Summary of Key Points from the Conference Call Transcript Industry Overview - The focus of the conference call is on the cloud computing industry, particularly the earnings season for major players including Alphabet, Amazon, Microsoft, Oracle, Alibaba, and Baidu [1][6][9]. Capital Expenditure (Capex) - Capex guidance has been consistently increasing, with Microsoft raising its expectations to over USD 30 billion for Q1, up from USD 24 billion. Amazon's Q2 capex was 25% ahead of consensus, and Alphabet raised its FY25 guidance to USD 85 billion from USD 75 billion [2][6]. - There are upside risks for further capex increases due to the demand for computing power [2]. Application-Specific Integrated Circuits (ASICs) - Alphabet is noted as the only Western cloud service provider to have successfully deployed its latest chips, which has strengthened its partnership with Anthropic. There is potential for further upside from these Ironwood chips [3]. - Commentary is anticipated regarding Microsoft's project Braga/Normandy and Amazon's Trainium3 chips, particularly concerning the supply of Trainium2 [3]. EBIT Margins - Margin outlooks are a key focus, with Oracle's strategy under scrutiny. Alibaba aims to maintain steady cloud operating margins while reinvesting gains into growth and AI deployment. For Western companies, margin accretion is expected, but concerns about price wars persist [4]. Bottlenecks in Supply - Demand for cloud resources continues to exceed supply, with companies indicating they would increase capex if possible. Potential bottlenecks are expected to arise from regulations, power demand, chip efficiency, and transitioning clients from legacy systems [5]. Company-Specific Insights - **Alphabet**: Anticipated to report Q3 results on October 29, with expectations of revenue growth and margin improvements in Google Cloud. The company has seen significant growth in enterprise deals and customer adoption of its Gemini platform [28][30]. - **Amazon**: Reported a 13.3% year-over-year increase in net sales for Q2, driven by North America and International divisions. However, AWS operating income missed consensus expectations. Guidance for Q3 indicates cautious growth expectations [43][44]. - **Alibaba**: Expected to report a 3% year-over-year revenue growth for Q2, with cloud revenue projected to grow 29% year-over-year. The company aims to maintain stable margins while investing in AI and cloud infrastructure [17][19]. - **Oracle**: Focus on margin strategies and potential impacts from increased capex commitments [4][6]. Financial Metrics and Valuations - **Alphabet**: Expected group revenues of USD 101.7 billion and EBIT of USD 33.2 billion for Q3, with a target price of USD 295.00 [31][37]. - **Amazon**: Target price set at USD 260.00, with expectations of strong performance in e-commerce and AWS [45][46]. - **Alibaba**: Target price maintained at USD 205.00, with a focus on cloud growth and margin stability [18][22]. Conclusion - The conference call highlighted the ongoing growth and investment in the cloud computing sector, with significant focus on capex, ASIC developments, margin strategies, and potential supply bottlenecks. Key players are expected to report strong earnings, although caution remains regarding market competition and regulatory challenges [1][9].

