금리 압박으로 뉴클라우드 매도 발생: 코어웨이브 약 7% 하락, 네비우스 약 5% 하락, 테라울프 약 6% 하락

Shares of neocloud operators are sliding sharply Tuesday midday as investors reprice the sector amid fresh concerns over AI spending durability and a sharp rise in long-term interest rates. CoreWeave (NASDAQ: CRWV) is down 6.8%, Nebius Group (NASDAQ: NBIS) is lower by 5.2%, and TeraWulf (NASDAQ: WULF) has dropped 6.5%. This selloff occurs despite some of the strongest operating metrics the segment has ever recorded.

Three catalysts are converging to drive the decline. First, recent earnings disclosures fell short of market whispers. Anthropic reported that its annual recurring revenue (ARR) reached $65 billion at the end of July, while OpenAI recently announced an ARR of $40 billion. Both figures are substantial but missed elevated expectations circulating in Silicon Valley. On the All-In Podcast, Gavin Baker noted he had heard Anthropic’s ARR exceeded $80 billion. Separately, Reuters reported that Anthropic is projecting 2028 revenue between $190 billion and $200 billion, which contrasts sharply with investor expectations—cited again by Baker and co-host David Sacks on the All-In Podcast—that the company would exit next year with an ARR of $400 billion to $500 billion.

Second, a Wall Street Journal analysis revealed that nine leading technology companies hold approximately $3 trillion in off-balance-sheet commitments, primarily tied to AI infrastructure. These obligations are growing faster than traditional capital expenditures, which totaled roughly $600 billion over the past year. The report reignites questions about the durability of hyperscaler AI spending, directly impacting how investors value the backlog embedded in neocloud equity prices. Suppliers providing power, cooling, and networking for this buildout occupy a different tier of the stack, as detailed in our recent free AI infrastructure report profiling seven key players.

Third, and most critical for this group, borrowing costs surged. The 30-year Treasury yield climbed to 5.33%, marking a 19-year high, while the 10-year yield settled at 4.71%, placing it in the 96th percentile over the past 12 months. Neoclouds operate the most capital-intensive business model in AI. As the cost of capital rises, the economics of each new project deteriorate, prompting the market to apply steeper discounts to revenue streams expected years into the future.

Despite today’s selloff, underlying business momentum remains robust. CoreWeave reported second-quarter revenue of $2.6 billion, a 112% year-over-year increase, and implemented a 25% price hike across all SKUs in July, according to its SEC filings. Nebius delivered Q2 revenue of $582.3 million, surging 454% year over year, while clearing a capacity auction 15% above the previous highest Blackwell price, per its SEC filings. TeraWulf also disclosed a 20-year lease agreement with Anthropic at its Justified Data Campus in its latest SEC filing.

Recent stock performance largely reflected this strength heading into the session. CoreWeave had risen approximately 45% over the prior month and 48% year to date. Nebius gained about 51% over the same monthly period and 221% year to date. TeraWulf remained up 53% year to date and 96% over the trailing twelve months. The current disconnect is clear: operational trends continue to improve, yet the market is aggressively repricing the financing environment beneath these businesses, even as the underlying demand narrative holds firm.

Today’s intraday action aligns with a broader sector rotation. Healthcare, consumer defensives, utilities, and energy are advancing, while technology stands as the day’s largest losing sector. When Treasury yields spike and doubts about AI spending durability emerge within the same trading window, capital rapidly exits the highest-beta, most leveraged AI names. Neoclouds sit at the forefront of this shift.

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