#ChartExchange #BorrowRate #ShortSqueeze #CRWV
Expensive bets against CoreWeave are getting smashed as shares soar
CoreWeaveCRWV $58.59 (13.84%) is behaving like it’s a twice-levered version of a US retailer that sources from China and just got major tariff relief.
Shares of the recently IPO’d cloud computing company are going bananas today, up 15%, ahead of its inaugural earnings report as a publicly traded firm on Wednesday after the close.
Like SoundHound AISOUN $11.07 (22.72%), this has the fingerprints of a short squeeze, with an extra dose of strong appetite for upside in the options market.
Exchange data shows 30% of CoreWeave’s float was sold short heading into the start of May, during which time it’s rallied more than 40%. The stock is also fairly expensive to borrow, with an annual rate of about 8.3%, per Interactive Brokers data. That’s the third-highest borrow rate among stocks with a market cap of at least $20 billion, per ChartExchange.
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