Aug 19, 2026

Source: https://www.investing.com/news/analyst-ratings/truist-reiterates-buy-on-coreweave-stock-cites-margin-tailwinds-93CH-4867769

Bank of America (BofA) highlighted CoreWeave and Nebius as beneficiaries of increasingly favorable pricing dynamics in AI infrastructure, with demand for compute continuing to run ahead of available supply.

For CoreWeave, this is particularly relevant because pricing power is an important part of the margin story. If demand remains stronger than available capacity, CRWV has greater ability to negotiate attractive economics on new contracts rather than relying on lower prices to fill its infrastructure.

This also pushes back against one of the recurring concerns around neoclouds, that rapid industry capacity expansion would quickly lead to oversupply and falling AI compute prices. So far, the pricing environment appears to be moving in the opposite direction.

BofA’s commentary follows the latest earnings from both CRWV and NBIS, which provided further evidence of strong demand for AI compute despite the significant amount of new capacity being brought online.

This isn’t a new customer contract or major catalyst by itself, but it is another useful datapoint supporting the view that AI compute remains supply-constrained and that CoreWeave and Nebius are benefiting from stronger pricing rather than price compression.

Atreides Management, led by technology investor Gavin Baker, significantly increased its CoreWeave position during Q2.

Atreides’ disclosed CRWV position increased from 810,535 shares at the end of Q1 to 2,124,845 shares as of June 30, adding roughly 1.31M shares, or about 162%. The position was valued at approximately $211.5M at quarter-end. (13F Mar 31, 13F Jun 30)

What makes this particularly interesting is Baker’s background and his recent commentary on the AI infrastructure market. Before founding Atreides, he spent nearly two decades at Fidelity and managed the Fidelity OTC Portfolio from 2009 to 2017.

Baker has also been publicly discussing many of the same issues currently debated around CoreWeave: GPU rental pricing, hyperscaler capex, AI infrastructure financing and credit markets. In a recent post, he argued that the market was overreacting to widening hyperscaler credit spreads and highlighted spot GPU rental prices being materially above contracted rates.

His post:
https://x.com/GavinSBaker/status/2082166566280642676

As always, 13F filings are backward-looking snapshots. This tells us what Atreides held as of June 30, 2026, not whether the fund has added to or reduced the position since then.

David Tepper’s Appaloosa Management disclosed a new position of 1,078,248 CRWV shares in its latest Q2 13F filing, reflecting holdings as of June 30, 2026.

The new Appaloosa position comes as reported institutional ownership of CoreWeave continues to rise, with Fintel’s filing-based data showing a clear upward trend in shares held by institutions over recent months.

https://preview.redd.it/z93nwjbhiejh1.png?width=672&format=png&auto=webp&s=73c616e2325503c46926ad7ba08d5079aaf3b8e6

The growing institutional participation is notable as CoreWeave continues to mature as a public company and attract larger asset managers and hedge funds to its shareholder base.

As always, 13F filings are backward-looking snapshots, so Appaloosa’s filing tells us what the fund held as of June 30, not whether it has added to or reduced the position since then.

MasterClass has selected CoreWeave Cloud to power the AI teaching agents behind its personalized learning experiences.

The company is using W&B Weave to trace complete learner conversations, monitor agent behavior in production, evaluate teaching quality, and identify areas where the agents can improve. CoreWeave’s infrastructure provides the compute needed to run these AI experiences at scale.

MasterClass says the combination of CoreWeave Cloud and Weights & Biases gives its teams the performance and visibility needed to continuously improve and scale its AI teaching agents.

Here's a summary of today's price action in case you're confused.

• Soft PPI numbers today (favourable for rate cuts, unfavourable for rate hikes, i.e. very good for semis, memory, and Neocloud names, including CRWV)
• Short squeeze at the open of the market (117.49 intra-day high)
• Morning pump faded by the end of the day, possibly due to the headline about $NBIS Vineland data center receiving its second stop-construction order this week https://x.com/hntrbrkmedia/status/2087928257295343931?s=20
• Every Neoclouds' opening pump got faded after the headline dropped

NVDA earnings is right around the corner, and I believe we will move into the 120s very soon.

