CoreWeave, Inc. Class A Common Stock

Dell Technologies is set to face its next big test as its AI-driven stock surge meets upcoming earnings. The company's shares have gained over 235% in 2026, fueled by soaring demand for AI servers and infrastructure. Evercore ISI analyst Amit Daryanani maintains an Outperform rating with a $550 price target ahead of Dell's Sept. 1 results. In its last report, Dell booked $24.4 billion in AI orders, made $16.1 billion in AI server revenue, and ended with a record $51.3 billion backlog. Evercore expects Dell to exceed Wall Street's fiscal second-quarter projections and raise its fiscal 2027 forecast, with strong spending from AI customers like CoreWeave and SpaceX potentially boosting demand. However, after such a significant surge, even meeting expectations may not suffice, and Dell must demonstrate that AI demand is robust enough to sustain revenue and outlook.

Nebius Group's cloud business revenue surged 514% year over year in the second quarter, pushing total quarterly revenue to $582.3 million and beating analyst expectations of roughly $572.75 million. The company signed four AI cloud deals averaging more than $1 billion each, raised its 2026 contracted power target to 5 gigawatts, and expects over $9 billion in customer prepayments this year on top of $40 billion in total commitments. Rival CoreWeave reported 112% revenue growth and a backlog of $104.2 billion, roughly 180 times Nebius's quarterly revenue, while posting a narrower-than-expected loss per share of $1.14. Nebius was held by 60 hedge funds as of Q1 2026, up from 54, while CoreWeave was held by 63, up from 58.

Shares of CoreWeave and Super Micro Computer jumped to their highest levels since June on August 12, 2026, a day after both companies delivered upbeat forecasts that signaled booming demand for AI computing capacity. CoreWeave rose more than 19%, and Super Micro climbed more than 13%. CoreWeave raised its forecasts for annual revenue, adjusted operating profit, and capital spending, with its revenue backlog rising to $104.2 billion in the second quarter from $99.4 billion three months earlier, not even counting more than $25 billion in new commitments signed early in the current quarter. Super Micro forecast fiscal 2027 revenue above Wall Street estimates, and its fourth-quarter gross margin of 17.5% beat both its preliminary estimate of 15% to 17% and its original forecast of 8.2% to 8.4%. More than seven brokerages raised price targets on CoreWeave, and hedge fund ownership of both stocks increased in the first quarter of 2026.

CoreWeave reported second-quarter revenue of $2.6 billion, up 112.5% year over year, and a revenue backlog of $104 billion, up 245.5% from the prior-year quarter, signaling that AI infrastructure spending remains robust and bullish for Nvidia. The AI-focused cloud computing company's operating and net losses widened as it continued to invest in capacity, with management noting that near-term capacity is sold out while demand intensifies. The results suggest Nvidia's GPU demand will stay strong, supporting the bull case ahead of Nvidia's fiscal 2027 second-quarter earnings report on Aug. 26. Nvidia trades at 24.8 times forward earnings versus 21.1 times for information technology stocks, and the company estimates a $200 billion addressable market in CPUs driven by agentic AI systems.

Nvidia is reportedly in talks to invest in AI search startup Perplexity at a valuation exceeding $30 billion. The potential investment follows Perplexity's announcement last month that it plans to deploy Nvidia's new Vera CPUs for AI agent workloads. The move fits a broader pattern of Nvidia investing in companies that build their AI businesses on its hardware, including CoreWeave, Nebius, Fireworks, Sarvam, Safe Superintelligence Inc, and Firmus. Nvidia earlier this year invested another $2 billion in CoreWeave while deepening their infrastructure partnership.

CoreWeave signed a multiyear, multibillion-dollar agreement with Hudson River Trading to supply AI computing for building trading research and models. Chief Revenue Officer Jon Jones called it a material expansion of an existing partnership while declining to give figures. HRT becomes one of the first CoreWeave customers with wide-scale access to Nvidia's Vera Rubin chips. CoreWeave once drew more than 70% of sales from Microsoft and has been working to reduce that concentration. Jane Street, HRT's largest competitor, agreed to spend $6 billion on CoreWeave capacity and took a $1 billion equity stake.

