Artificial intelligence (AI) infrastructure stocks just learned how quickly spending fears can outrun demand. CoreWeave (NASDAQ: CRWV) fell about 25% in a matter of days during the recent sell-off, while Applied Digital (NASDAQ: APLD) and IREN (NASDAQ: IREN) slid roughly 50% from their summer highs.
The worry is familiar. Data center builders are pouring enormous capital expenditure (CapEx) into new campuses, much of it borrowed, and investors want to know whether that capacity ever pays for itself.