Looks like we have a Michael Burry wannabe here. His short position, with an average entry price of around $101 per share, is currently in the red. It's likely that he opened a short position after the earnings release and before the earnings call, trying to "fade the pump" when management releases Q3 and FY26 guidance.

He has since been using X to repeatedly push his bearish case on CoreWeave despite the company’s strong earnings and FY2026 guidance.

When asked about Nebius, he responded by saying that he doesn’t know enough about the company.

Yet these are the people confidently shorting neoclouds like CRWV and NBIS. 😆

No wonder they keep getting the facts wrong.

CPI came in line. PPI tomorrow is the next major macro catalyst.

CoreWeave is also teasing an announcement tomorrow. Weights & Biases was tagged in the post, so this may be software/platform-related, but we’ll know more when it is released.

We should also continue to see post-earnings analyst updates and PT revisions over the next couple of days.

For CRWV, the low $110s remain the near-term resistance zone. After the post-earnings move, some consolidation is expected. A clean break and hold above the low $110s would be the next constructive step.

https://preview.redd.it/hchnnrqnytih1.png?width=873&format=png&auto=webp&s=97247f9f0a3cdec7042f6a8fae34a92d87cf9bc9

CoreWeave reported a very strong Q2, with improving operating leverage, accelerating capacity deployment and continued demand that management says still exceeds available supply.

Q2 results

• Revenue: $2.575B, +112% YoY and +24% QoQ
• Adjusted EBITDA: $1.51B, 59% margin
• Adjusted operating income: $128M, up from $21M in Q1 and well above the high end of guidance
• Adjusted operating margin: 5%, up from 1% in Q1
• Revenue backlog: $104.2B, +246% YoY
• Active power: 1.5 GW, with nearly 500 MW added during the quarter
• Q2 capex: $9.4B, slightly above guidance
• Net interest expense: $640M
• Cash, restricted cash and marketable securities: >$6.9B

The $104.2B backlog does not include more than $25B of net new customer commitments added during the first weeks of Q3. More than 50% of the existing backlog is already attached to contracts where customer delivery has begun, and CoreWeave expects that to exceed two-thirds by year-end.

Guidance was raised

Q3

• Revenue: $3.45–3.60B
• Adjusted operating income: $200–260M
• Adjusted operating margins expected to continue expanding sequentially, reaching the low teens in Q4 (roughly 10%-13%)
• Interest expense: $860–940M
• Capex: $11.5–13.5B

FY2026

• Revenue raised to $12.4–13.2B
• Adjusted operating income raised to $960M–$1.15B
• Capex raised to $35–39B
• Exiting 2026 annualized run-rate revenue raised to $18.5–19.5B
• Year-end active power raised from >1.7 GW to >1.85 GW

Demand and pricing

Management said CoreWeave's near-term capacity remains effectively sold out, with demand from multiple customers for each GPU brought online. Pricing and margins for Blackwell and Vera Rubin are reaching new highs, while pricing for prior-generation GPUs is at or above levels seen years ago.

Contracts signed during Q2 are expected to carry contribution margins 5–10 percentage points higher than contracts signed in recent quarters. CoreWeave also implemented an approximately 25% price increase across SKUs in July, and management noted that Q2's margin improvement occurred before those pricing changes.

Some of the most interesting points from Q&A

Vera Rubin: Management said demand is “enormous” and Rubin is seeing margin expansion from the start. A significant part of the 5–10 percentage-point improvement in contribution margins on newer contracts is coming from Vera Rubin.

Q2 capacity was heavily back-end loaded: Of the roughly 500 MW added during Q2, more than 300 MW came online in June alone. Management expects that capacity to contribute more meaningfully to Q3 and Q4 results.

