CoreWeave stock dropped 8% Monday after the AI cloud computing company announced plans to raise another $2 billion, this time through convertible debt, to finance its rapid build-out of new data centers. On Tuesday, the company said it would increase the total offering to $2.25 billion. CoreWeave, which sells access to powerful Nvidia graphics processing units (GPUs) to run AI models, may be a bellwether in an industry placing unprecedented bets on an AI boom some believe is just around the corner. 

CoreWeave is a “pick-and-shovel” infrastructure company in AI (like Nvidia) whose fortunes may test the narrative that tech companies—and their stock values—are riding the long wave of the next technological transformation. CoreWeave’s stock may be an........

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