35 billion this year through structures including chip-backed loans. Earlier this year it secured an $8.5 billion financing backed by Nvidia chips and a long-term contract with Meta, while debt and lease obligations stood at about $52 billion at the end of June. Additional reports also noted unsecured bond yields approaching 15%, reinforcing investor concern over leverage, funding costs, and whether AI infrastructure demand can convert into durable long-term cash flow.

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