For those unfamiliar with CoreWeave, it is a cloud computing company whose infrastructure is specifically designed to run AI workloads. The company's close relationship with Nvidia gives it access to that company's newest graphics processing units (GPUs). It also provides high-speed networking, storage, and managed software services.

The AI-focused data center operator beat revenue forecasts but reported a $291 million quarterly loss, rattling investors.

CoreWeave (CRWV) is down nearly 20% at the time of writing even after reporting market-beating revenue for its second quarter and offering upbeat guidance for the future. The AI infrastructure company saw its revenue more than triple to $1.