Quick Read

• CoreWeave (CRWV) reported Q1 2026 revenue of $2.08B (up 111.7% YoY) with a record $99.4B backlog including a $21B Meta commitment, though EPS came in at -$1.40 and free cash flow was -$4.71B as $7.70B in capex outpaced operations.

• NVIDIA (NVDA) invested $2B in CoreWeave’s Class A shares and named it an Exemplar Cloud for GB200 inference deployment.

• CoreWeave’s stock volatility reflects tension between massive AI infrastructure demand backed by long-term customer contracts and a heavily leveraged balance sheet where interest expenses doubled YoY, making execution on power capacity additions critical to justify debt levels and defend against margin compression.

• Act now: the analyst who called NVIDIA in 2010…