CoreWeave Offers to Fund Texas Grid Hookups as Moratorium Looms
U.S. markets are closed today; trading resumes Monday at 9:30 a.m. ET (5:30 p.m. in Istanbul). The weekend's new development came from Texas: CoreWeave CEO Michael Intrator sent a letter on Saturday to Texas Governor-elect Gina Hinojosa.
Hinojosa campaigned on a statewide moratorium on new AI data center construction. Intrator wrote that the company supports those principles. CoreWeave pledged to fund the infrastructure needed to connect new facilities to the grid, so the cost does not pass to nearby households.
The letter's real ask is that permitted projects be allowed to finish. The company lists six Texas sites, including Austin, Plano and Denton. This is not a challenge to a moratorium but a bid for an exemption from it.
The backdrop is the share price. CoreWeave stock has lost 44% over the past month; it rose 6.3% on Friday but still closed at $46.40. Yields on the company's bonds topped 17% in early November.
In the last session (November 6), QQQ, which tracks the Nasdaq 100, rose 1.62%, SPY, tracking the S&P 500, gained 0.31% and small-cap added 0.99%. , tracking the , fell 0.40%. As of Friday's close, the was 4.86%, up 2 basis points, the dollar index rose 0.8% to 102.3 and Brent stood at $98.30 a barrel.