Core Viewpoint - CoreWeave, an AI infrastructure provider, has seen its shares increase by over 231% in 2025, indicating strong growth potential in the coming years [1] Industry Overview - Global demand for data center capacity is projected to increase from 82 gigawatts in 2025 to 219 gigawatts by 2030, a rise of nearly 2.7 times [2] - The compute capacity required for AI workloads is expected to grow from 44 gigawatts in 2025 to 156 gigawatts by 2030, nearly 3.5 times [2] Company Growth Strategy - CoreWeave is focused on expanding its data center capacity, ending Q2 2025 with 470 megawatts and planning to increase to 900 megawatts by the end of 2025 [4] - The company has expanded its contracted data center capacity from 600 megawatts to 2.2 gigawatts [4] - CoreWeave's revenue backlog reached $30.1 billion at the end of Q2 2025, up from $4 billion in the same quarter the previous year [6] Strategic Partnerships - CoreWeave has secured significant partnerships, including a $22.4 billion deal with OpenAI and a $14.2 billion agreement with Meta Platforms [8][9] - Microsoft accounted for 71% of CoreWeave's revenues in Q2 2025, highlighting the importance of this partnership [7] Vertical Integration and Acquisitions - The proposed $9 billion acquisition of Core Scientific aims to add 1.3 gigawatts of data center capacity to CoreWeave's portfolio [10] - The acquisition is expected to eliminate $10 billion in lease liabilities over the next 12 years [11] - CoreWeave has strengthened its software offerings by acquiring Weights & Biases, adding 1,600 new clients [12] Software Innovations - CoreWeave launched Serverless RL, a managed reinforcement learning service, which allows organizations to enhance AI agents without heavy investments [13] - The company is also improving its platform with tools like Mission Control and SUNK, enhancing user experience and customer loyalty [14] Financial Valuation - CoreWeave is currently trading at 18.7 times sales, which is considered high for an unprofitable company, but justified by its market opportunity [15] - Revenue projections suggest growth from $5.27 billion in fiscal 2025 to $18.09 billion by fiscal 2027, with some analysts estimating revenues could reach $25 billion by 2028 [16] - A conservative valuation adjustment could see market capitalization rise to between $235.2 billion and $271.3 billion by the end of fiscal 2027 [17]

Core Scientific and CoreWeave Acquisition - Core Scientific shareholders voted against the acquisition offer from CoreWeave, which was anticipated to be a significant data-center M&A deal in the mining sector [2] - The rejection of the deal alters the investment landscape by returning hundreds of megawatts back to the market for companies like Microsoft and Oracle [2] CleanSpark's AI Expansion - CleanSpark announced the acquisition of a new site in Texas with a 385 MW power pipeline, indicating a shift towards integrating AI and high-performance computing (HPC) workloads alongside traditional mining [4] - The stock of CleanSpark has increased nearly 100% since July 2025, following the market's anticipation of the use of its power pipeline for AI [5] TeraWulf's Long-term AI Hosting Agreement - TeraWulf signed a 25-year AI hosting deal with FluidStack, marking one of the longest contracts between a Bitcoin miner and an AI hosting firm, which enhances long-term revenue visibility [6] - This agreement reflects the industry's pivot towards high-margin compute workloads and TeraWulf's focus on the 'powershell' model for building AI factories [6] Global Hashrate Trends - The global hashrate has surged past 1.1 Zettahash, with significant contributions from China and Russia, despite Western miners potentially slipping in their market position [1][7] - The expansion of hashrate in these countries is occurring at a faster pace than expected, with many U.S. miners halting machine purchases to pivot towards AI [7][8]

Core Scientific and CoreWeave Merger - Core Scientific shareholders rejected a $9 billion merger deal with CoreWeave due to insufficient votes for approval [1] - The merger was part of a trend among AI companies seeking power-rich infrastructure to support increasing computational demands [2] CoreWeave's Position and Financials - CoreWeave, backed by Nvidia, is an OpenAI partner providing AI infrastructure for advanced language model training [3] - CoreWeave secured a $6.3 billion order from Nvidia, which includes a commitment to purchase unsold capacity through April 2032 [3] Market Reaction - Following the merger rejection, CoreWeave's stock fell over 6% to close at $131.06, while Core Scientific's stock remained stable at $20.74 [4] Industry Context - Bitcoin mining has become increasingly complex and costly, leading miners to explore alternative fields such as AI [5] - Core Scientific shareholders felt the acquisition deal undervalued the company [6]