Citi analyst Tyler Radke raised the firm's price target on CoreWeave to $159 from $142 and maintained a Buy rating after the company's Q2 2026 results. CoreWeave raised its 2026 revenue guidance to $12.4 billion to $13.2 billion and its adjusted operating income outlook to $960 million to $1.15 billion, while also increasing its expected year-end annualized revenue run rate to $18.5 billion to $19.5 billion. The company anticipates capital expenditures of $35 billion to $39 billion in fiscal 2026, but Citi believes spending is backed by healthy pricing power, growing software and token-based revenue, better-than-anticipated margins, and increased customer diversification. CoreWeave added or expanded relationships with enterprises including Caterpillar, Grammarly, Bentley Systems, Isomorphic Labs, Databricks, and Hudson River Trading during the quarter.

Bank of America says AI infrastructure providers CoreWeave and Nebius Group could add 500 to 1,000 basis points to operating margins as GPU demand outpaces supply and newer capacity is contracted at higher pricing. The bank notes older GPUs are retaining their economics better than expected, with CoreWeave's Nvidia A100 fleet contracted through 2029, suggesting an economic life of at least nine years. CoreWeave is targeting 8 gigawatts of capacity by 2030, while Nebius plans to add more than 1 gigawatt per year starting in 2027. BofA reiterated Buy ratings on both stocks, with price targets of $140 for CoreWeave and $310 for Nebius.

CoreWeave shares have surged 163% since the company's March initial public offering, and its latest quarterly results suggest the AI data center provider could become a multibagger by 2028. Second-quarter revenue jumped 112% year over year to $2.58 billion, beating the $2.56 billion consensus estimate, while its adjusted loss per share of $1.03 was narrower than the $1.20 analysts expected. The company raised its 2026 revenue guidance to a range of $12.4 billion to $13.2 billion and now expects to exit the year with annualized run rate revenue of $19 billion. CoreWeave's revenue backlog climbed to $104.2 billion from $30.1 billion a year earlier, and it has already received $25 billion in net new customer commitments in the current quarter. With 4.2 gigawatts of contracted power capacity and a sales multiple of 7.2 times, the stock could reach a $205 billion market cap by 2028 if it hits $41 billion in revenue.

Wedbush analyst Matt Bryson said recent earnings commentary from Nebius and CoreWeave points to favorable economics for AI infrastructure, with customers able to recover investments in AI servers within roughly three years or less. He estimates that demand for computing capacity continues to exceed available supply, supporting continued spending on training and inference capacity. Bryson also highlighted Cerebras, which is expanding its infrastructure plans for 2027 and working to secure additional wafer supply for its wafer-scale processors. The broader assessment suggests AI infrastructure investment may have more room to grow, with higher pricing and sustained demand providing support for companies adding capacity.

Nvidia has begun full mass production of its Spectrum-X Ethernet Photonics platform, the first co-packaged optics Ethernet switch built for 200G-per-lane volume shipping. The platform delivers 5x lower network power consumption, 64x better signal integrity, and 10x better resiliency at scale by soldering optics directly onto the switch chip. CoreWeave, Lambda, and Oracle are the first customers, with production ramping from May through July before reaching full volume. Nvidia's networking revenue surged 199% to $14.8 billion in fiscal Q2 2026, while Taiwan Semiconductor Manufacturing handles advanced silicon photonics fabrication and Lumentum supplies lasers and optics, with Lumentum's fiscal Q4 revenue more than doubling to $1.01 billion and multi-hundred-million-dollar CPO orders locked in for delivery in the first half of calendar 2027.

