Cyclic homology, cdh-cohomology and negative K-theory

We prove a blow-up formula for cyclic homology which we use to show that infinitesimal $K$-theory satisfies $cdh$-descent. Combining that result with some computations of the $cdh$-cohomology of the sheaf of regular functions, we verify a conjecture of Weibel predicting the vanishing of algebraic $K$-theory of a scheme in degrees less than minus the dimension of the scheme, for schemes essentially of finite type over a field of characteristic zero.