A 24/7 Wall St. article by Trey Thoelcke examines why AI neoclouds CoreWeave and Nebius have lost roughly half their value since early October 2026, with the post-midterm selloff raising concerns that new state governments will slow the data center buildouts their growth depends on. Thoelcke argues CoreWeave's weakness is leverage while Nebius faces dilution and uneven revenue, and concludes Nebius enters its November 12 report with the stronger comeback case, CoreWeave's depending on margin expansion arriving on schedule when it reports November 10.