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CRWG −15.08% on Nov 12 · Analysis updated Nov 12, 2026, 11:46 AM ET
Why is Leverage Shares 2X Long CRWV Daily ETF (CRWG) stock down?
CRWG, a 2X daily long product on CoreWeave, jumped about 49% on Nov 11, from $4.79 to $7.13, on 36.7M shares. That was the highest volume in the 30-day window. The trigger was CoreWeave's Q3 report on Nov 10. Revenue rose 168% to $3.66B, ahead of the $3.55B expected. Adjusted operating income was $379M with a 10% margin, backlog was about $132.5B, and 2026 guidance was raised to $13B-$13.3B in revenue. Management also expects about $9B of customer prepayments over the next three months. The underlying stock closed up about 24.7% at $60.77, after a roughly 40% decline in the prior month. Today the rally is partly reversing. CRWG is at $6.055 as of 11:46 ET, about 15% below yesterday's close, after trading between $4.65 and $6.61. News reports point to sector-wide pressure. Items cited include a reported Nvidia leadership change, a report that CoreWeave plans to raise at least $4B in loans, and a 10-year yield near 5%. Net loss widened to $709M on $846M of interest expense, so debt remains the main concern. The price swings are very large: CRWG ranged from $3.27 on Nov 5 to $8.92 on Oct 29 within about two weeks. As a 2X daily product it magnifies the underlying stock's daily moves, and daily rebalancing can erode returns in choppy markets.
News behind the analysis
- CoreWeave beats on revenue and lifts guidance, easing AI slowdown concernsQ3 revenue rose 168% to $3.66B versus $3.55B expected. 2026 guidance was raised to $13B-$13.3B in revenue.
- CoreWeave (CRWV) Q3 2026 Earnings ReportAdjusted operating income was $379M against guidance of $200-260M, with a 10% margin. Backlog rose to about $132.5B from $104.2B.
- CoreWeave Q3 2026 earnings: Share price jumps 25%, what's next?CRWV closed about 25% higher at roughly $60.77 on Nov 11, after falling about 40% in the month before results. Management expects about $9B in customer prepayments over the next three months.
- Why is CoreWeave stock tumbling today?CRWV fell 14.1% pre-open, giving back part of the prior day's 24.7% rally. The article cites a reported Nvidia leadership change, a report of a $4B+ loan raise, and a risk-off backdrop with the 10-year yield near 5%.
- CoreWeave Inc (CRWV) Q3 2026 Earnings Call HighlightsManagement cited pricing power, with prices raised about 25% in July and another 10% later in the quarter. Net loss widened to $709M as interest expense hit $846M.
- CoreWeave (CRWV) Stock Rebounds As Q3 Results Ignite Margin DebateShares rose about 24.9% to $60.84 on the results. The article flags the debt burden and a short cash runway as continuing concerns.
- Earnings call transcript: CoreWeave tops Q3 2026 forecastAdjusted EBITDA was $2.3B, up 169% year over year, and operating cash flow was $2B. The stock closed at $48.73 before the report.
- CoreWeave Inc. Q3 2026 Earnings: Recap and Stock ForecastEntering the report, the stock was off nearly 41% for the month and about 65% from its May high. Options implied a 15% swing, and financing worries were a key theme.
- Why Is CoreWeave Stock Rising? Q3 Earnings, Growth and Debt ExplainedRevenue grew from $2.575B in Q2 to $3.661B in Q3. Adjusted operating margin was 10%, versus 16% a year earlier.
- CRWV Stock Price and Chart — TradingViewCRWV surged 24.71% to $60.77, then fell in after-hours and overnight trading on reports about Nvidia's board reviewing its CEO's future.
About Leverage Shares 2X Long CRWV Daily ETF
CRWG is a Nasdaq-listed ETF from Leverage Shares (Themes ETF Trust), launched in August 2025. It aims to deliver twice (200%) the daily return of CoreWeave, the AI cloud-computing company, before fees and expenses, which makes it a very concentrated and highly volatile short-term trading tool.
How the fund works
The fund is actively managed. It mainly uses total return swaps, and sometimes other derivatives, to get exposure equal to about 2x its net assets in CoreWeave stock, and it rebalances every day. The 2x target applies to single-day returns only. Over longer periods, compounding can make results differ sharply from 2x CoreWeave's return, and the fund can lose value even if CoreWeave rises. A drop of about 50% or more in CoreWeave in a single day could wipe out the fund. The expense ratio is about 0.75–0.77%, and there are also swap financing costs. The fund holds only one stock, so it is non-diversified.
What usually moves CRWG
- CoreWeave (CRWV) daily share price moves
- AI data-center and GPU computing demand
- CoreWeave debt, capital spending and customer contracts
- Volatility decay from daily rebalancing
- Overall tech and AI market sentiment