D.A. Davidson’s Gil Luria warns CoreWeave equity could go to zero if AI spending slows

The analyst flagged a gap between roughly 9% borrowing costs and thin returns as shares fell more than 15% and bond yields climbed to 15-16% CoreWeave has spent the AI boom as one of its loudest beneficiaries. On October 14, 2026, D.A. Davidson analyst Gil Luria offered a much less flattering read: the company’s equity could be worth nothing if the AI spending cycle cools. Markets took the hint, sending CoreWeave (NASDAQ: CRWV) shares down more than 15% the same day. Luria’s warning comes down to a basic spread problem. By his account, CoreWeave borrows money at roughly 9%. The returns it earns on that capital look far thinner. Luria estimated the company’s return on invested capital at around 1%, or 4-5% at best.

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