CoreWeave Shares Tumble as Texas Elects Data-Center Moratorium Advocate

CoreWeave (NASDAQ: CRWV) shares fell more than 9% to $48.62 in Wednesday’s premarket trading after Gina Hinojosa defeated incumbent Texas Governor Greg Abbott in the state’s gubernatorial election, drawing attention to the company’s 262-megawatt data-center commitment in Texas. Hinojosa has called for a moratorium on new data-center development until Texas lawmakers establish protections addressing electricity costs, water supplies, and local communities’ role in approving projects. Her election does not itself impose new restrictions on the company’s existing facilities or contracts. CoreWeave has contracted 262 MW of critical IT capacity at Core Scientific’s Denton, Texas, campus.

Source: The Crypto Basic