Neocloud stock rout has a silver lining: It's staying contained

If there is any upside to the ongoing neocloud stock rout led by CoreWeave (CRWV) and Nebius (NBIS), it's that it hasn't spread to the broader stock or credit markets. "Just as notable is where the stress has not spread," Barclays strategist Venu Krishna pointed out. "Despite the wider concerns around AI capex and financing, the deterioration in credit has remained largely confined to the neo-cloud complex, with CDS spreads for most ."hyperscalers little changed. Oracle stands out as the main exception, with its five-year CDS widening by 80 basis points, proportionally as large a change as CoreWeave's.