To The Moon

$CoreWeave, Inc.(CRWV)$

CoreWeave is one of the most exciting new AI stocks to hit the public markets. The company recently completed its IPO and just held its first-ever quarterly earnings call with Wall Street analysts as a publicly traded company. I listened to the entire call, read the full transcript, and dissected all the key points to bring you the biggest takeaways and the big-picture narrative around this company — so you can understand what’s really happening with CoreWeave stock and where it might be headed.

CoreWeave’s Blowout Quarter

Let’s start with the numbers, because they were jaw-dropping.

CoreWeave reported:

• Revenue of $982 million

• Adjusted operating income of $163 million

That’s not just good — that’s hypergrowth. Year-over-year, that translates to:

• Revenue growth of 420%

• Operating income growth of 550%

To put that in perspective, that’s the kind of growth we only see at the early stages of platform-shifting technologies — and that’s exactly what AI infrastructure is right now.

Now, let’s be realistic: I don’t expect CoreWeave to keep growing at 400%+ forever. But the company isn’t operating in a stagnant or niche market. It’s positioned at the very center of one of the fastest-growing sectors in tech — the cloud infrastructure powering artificial intelligence — and demand is accelerating.

Major Deals: OpenAI, Weights & Biases, and More

One of the most important developments from the quarter was CoreWeave’s strategic deal with OpenAI. This deal could be worth up to $11.9 billion, making it one of the largest contracts signed in the AI infrastructure space.

That’s not all.

CoreWeave also:

• Announced a $4 billion expansion deal with a large unnamed AI enterprise customer

• Completed the acquisition of Weights & Biases, a widely used platform for AI developers that serves over 1,400 customers

This acquisition gives CoreWeave a deeper connection to the AI development ecosystem — not just providing the infrastructure to run models, but also integrating with the tools that developers use to build them. That’s a major strategic advantage and helps create an end-to-end platform for enterprise AI.

First to Deploy Nvidia’s GB200 Systems

Now here’s one of the biggest competitive advantages CoreWeave has: it was first to deploy Nvidia’s new GB200 Grace Blackwell systems at scale.

These chips are Nvidia’s next-generation architecture — the most powerful AI computing systems available today — and CoreWeave is already running them on its cloud platform.

This first-mover advantage is huge. It shows the strength of CoreWeave’s partnership with Nvidia, which is critical because we are in a supply-constrained environment where everyone is fighting for Nvidia’s best hardware.

When the supply of GB200 systems is limited — and demand is skyrocketing — being first to deploy means CoreWeave can offer performance no one else can match. That’s a real moat in a market where latency, compute efficiency, and model training speed can make or break billion-dollar businesses.

Demand Is Surging — But Capacity Is the Limiting Factor

One of the most important themes from this call — and something I’m hearing echoed across the entire AI ecosystem — is that demand is not the issue.

The only thing holding CoreWeave back right now is capacity.

Management said it multiple times: if they had more compute infrastructure available, they could generate significantly more revenue.

And we’re hearing the same message from:

• Nvidia – selling chips faster than they can manufacture them

• Amazon Web Services (AWS) – demand for Trainium and Inferentia chips is growing rapidly

• Microsoft Azure – adding datacenter capacity to meet OpenAI and Copilot demand

• Google Cloud – scaling TPU clusters and AI supercomputers for enterprise clients

It’s a supply-side bottleneck, not a lack of customers.

And that’s the sign of an incredibly strong market. When everyone is desperate to buy more, but supply hasn’t caught up yet, the companies that control that supply — like Nvidia and CoreWeave — have tremendous pricing power and visibility into long-term growth.

Why the ROI on AI Infrastructure Is So Compelling

Let’s think like business owners here. Why are companies spending so much on AI infrastructure?

Because the return on investment is massive.

Imagine you’re a business and you can spend $100 on AI compute that brings you back $150 in value — whether that’s in efficiency gains, product features, or better customer engagement. You’d keep spending as much as possible, right?

That’s what we’re seeing today. For companies deploying AI, the value created far exceeds the cost of the compute. That’s why demand keeps climbing, even as prices go up. Every $1 spent is generating more than $1.50 — in some cases significantly more.

So when customers ask CoreWeave, “How much more capacity can you sell us?” — it’s because they know it’s a no-brainer investment.

CoreWeave in the AI Value Chain

Let’s zoom out for a second and talk about where CoreWeave fits into the broader AI ecosystem.

• Nvidia designs and sells the chips.

• CoreWeave buys the chips, builds the infrastructure, and rents that compute power out to the companies building and deploying AI models.

• Those companies — think OpenAI, Anthropic, Perplexity, etc. — use CoreWeave’s platform to train models and run inference at massive scale.

CoreWeave is essentially a high-performance cloud purpose-built for AI workloads.

And unlike general-purpose cloud providers like AWS or Azure, CoreWeave is optimized from the ground up for the unique needs of AI developers — low latency, high bandwidth, flexible scheduling, and deep integration with Nvidia’s software stack.

Long-Term Tailwinds and Visibility

Finally, let’s talk about the long-term opportunity.

CoreWeave’s management emphasized that AI demand is not a short-term spike. These are multi-year contracts with long deployment timelines. Customers are locking in capacity because they know they’ll need it — not just today, but for years to come.

That gives CoreWeave strong visibility into future revenue and cash flows.

And it's not just CoreWeave saying this. Nvidia, Amazon, Microsoft, and Google are all telling the market the same thing: we would generate more revenue if we had more supply. They’re trying to responsibly scale infrastructure as quickly as possible to meet demand.

This is why I remain bullish on the AI infrastructure space, and why I recently increased my position in Nvidia. The fundamentals are outstanding: 70%+ gross margins, 60%+ operating margins, and demand that shows no sign of slowing.

Final Thoughts

CoreWeave is in a unique position as a pure-play AI cloud provider with early access to Nvidia’s best hardware, massive growth momentum, and deep relationships with top-tier AI customers. While the valuation and competitive landscape are worth monitoring, the story here is compelling — and still in its early chapters.

If the company can continue scaling infrastructure, delivering top-tier performance, and securing large long-term contracts, CoreWeave could become one of the defining infrastructure companies of the AI era.

Disclaimer: I want to make it clear that I am not a financial advisor, and nothing I say is intended to be a recommendation to buy or sell any financial instrument. Additionally, it's important to remember that there are no guarantees or certainties in trading or investing, and you should never invest money that you can't afford to lose.

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