Morgan Stanley analysts believe Nvidia's $500 billion AI infrastructure financing deal could unlock a significant revenue stream for the company. The analysts, led by Joseph Moore, consider Nvidia a top pick among semiconductors with a $288 price target and an Overweight rating. Under the structure, Nvidia will backstop credit for neocloud startups, allowing them to raise money at near investment grade, and in exchange Nvidia gets a share of revenue above a negotiated backstop price. In a scenario where neoclouds bring 25 gigawatts of compute online by the end of 2027, monetizing it at $20 million per megawatt would generate $500 billion of annual revenue, and if Nvidia captured one quarter of that as 100% margin revenue it would drive 60% upside to fiscal 2028 EBIT estimates. At a smaller scale of 2 to 5 gigawatts, Morgan Stanley sees roughly 10% uplift to earnings per share.

Nvidia CEO Jensen Huang said Wednesday that the company's older AI chips can remain economically useful for nearly a decade, pushing back against concerns that rapid advances in AI could quickly make GPUs obsolete. Huang said on X that Nvidia's A100 fleet is mission-capable from 2020 through 2029, highlighting the longevity of the company's data center GPUs. His comments followed a disclosure from AI cloud provider CoreWeave that it signed a contract to rent Nvidia A100 GPUs through 2029 at what CFO Nitin Agrawal described as an attractive price. Huang pointed to the company's CUDA software platform as a key reason its hardware can remain useful across generations, saying CUDA makes Nvidia computing versatile, fungible, and durable. On Monday, Nvidia announced partnerships with Apollo Global Management, BlackRock, Blackstone, Brookfield Asset Management, Goldman Sachs and KKR to help mobilize more than $500 billion in capital over time.

Shares of Marvell Technology, MACOM, Micron, Western Digital, and Semtech jumped in afternoon trading after upbeat earnings and bullish forecasts from AI-related firms signaled robust demand for artificial intelligence technology. Super Micro Computer rallied after its earnings per share came in 84% higher than expected and it provided a revenue forecast that topped estimates, while CoreWeave gained after its sales forecast also exceeded expectations. The optimism spread globally, with Asian markets rising and South Korea's semiconductor exports surging 155% year-over-year in early August. Marvell Technology rose 4.5%, MACOM gained 5.4%, Micron jumped 6.9%, Western Digital added 4.1%, and Semtech climbed 6.9%.

Shares of Entegris, Penguin Solutions, Seagate, Applied Materials, and KLA Corporation soared in afternoon trading after upbeat earnings and bullish forecasts from key AI industry players signaled robust demand for artificial intelligence technology. Super Micro Computer jumped after its earnings per share came in 84% higher than expected and it provided a revenue forecast that topped estimates, while CoreWeave rallied after its sales forecast also exceeded expectations. The positive sentiment spread globally, with Asian markets gaining as traders bought AI- and semiconductor-related shares, supported by a reported 155% year-over-year surge in South Korea's semiconductor exports for early August. Entegris jumped 6.1%, Penguin Solutions rose 4.7%, Seagate climbed 7.2%, Applied Materials gained 5%, and KLA Corporation advanced 4.2%.

Shares of Kulicke and Soffa, AMD, Intel, and Nvidia jumped in afternoon trading after upbeat earnings reports and bullish forecasts from key industry players signaled robust demand for artificial intelligence technology. Super Micro Computer saw its shares jump after its earnings per share came in 84% higher than expected and it provided a revenue forecast that topped estimates, while CoreWeave rallied after its sales forecast also exceeded expectations. The positive sentiment echoed globally, with Asian markets gaining as traders bought into AI- and semiconductor-related shares, supported by a reported 155% year-over-year surge in South Korea's semiconductor exports for early August. Kulicke and Soffa rose 4.7%, AMD gained 2.8%, Intel climbed 4.4%, and Nvidia advanced 3%.

