Core Viewpoint - Core Scientific's proposed merger with AI neocloud CoreWeave was rejected by shareholders after a social media campaign against the deal [1][2] Group 1: Merger Details - The merger was valued at approximately $9 billion and was initially agreed upon in June 2025, but required shareholder approval in Q4 2025 [1] - The merger deal was only provisional and faced significant opposition from major stakeholders [2] Group 2: Shareholder Actions - Two Capital and Institutional Shareholders Services (ISS) actively campaigned for a "No" vote, citing unfavorable economics of the merger [2] - AI-focused hedge fund Situational Awareness acquired Core Scientific shares, likely to benefit from the merger's failure [2] Group 3: Voting Outcome - The special meeting held on October 30, 2025, resulted in shareholders not approving the merger, as the necessary votes were not obtained [3] - Following the announcement, Core Scientific's share price declined by 3% [3]

Core Viewpoint - CoreWeave has announced a definitive agreement to acquire Marimo, enhancing its AI development platform by integrating Marimo's open-source marimo notebook, which is designed for AI and data workloads [1][4]. Company Overview - CoreWeave is positioned as a leading cloud provider specifically built for AI, enabling rapid development and deployment of AI solutions for labs, enterprises, and developers [2][8]. - Marimo, founded in 2022, specializes in creating a reactive development environment for Python, facilitating seamless transitions from experimentation to production for AI developers [9]. Acquisition Details - The acquisition aims to integrate Marimo's technology into the CoreWeave Cloud, creating a unified developer experience across the entire AI lifecycle, including training, inference, and data movement [3][4]. - The deal will enhance CoreWeave's vertically integrated platform, allowing developers to build, scale, and deploy applications more efficiently [3]. Strategic Goals - The collaboration between CoreWeave and Marimo is intended to empower developers to leverage AI and data more effectively, fostering the next generation of AI-native products [4]. - CoreWeave is committed to maintaining Marimo's open-source project, ensuring that the marimo notebook remains freely available and guided by community collaboration [5]. Recent Developments - This acquisition follows CoreWeave's recent purchases, including OpenPipe and Weights & Biases, which have strengthened its AI cloud capabilities and created a comprehensive AI developer platform [6]. - CoreWeave has also announced its intent to acquire Monolith AI, further expanding its capabilities in applying AI to complex challenges [7].

Group 1 - Core Scientific ended its sale deal to CoreWeave after shareholders voted against the proposal, marking the second failed attempt by CoreWeave to acquire Core Scientific [1][2] - CoreWeave had proposed an all-stock deal valued at $9 billion to acquire Core Scientific, aiming to secure energy and data center capacity amid rising demand [2] - Two Seas Capital, the largest active shareholder of Core Scientific, opposed the deal due to concerns regarding the sale process, deal structure, and valuation [2][3] Group 2 - The fixed exchange ratio in the proposed deal left Core Scientific shareholders exposed to fluctuations in CoreWeave's share price [3] - Core Scientific's board had recommended shareholders vote in favor of the sale, citing potential cost savings and synergies from the merger [3] - Proxy advisory firm Institutional Shareholder Services advised against the deal, suggesting Core Scientific should remain independent due to its success as a standalone entity [3] Group 3 - Following the vote, Core Scientific shares increased in early trading, while CoreWeave's shares fell nearly 5% [4]

Core Insights - The emergence of the neocloud is generating significant interest among risk-taking AI investors who are willing to accept high volatility for the potential of greater returns [1] Industry Summary - The neocloud sector is characterized by its appeal to investors who are comfortable with excess volatility, indicating a shift in investment strategies towards higher-risk, higher-reward opportunities [1]

Core Industry Trends - Software stocks are benefiting from the digitalization wave and strong adoption of AI, including generative AI and Agentic AI [1] - The proliferation of SaaS, migration to cloud platforms, and demand for hybrid work solutions are major tailwinds for software companies [1] - Increased customer-centric approaches and subscription-based models are driving recurring revenues and affordability for small and medium-sized businesses [5] Factors Supporting Software Stocks - The rise of AI-powered applications in various sectors, including voice recognition and telemedicine, is positively impacting software companies [2] - The adoption of cloud-based services, IoT, AR/VR devices, and 5G deployment is aiding software stock performance [3] - Rising cyber threats are prompting enterprises to invest more in cloud-based security solutions, shifting preference towards software-defined models [4] Company-Specific Insights - CoreWeave is expected to report revenues between $1.26 billion and $1.3 billion, with a year-over-year revenue increase of 207% and a backlog of $30.1 billion [8][9] - BILL Holdings anticipates first-quarter revenues of $390.6 million, reflecting a 9% year-over-year increase, while earnings are projected to decline by 19.1% [11] - Affirm Holdings expects first-quarter revenues of $885 million, indicating a 26.7% year-over-year growth, with earnings per share improving from a loss of 31 cents to a profit of 11 cents [14][15] - Unity Software forecasts revenues of $447.6 million for the third quarter, with a slight year-over-year growth of 0.2% and an expected earnings per share improvement from a loss of 31 cents [17] Strategic Developments - CoreWeave is capitalizing on the generative AI boom, focusing on scaling capacity and enhancing services to drive strong momentum [10] - BILL is leveraging AI to enhance its solutions for SMBs and is integrating generative AI to improve customer experience [12][13] - Affirm is expanding its partnerships and entering new markets, including the U.K. and Western Europe, to drive growth [16] - Unity Software is transitioning its product mix towards the AI-powered Unity Vector platform, which is expected to deliver long-term value despite short-term revenue friction [18][19]