Group 1: Hong Kong Stock Market Updates - China Metallurgical Group (01618) saw a decline of over 5%, reporting a revenue of 335.09 billion yuan for the first three quarters, a year-on-year decrease of 18.79%, and a net profit of 3.97 billion yuan, down 41.88% [1] - Fosen Pharmaceutical (01652) surged nearly 74% after announcing that its subsidiary received approval for the "Enzalutamide Soft Capsule" from the National Medical Products Administration of China [1] - Sanhua Intelligent Control (02050) increased over 3%, with a revenue of 24.03 billion yuan for the first three quarters, a year-on-year growth of 16.86%, and a net profit of 3.24 billion yuan, up 40.85% [1] - Rongchang Biopharmaceutical (09995) rose over 5%, reporting a revenue of approximately 1.72 billion yuan, a year-on-year increase of 42.27%, and a net loss of about 551 million yuan, narrowing by 48.6% [1] - New Special Energy (01799) fell nearly 8%, with a revenue of 11.66 billion yuan and a net loss of 526 million yuan for the first three quarters [1] Group 2: Additional Hong Kong Stock Market Updates - Chuny Medical (01858) increased over 10%, reporting a revenue of 756 million yuan, a year-on-year growth of 48.75%, and a net profit of 192 million yuan, up 213.21% [2] - Innovent Biologics (01801) rose over 4%, achieving total product revenue exceeding 3.3 billion yuan in Q3, maintaining a strong year-on-year growth of about 40% [2] - Longpan Technology (02465) increased over 6%, with a revenue of approximately 5.83 billion yuan, a year-on-year growth of 2.91%, and a net loss of about 110 million yuan, narrowing by 63.53% [2] - 3SBio (01530) saw an early morning increase of nearly 7%, following a significant deal with Pfizer worth up to $12.5 billion [2] - China CNR Corporation (01766) fell over 8%, reporting a revenue of approximately 183.87 billion yuan, a year-on-year increase of 20.49%, and a net profit of about 9.96 billion yuan, up 37.53% [2] Group 3: US Stock Market Updates - Carvana (CVNA.US) dropped over 13%, reporting a Q3 revenue growth of 54.5% to $5.65 billion, exceeding analyst expectations [3] - Alphabet (GOOGL.US) rose nearly 2%, with Q3 revenue surpassing $100 billion, driven by strong AI demand boosting cloud business [3] - Meta Platforms (META.US) fell over 11%, reporting Q3 revenue of $51.2 billion, a 26% year-on-year increase, but net profit significantly below expectations due to a one-time tax expense [4] - Bitcoin-related stocks experienced declines, with Strategy (MSTR.US) down nearly 7% and Coinbase (COIN.US) down over 5% [4] - eBay (EBAY.US) plummeted 15%, marking its largest drop in over 20 years despite exceeding sales expectations [4] Group 4: Additional US Stock Market Updates - Comcast (CMCSA.US) fell 4%, losing 104,000 broadband users in Q3, marking the tenth consecutive quarter of user decline [5] - CoreWeave (CRWV.US) dropped over 6% after shareholders rejected a proposed acquisition [5] - Roblox (RBLX.US) fell over 15%, reporting Q3 revenue of $1.4 billion, a 48% year-on-year increase, but widening net losses [5] - Moderna (MRNA.US) rose over 13%, reportedly in talks for a large-scale acquisition with a major pharmaceutical company [6] - Altria (MO.US) fell over 7%, reporting adjusted EPS of $1.45, in line with market consensus, but net revenue declined by 1.7% [6]

Legal Issues - A lawsuit has been filed by Joseph Soroka against multiple defendants, including Core Scientific, CoreWeave, and OpenAI, alleging catastrophic burn injuries from an explosion at a worksite in Denton, Texas [1][2] - The lawsuit claims that high-voltage transformers failed while being energized, resulting in an explosion that caused severe burns to Soroka [3] - Soroka is seeking over $1 million in damages for life-altering injuries, including severe burns and long-term disability, attributing negligence to the defendants for unsafe working conditions [3] Corporate Developments - Core Scientific's planned acquisition by CoreWeave has been terminated following a failed shareholder vote [4] - The company will now focus on developing up to 3.3 GW for AI and high-performance computing (HPC) workloads [4]