CoreWeave and Nebius Group, two specialized AI cloud infrastructure providers, reported quarterly earnings that sent their shares sharply higher, with CoreWeave jumping nearly 20% and Nebius bolting 34%. Nebius's second-quarter revenue surged 454% year-over-year, while CoreWeave's revenue backlog grew 246% year-over-year to $104 billion, nearly double its market capitalization, excluding more than $25 billion in new customer commitments added in early Q3. CoreWeave also said its NVIDIA A100 GPUs now have a useful life of at least nine years, countering bearish arguments from short seller Michael Burry about rapid hardware depreciation. Both companies are positioned to be first to market with NVIDIA's next-generation Vera Rubin architecture, and second-quarter contracts reportedly carried margins 5% to 10% higher than prior quarters.

CoreWeave's first earnings beat as a public company has reframed its risk/reward, with shares at $107.73 and a $104.2 billion contracted backlog providing multi-year revenue visibility. Revenue hit $2.575 billion, up 112.32% year over year, and GAAP EPS of -$1.14 beat the -$1.447 consensus by 21.22%, while adjusted EBITDA doubled to $1.51 billion at a 59% margin. The company added over $25 billion in net new commitments in early Q3, raised full-year 2026 revenue guidance to $12.4 billion to $13.2 billion, and saw managed inference ARR scale from $1 million to more than $100 million in months. However, free cash flow was negative $5.743 billion, CapEx guidance is $35 billion to $39 billion, and debt to equity sits at 8.94, with NVIDIA supplier concentration a key risk. Analysts see 28.44% upside to a $138.37 price target, with 26 Buys, 9 Holds, and 2 Sells.

Wall Street is increasingly treating Nvidia GPUs as durable cash-flow assets rather than rapidly depreciating hardware, with CoreWeave's contracted customer demand now above $129 billion. Nvidia is mobilizing over $500 billion in third-party capital and backing residual values up to 25%, while CME Group and Silicon Data plan to launch compute futures pending regulatory approval. Amazon CEO Andy Jassy said the company's Trainium chip business already runs at a $20 billion annual rate and could approach $50 billion, offering AI customers an alternative to Nvidia hardware. The key risk is that alternative AI chips from AMD, Amazon, and Google could break Nvidia's scarcity advantage and unwind the asset-class thesis.

CoreWeave, Nebius, and Supermicro each reported strong quarterly results after the bell on Tuesday, sending their shares soaring on Wednesday as investors shrugged off AI bubble fears. Nebius saw revenue of $582.3 million, up 454% year-over-year from $105.1 million, and signed four major AI cloud deals with an average total contract value of more than $1 billion. CoreWeave's revenue increased 112% to $2.5 billion from $1.2 billion, while its revenue backlog grew 246% to $104.2 billion, and Supermicro posted adjusted earnings per share of $1.70, beating expectations of $1.59, with net sales guidance of $14.5 billion to $15.5 billion versus Wall Street's $11.9 billion projection. The three companies are spending heavily on GPUs and AI infrastructure, with Nebius reporting $5.7 billion in capital expenditures and CoreWeave $9.4 billion, while CoreWeave's adjusted net losses expanded to -$567 million from -$130 million last year.

On August 13, computing power leasing stocks strengthened in China's A-share market. Leon Technology surged to its 20% daily limit just three minutes after the open. Chengdi Xiangjiang achieved its third consecutive daily limit. Jiadu Technology and Litong Electronics also hit daily limits, while Cambricon, Inspur Information, and Runze Technology followed higher. On the news front, US AI computing power leasing company Nebius reported second-quarter revenue of 582.3 million US dollars, up 454% year on year, and its shares soared more than 34% overnight. CoreWeave's second-quarter revenue doubled to 2.58 billion US dollars. The company said gross margins on newly signed computing power contracts in the second quarter were 5 to 10 percentage points higher than in previous quarters, and its shares rose more than 19% overnight. The Shanghai Municipal Development and Reform Commission issued an action plan for implementing measures to further promote private investment. It proposes carrying out computing power subsidies in accordance with laws and regulations, supporting private enterprises in renting intelligent computing resources for large model research, development, training, and applications, and encouraging universities, research institutions, and state-owned enterprises to use data storage and computing power resources built by various types of business entities, including private enterprises. It also promotes the issuance of computing power vouchers, model vouchers, and corpus vouchers to reduce the cost of using digital factors. A research report from China International Capital Corporation believes that AI remains the main medium-term prosperity line, but high-level computing power hardware has entered a phase of differentiation. Capital is gradually spreading to AI application areas such as AIGC, culture and media, and data factors. Going forward, attention should be paid to earnings delivery and crowding risks.

