CoreWeave is getting drilled again the day after a panic-filled rout

Heavily indebted AI player CoreWeave ( CRWV ) is having an awful week that keeps getting worse.

Shares plunged 6% in pre-market trading on Thursday following a 15% rout on Wednesday.

"In our view, the company's long-term business model remains economically challenged; we maintain our Underperform," Bernstein analyst Madison Rezaei said in a note Thursday.

Two factors collided to spark Wednesday's sell-off.

One, CoreWeave's corporate bonds across maturities continued to be dumped on fears of an AI slowdown and what that would mean for the company's precarious balance sheet.

The rise in yields on CoreWeave's bonds even spurred Elon Musk to post "Yikes" on X in response to a post by venture capitalist Chamath Palihapitiya.

Two, Gartner, in a new report, forecast that by 2030 "cost pressure and a lack of a differentiating business model will force over 80% of neocloud providers to cease independent operations."

CoreWeave is a neocloud. The report essentially was akin to yelling fire in a crowded theater.

CoreWeave sought to push back on the bears, but it doesn't appear to have worked.

"Net net, this market is dynamic, and there are many players. But not all companies are following the same playbook we are. Others are trying to raise enormous amounts of capital without the execution, revenue, scale, or software solutions that CoreWeave delivers to its customers. When you are building a new type of technology company there will be periods of time when the market misunderstands and acts irrationally. We are confident in our business model, our customers, the extraordinary quality of our execution, and the relentless discipline around the financial engine we have built," CoreWeave said in a statement to Yahoo Finance.

Brian Sozzi is Yahoo Finance's Executive Editor, host of the Sozzi Unleashed morning show, the ' Power Players With Brian Sozzi' podcast and a member of Yahoo Finance's editorial leadership team. Follow Sozzi on X @BrianSozzi , Instagram , and LinkedIn . Tips on stories? Email brian.sozzi@yahoofinance.com.