Look at the $CRWV Risk Reversal Skew. Stock down 9.56% today to $55.91, breaking below $60. Skew is still positive at +0.02. Puts are still priced over calls, so the market still sees the risk to the downside. Still waiting on the flip back negative.

CoreWeave (CRWV) shares fell 9.56% to $55.91, breaking below the $60 level, according to the headline, which also notes that the stock's one-month risk reversal skew remains positive at +0.02, meaning put implied volatility still trades at a premium to calls. A positive risk reversal signals that options traders are paying up for downside protection, so the derivatives market continues to price a greater probability of further declines even after the sell-off. The transmission mechanism here runs through options positioning and volatility pricing rather than macro rates or inflation, with hedging demand for puts feeding back into the underlying through dealer delta-hedging flows. The exposure is concentrated in CRWV itself and in other high-beta AI infrastructure and GPU-cloud names, which tend to move together when sentiment toward AI capital spending shifts. The next catalyst to watch is whether the skew flips toward calls or widens further in the sessions following the break below $60, alongside any company disclosures on customer contracts or capital expenditure guidance.

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