Core Scientific and CoreWeave Acquisition Update - Core Scientific's stock rose over 6% to $22.08 following the rejection of CoreWeave's acquisition offer at a special shareholder meeting [1] - CoreWeave's stock fell over 5% to $132.67 after the acquisition deal was terminated [1] - The acquisition, initially announced in July, was valued at approximately $9 billion and aimed to expand CoreWeave's AI computing infrastructure [1] Shareholder Reactions and Strategic Implications - Major shareholders, including Two Seas Capital, opposed the acquisition, and influential voting advisory firms Glass Lewis and ISS recommended shareholders reject the deal [2] - Glass Lewis noted that while the acquisition had strategic merit, Core Scientific might have greater upside potential as an independent company if it capitalizes on growing computing demand [2] - Market sentiment had anticipated the deal's failure, as evidenced by the negative deal spread observed in the months following the announcement [2] CoreWeave's Response and Future Strategy - CoreWeave's CEO, Michael Intrator, stated that the company would not increase its acquisition bid and respects the decision of Core Scientific's shareholders [2] - Intrator emphasized that CoreWeave's strategic direction remains unchanged, focusing on creating long-term value through strategic acquisitions and prudent investments [2]

Glass Lewis在本月早些时候发布的报告中指出，此次收购在战略层面上对Core Scientific股东"具有一定 合理性"，因双方的结合可将数据中心业务与CoreWeave的AI云计算基础设施整合。但报告同时强调， 在AI投资热潮推动下，Core Scientific作为独立公司可能"拥有更大的上行潜力"，前提是公司能够充分抓 住不断增长的算力需求。ISS亦给出相似结论，建议股东拒绝该交易。 智通财经APP获悉，周四，美国数据中心运营商Core Scientific(CORZ.US)股价走高，截至发稿，该股涨 超6%，报22.08美元。CoreWeave(CRWV.US)跌超5%，报132.67美元。消息面上，Core Scientific股东在 特别股东大会上否决了人工智能基础设施公司CoreWeave提出的收购要约，结束了一场持续数月的收购 拉锯战。投票结果显示，该交易未能获得所需支持票数，Core Scientific宣布终止合并协议，并将继续 作为一家独立的上市公司运营。 这项交易最初于今年7月公布，CoreWeave曾计划以约90亿美元收购Core Scientific，作为其AI算力基础 ...

Core Acquisition Overview - CoreWeave has made a $9 billion all-stock bid for Core Scientific, which has led to a nearly 18% drop in Core Scientific's shares following the announcement [1] - The shareholder vote on the acquisition is scheduled for October 30, with increasing opposition from various stakeholders [2] CoreWeave's Position - CoreWeave CEO Michael Intrator has stated that the acquisition is viewed as optional, emphasizing that the price will not increase despite shareholder pushback [2][3] - Intrator described Core Scientific as "a nice to have, not a need to have," indicating CoreWeave's willingness to abandon the deal if rejected by shareholders [3][5] Shareholder Opposition - Institutional Shareholder Services and Glass Lewis have both recommended that Core Scientific shareholders reject the acquisition, citing concerns over the offer's value [5] - Two Seas Capital, a significant investor in Core Scientific, has also urged a vote against the acquisition, labeling it "underwhelming" based on the company's recent trading performance [5] Strategic Considerations - CoreWeave has countered criticisms from shareholder advisory firms, arguing that their focus on short-term stock performance overlooks the strategic risks Core Scientific may face if it remains independent [4]

Core Viewpoint - CoreWeave, Inc. announced that the proposal for acquiring Core Scientific through an all-stock transaction did not receive the necessary approval from Core Scientific stockholders [1] Company Summary - The Special Meeting of Stockholders for Core Scientific was held to consider the merger proposal with CoreWeave [1] - The proposal was based on an Agreement and Plan of Merger between CoreWeave and Core Scientific [1]