CoreWeave reported a revenue backlog of about $104 billion as of June 30, up from $30.1 billion a year earlier, while its market value sits near $59 billion after shares jumped about 19% on Wednesday. Second-quarter revenue rose 112% year over year to $2.6 billion, but the company's net loss widened to $626 million from $290 million. Management raised its 2026 capital spending plan to $35 billion to $39 billion, up from the prior range of $31 billion to $35 billion, and now guides 2026 revenue to $12.4 billion to $13.2 billion. Net interest expense reached $640 million in the quarter, more than doubling from $267 million a year earlier, and CoreWeave carried $35 billion of debt on its balance sheet at quarter end. The company also booked more than $25 billion of net new commitments in early Q3 alone, including a $21 billion increase in spending commitments from Meta Platforms and a multi-year agreement with AI lab Anthropic.

Tech investor Dan Ives says CoreWeave and Cisco earnings are key pieces of the puzzle for the AI momentum trade, telling CNBC the AI revolution is only in its second or third inning. CoreWeave stock traded higher Wednesday after reporting quarterly revenue up 112.5% year-over-year and a revenue backlog of $104 billion, not including more than $25 billion added early in the current quarter. Cisco reports fourth-quarter results Wednesday after market close, with analysts expecting a record quarterly revenue of $16.82 billion. Ives said the AI trade is no longer just about capex spending but also about monetization, and that momentum from these earnings could carry forward into Nvidia's second-quarter results on Aug. 26.

CoreWeave and Nebius Group reported quarterly results that far exceeded Wall Street expectations, signaling accelerating demand for AI infrastructure. CoreWeave's second-quarter revenue more than doubled to $2.58 billion, up 112% year over year, while its backlog soared 246% to $104.2 billion. The company guided for third-quarter revenue of $3.45 billion to $3.6 billion and raised its full-year outlook to $12.8 billion at the midpoint. Nebius Group's revenue surged 454% to $582 million, and it delivered adjusted EBITDA of $236 million compared to a $21 million loss a year earlier. Both stocks jumped sharply, with CoreWeave up 20% and Nebius up 28%.

Micron Technology shares climbed more than 5% Wednesday as executives said industry memory supply may remain constrained through 2027 and demand from data-center operators is outpacing available production. The company indicated it can currently fulfill only part of customer requirements, while recent order activity from CoreWeave and Super Micro Computer has pointed to continued data-center investment. UBS maintained a Buy rating and raised its longer-term earnings outlook, and Mizuho cited potential upside as tight supply persists. Micron is scheduled to report its next quarterly results on Sept. 22, with Wall Street expecting $31.27 in earnings per share and $50.81 billion in revenue.

Lumentum shares surged 15% to $942 in midday trading Wednesday after the optical components maker reported fiscal Q4 2026 revenue of $1.01 billion, more than doubling year over year and topping the $988.6 million consensus, with non-GAAP EPS of $3.23 versus the $2.99 consensus and non-GAAP gross margin of 50.4%. The company guided fiscal Q1 2027 revenue of $1.225 billion to $1.275 billion and EPS of $4.05 to $4.35, with CEO Michael Hurlston saying it will hit its $1.25 billion quarterly revenue target more than a quarter early, pump-laser shipments up more than 80% year over year and effectively sold out, and the 1.6T transceiver ramp accelerating. The rally spilled across the AI optics complex, with Coherent up 9% to $358, Corning up 5% to $167, Applied Optoelectronics up 3% to $139, Ciena up 13%, and the iShares Semiconductor ETF trading at $551, while Super Micro Computer jumped 16%, CoreWeave soared 20%, and Nebius Group surged 27% on AI infrastructure prints that reinforced hyperscaler capex momentum. JPMorgan raised its Lumentum price target to $1,280 from $1,165 with an Overweight rating, Mizuho lifted its target to $1,140 from $1,100 with an Outperform rating, and Morgan Stanley raised its target to $1,000 from $900 with an Equal Weight rating, while Bank of America cut its target to $1,000 from $1,100 with a Neutral rating even after raising CY2027 and CY2028 EPS estimates by 19% each, reflecting a de-rating across shortage-area names.