Core Insights - CoreWeave has experienced significant success since its IPO in March 2025, with its stock price tripling from the launch price, although it remains over 30% below its all-time high [1] - Nvidia is a major player in the AI investment space and has been a benchmark for AI-related investments since 2023, with substantial returns for its investors [2] - Nvidia holds nearly 4 million shares in CoreWeave, raising questions about which company presents a better investment opportunity [2] Company Comparisons - Nvidia's business model focuses on producing high-quality GPUs and related software, maintaining its status as the leading company in the AI computing market [4] - CoreWeave operates a cloud computing model, purchasing Nvidia's GPUs and renting out computing capacity, which has proven successful in the current market [6] - Nvidia's market capitalization stands at $503.1 billion, while CoreWeave's is $70 billion, indicating a significant disparity in size and market presence [5][7] Growth Rates - Nvidia's growth rate has slowed to approximately 50%, down from over 200% in previous quarters, which is still above average for the market [10] - CoreWeave reported a remarkable 207% year-over-year revenue growth in Q2, with a revenue backlog of $30.1 billion, indicating strong future growth potential [10][11] Profitability - Nvidia consistently maintains a net profit margin of over 50%, while CoreWeave struggles to achieve profitability, raising concerns about its financial sustainability [13] - CoreWeave's operational losses could hinder its ability to replace aging computing units, potentially leading to increased debt or share issuance [14] Valuation - Nvidia's valuation is nearly double that of CoreWeave, which may attract investors to CoreWeave despite its lack of profitability [16] - When considering profit margins, Nvidia's performance is superior, with the best cloud computing companies averaging around 25% profit margins after taxes [16] - The price-to-sales ratio analysis suggests that both companies are priced similarly when factoring in profitability, resulting in a tie in this aspect [17] Conclusion - Overall, Nvidia emerges as the stronger investment choice due to its profitability and established market position, while CoreWeave's potential for future growth could make it an attractive option if it achieves profitability [18]

智通财经APP获悉，根据市场交易信号显示，CoreWeave(CRWV.US)与数据中心供应商Core Scientific(CORZ.US)之间拟议的 90 亿美元合并交易在周四的关键股东投票前愈发面临不确定性。自 7 月宣布这项人工智能交易以来，所谓的交易价差一直呈负值状态，持续数月之久。CoreWeave 公司的全 股票收购报价的交易价格远低于 Core Scientific 公司的市场价。截至发稿，价差约为 3.70 美元，即 -17%。目标公司的股票价格则徘徊在与收购报价价值的最大溢价附近。 该价格走势表明市场对这笔交易能否顺利进行持怀疑态度，因为近几个月来，有关该交易结构和估值的 批评之声日益高涨。事件驱动型交易专家Cabot Henderson说道："大多数套利交易员都认为该交易已无 继续发展的可能了。" 最近几周，主要持股方Two Seas Capital称此次收购出价过低，并呼吁其他股东投反对票，而大型代理投 票顾问机构"ISS"也表达了同样的反对意见。 CoreWeave 为诸如 OpenAI 和微软(MSFT.US)等企业提供人工智能计算能力。该公司已拒绝了有关改善 其条款的提议，并表示 ...

Key Points While Oracle is reportedly struggling to achieve gross margin above 25% with its AI infrastructure business, CoreWeave's gross margin was 74% in the second quarter. That figure is misleading due to the way that CoreWeave categorizes costs. Investors are missing a crucial piece of information about the company. 10 stocks we like better than CoreWeave › Demand for artificial intelligence (AI) infrastructure is booming, and CoreWeave (NASDAQ: CRWV) is a major beneficiary. The company leas ...

Core Insights - The article emphasizes a disciplined, research-driven approach to investing, focusing on long-term value and strategic growth inspired by legendary investors [1] - The investment strategy is characterized by a fundamental, bottom-up approach, with a particular emphasis on market psychology, business durability, and valuation discipline [1] - The analyst specializes in the technology sector, particularly in underappreciated or contrarian plays within software, semiconductors, and emerging innovations [1] Investment Focus - The company seeks out firms with scalable business models, durable competitive advantages, and misunderstood narratives [1] - There is a preference for identifying value that the market has not fully recognized, rather than following current trends [1] - The research highlights that investment success is often nonlinear, influenced by cycles, feedback loops, and the need for constant recalibration [1]

Core Viewpoint - German Chancellor Frederick Matz advocates for greater stock market integration in Europe to address the fragmented market for companies seeking listings [1] Group 1: Market Integration and Liquidity - The underlying concern driving discussions about a pan-European stock exchange is the relative levels of liquidity and access to capital compared to the US market [2] - There is an opportunity for greater consolidation among European exchanges to enhance liquidity and capital access [2][3] - Euronext currently trades 25% of the equity in Europe, with an aggregate market capitalization exceeding €6.5 trillion, making it significantly larger than the London Stock Exchange (approximately €3 trillion) and Frankfurt (below €2 trillion) [5][6] Group 2: Historical Context and Future Aspirations - Euronext's historical focus on equity markets contrasts with other exchanges that have diversified into data and post-trade services, leading to a debate between the aspirations of European leaders and the strategies of market operators [6][7] - The London Stock Exchange has shifted its focus away from equity markets, which were once central to European capital markets, particularly after Brexit [9][10] - There is a potential for consolidation in the future, contingent on the willingness of market participants to engage in mergers and acquisitions [8][11]