CoreWeave stock rebounded on Monday after the AI cloud provider announced a multi-year cloud computing agreement with autonomous-driving developer Wayve. The announcement came as scrutiny of Microsoft's outside computing contracts intensified ahead of CoreWeave's quarterly earnings.

At 11:09 a.m. Eastern, CoreWeave, Inc. Class A common stock (CRWV) traded at $49.37, up 6.40% from Friday's close of $46.40. Earlier in the session, shares traded below the previous close, underscoring sharp intraday moves.

Wayve Deal Opens a New Customer Channel

Under the multi-year agreement, CoreWeave said Wayve will train foundation models on its cloud infrastructure using Nvidia Blackwell processors. Wayve will also use the platform for evaluation and simulation as it develops autonomous-driving software.

Wayve previously used Weights & Biases, a developer platform acquired by CoreWeave. CoreWeave did not disclose the contract's value or a specific expiration date, which means the agreement cannot yet support a quantified revenue forecast. The expanded relationship nevertheless illustrates demand from applications beyond conventional generative AI — the kind of end-market breadth that matters for a company whose customer base is concentrated among a few large buyers.

Microsoft Cloud Review Raises Renewal Questions

Bloomberg reported on Friday that Microsoft is winding down a 2023 cloud rental agreement with Oracle, with sources telling the outlet that older Nvidia processors no longer matched Microsoft's requirements. Oracle told Reuters demand for its AI services remained strong, including for earlier-generation chips.

Microsoft has reportedly reviewed billions of dollars in outside computing commitments, including with other providers. Neither report establishes a canceled CoreWeave contract.

That distinction matters because CoreWeave's SEC filing documents dependence on a relatively small number of customers. Three unnamed customers produced 36%, 26%, and 10% of second-quarter revenue, respectively — 72% in total. The company identified Microsoft as a significant customer but did not match it to those percentages, leaving CoreWeave's precise exposure to any individual Microsoft contract unclear. The November 10 earnings call is the next scheduled occasion on which management could address the standing of specific customer contracts.

Earnings Put Backlog and Borrowing Under Focus

The filing showed $103.7 billion in remaining performance obligations at June 30, 2026, with CoreWeave expecting 41% of that amount to be recognized over the following 24 months. Those commitments depend on service delivery and contract conditions.

Second-quarter revenue was $2.58 billion, while net interest expense reached $640 million, up from $267 million a year earlier. Separately, Reuters reported on Monday that banks were scrutinizing AI infrastructure lending and limiting additional exposure.

Blockonomi previously reported concerns about CoreWeave's borrowing costs during October's AI infrastructure selloff, and another Blockonomi report documented older Nvidia A100 hardware contracts running through 2029, complicating broad assumptions that every older chip immediately loses commercial demand.

CoreWeave has scheduled its third-quarter earnings call for November 10 at 5 p.m. Eastern. The company previously guided for third-quarter revenue between $3.45 billion and $3.60 billion, with quarterly interest expense forecast at $860 million to $940 million. Revenue against that guided range, any updated backlog disclosure, and interest expense versus the forecast are the figures that will show how the quarter tracked the company's own outlook, with borrowing costs under added scrutiny given the more cautious lending backdrop.