AI infrastructure companies have been having a ball this week. It started with a bang after bellwether Nvidia (NVDA) essentially turned its GPUs into an asset class with a $500 billion war chest and some of the leading asset managers of the world, including BlackRock (BLK), Blackstone (BLX), and KKR (KKR). Joining the party with Super Micro Computer (SMCI) and the neocloud company Nebius (NBIS) is the latter's competitor, CoreWeave (CRWV).
The Mike Intrator-led necloud company's shares were down about 30% from its last earnings report. However, with the latest Q2 2026 numbers, CRWV stock rallied by 19.3% in yesterday's trading session. Founded in 2017 as a cryptocurrency mining business, CoreWeave occupies the vaunted position of being one of the foremost AI infrastructure companies in the world.
Now, CoreWeave provides enormous amounts of specialized computing power to companies developing and running AI. It operates data centers containing large clusters of Nvidia GPUs, with the overall objective of making thousands of GPUs behave like a single high-performance computing system. It is also concentrating on building a software stack, with its capabilities launching in 2026 to connect training, inference, observability, reinforcement learning, and autonomous agent improvement.
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And from what was witnessed yesterday, the second-quarter results may only extend this upmove. However, will it be just smooth sailing, or does the Q2 print have some obvious shortcomings? In Q2 2026, CoreWeave's revenue stood at $2.6 billion.
Not only did this mark a YoY growth of 116.7%, but it was also a beat on the Street's estimate. However, as one goes down the income statement, the picture gets a bit murkier despite all the optimism around backlog, capex, and revenue guidance. Operating income margins slid to 5% from 16% in the year-ago period, while the company reported a net loss per share of $1.14 per share.
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