Older GPUs continue to retain value: CoreWeave recently signed an A100 contract extending through 2029, despite A100 being introduced in 2020. Management said ASPs on older generations remain around or above levels seen roughly a year ago, while only a limited portion of the fleet is currently approaching renewal.

Managed inference: Booked ARR grew from roughly $1M to more than $100M in a single quarter, with CoreWeave targeting at least $250M by year-end. GPUs coming off long-term contracts can also be redeployed into managed inference.

Enterprise opportunity: DDTL 5.5 expands CoreWeave's ability to finance shorter-duration customer contracts. Management said this opens the company to enterprise customers that typically prefer 2–3 year contracts instead of five-year commitments, giving CoreWeave greater flexibility in balancing long-term contracts with potentially higher-margin shorter-duration business.

Power: Contracted power increased from approximately 3.7 GW at quarter-end to 4.2 GW as of Aug. 11. CoreWeave also has more than 1.5 GW of additional potential power from powered land, expansion options and executed LOIs, and remains confident in reaching at least 8 GW of active power by 2030.

What I'm watching

The biggest remaining risks are still the capital intensity and financing burden.

FY2026 capex was increased to $35–39B, with management attributing the increase to greater expected capacity deliveries and recent customer wins. Q3 interest expense is also expected to rise materially to $860–940M.

Operationally, however, the quarter addressed several major concerns around CoreWeave: margins are inflecting, pricing power is improving, near-term capacity remains supply-constrained, older GPUs continue to retain economic value, and management raised its revenue, adjusted operating income, active-power and year-end run-rate revenue outlooks.

Overall, one of CoreWeave's strongest earnings reports since going public. 🎊

Relevant links:

CoreWeave - CoreWeave Reports Strong Second Quarter 2026 Results
CoreWeave 2Q26 Earnings Presentation
CoreWeave-Q2-26-Earnings-Infographic.pdf
https://www.perplexity.ai/finance/CRWV/earnings?eventId=662772&tab=transcript

On Aug. 10, 2026, NVIDIA announced strategic partnerships with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to establish financing platforms aimed at mobilizing more than $500B of third-party capital over time for AI infrastructure. The partnerships are currently based on MOUs and remain subject to final agreements.

This is not a direct CoreWeave financing agreement, but it is highly relevant to one of the biggest concerns surrounding CRWV: how the enormous AI infrastructure buildout will be funded. Jensen’s argument is essentially that “compute is revenue”. AI infrastructure should increasingly be viewed as productive, financeable infrastructure capable of generating recurring cash flows, rather than simply as rapidly depreciating hardware.

NVIDIA also argues that the economic life of its compute can extend well beyond the usual “rapidly depreciating GPU” narrative. CUDA continuously improves the performance and efficiency of already-installed infrastructure, while older generations such as A100 remain commercially deployed years after launch. NVIDIA also points to rising H100 rental rates and premium pricing for Blackwell as evidence that AI compute can retain meaningful revenue-generating value over time. The same hardware can also be redeployed across different customers and workloads.

That is important for CoreWeave. The company already uses contract-backed, asset-level financing to fund infrastructure development. If large institutional investors increasingly become comfortable treating NVIDIA compute as an investable infrastructure asset class, the available pool of capital for AI infrastructure could become much deeper over time.

It doesn’t eliminate CoreWeave’s leverage or financing risk, and these platforms are intended to benefit NVIDIA customers broadly. But if NVIDIA succeeds in making AI compute a mainstream infrastructure asset class, it could materially deepen the long-term financing market available to companies like CoreWeave that build and operate NVIDIA-based AI infrastructure at scale.

Sharing this as a learning/DD resource for investors. The interviews with CoreWeave executives and engineers, alongside guests from NVIDIA and Dell, go into useful detail on how CoreWeave builds, deploys and operates large-scale AI infrastructure around Vera Rubin NVL72, including compute, networking, storage, orchestration, cooling, observability and cluster management.

For anyone trying to understand what CoreWeave does beyond simply renting GPUs, this is a useful watch.