Micron Technology shares jumped 6.5% in Wednesday trading, outpacing the broader market, after reports that the company and U.S. officials are lobbying against the use of Chinese memory chips and following strong quarterly results from neocloud companies CoreWeave and Nebius. CoreWeave reported better-than-expected second-quarter sales and forward guidance after Tuesday's close, while Nebius posted similarly strong results before Wednesday's open, signaling robust demand for Micron's high-bandwidth memory chips used in AI data centers. The New York Times reported that Micron and U.S. officials are pushing to prevent adoption of Chinese memory chips, a move that could ease valuation pressure on Micron after Apple began testing Chinese alternatives due to shortages. Despite the rally, Micron stock remains down roughly 6% over the past month.

U.S. stocks traded higher on Wednesday, lifted by a favorable July CPI report and better-than-expected earnings from AI-related companies CoreWeave and Super Micro Computer. The S&P 500 rose 0.25%, the Dow Jones Industrial Average gained 0.07%, and the Nasdaq 100 advanced 0.85%. July CPI eased to 3.4% year-over-year from 3.5% in June, while core CPI slowed to 2.5% from 2.6%, reducing the odds of a rate hike at the next FOMC meeting to 39% from 51% on Tuesday. CoreWeave surged more than 18% after guiding third-quarter revenue to $3.45-3.60 billion and raising full-year guidance to $12.4-13.2 billion, while Super Micro Computer jumped over 13% on strong revenue guidance, boosting chip stocks broadly.

Galaxy Digital held its Second Quarter 2026 earnings call on Wednesday, August 5, 2026, reporting a GAAP net loss of $85 million, or $0.09 per share, and firm-wide adjusted EBITDA of negative $77 million. Founder and CEO Michael Novogratz called the quarter transformational, highlighting the on-schedule, on-budget delivery of Phase I at the Helios data center, which brought the first 133 megawatts of critical IT to CoreWeave and generated $20 million of adjusted gross profit and $11 million of adjusted EBITDA for the data center segment. The company also completed a $3.5 billion high-yield financing, the largest in its history, to fund Phase II of Helios, and acquired three new data center sites in Texas, bringing its development pipeline to more than 5.7 gigawatts of potential power capacity. In digital assets, Galaxy signed a multiyear agreement with Bank of New York to serve as a design partner for digital asset infrastructure, launched the Galaxy Onchain Financing Rate product with nearly $300 million of loan originations, and reported adjusted gross profit of $66 million in its Digital Asset segment, up 34% quarter-over-quarter despite a double-digit decline in crypto prices. The company ended the quarter with $10.8 billion in total assets, $2.7 billion in total equity, and $2.5 billion in cash and stablecoins.

CoreWeave stock jumped 18.6% as of noon ET on Wednesday after the company reported second-quarter results that beat analyst estimates and raised its full-year guidance. The AI data center company posted an adjusted loss of $1.14 per share on revenue of $2.58 billion, topping Wall Street's forecast for a loss of $1.21 per share on sales of $2.56 billion. Revenue grew about 112% year over year, while the adjusted net loss widened to roughly $567 million from $113 million a year earlier. Management guided current-quarter revenue to between $3.45 billion and $3.6 billion, raised its full-year sales target to between $12.4 billion and $13.2 billion from $12 billion to $13 billion, and lifted its operating income outlook to between $960 million and $1.15 billion from $900 million to $1.1 billion. The company also increased its year-end active power target to 1.85 gigawatts from 1.7 gigawatts.