DA Davidson Upgrades CoreWeave (CRWV) to Neutral Citing OpenAI Fundraise as Short-Term Catalyst

Group 1 - CoreWeave Inc. (NASDAQ:CRWV) has been upgraded to Neutral from Underperform by DA Davidson, with a new price target of $68, up from $36, primarily due to the potential $100 billion fundraise by OpenAI [1][2] - The success of OpenAI's capital raise is uncertain, but if successful, it would help OpenAI meet its 2026 obligations, including those to CoreWeave [2] - Despite the upgrade, there are concerns that CoreWeave's equity could become worthless as debt holders currently own the entire enterprise value, although the fundraise could delay issues related to the company's capital structure [2] Group 2 - CoreWeave announced plans to integrate the Nvidia Rubin platform into its AI cloud infrastructure, aiming to launch in H2 2026, positioning itself as one of the first cloud providers to deploy this technology [3] - The deployment will utilize Nvidia Vera Rubin NVL72 racks, managed through CoreWeave's proprietary Rack Lifecycle Controller, which coordinates power delivery, liquid cooling, and hardware validation [4] - CoreWeave operates a cloud platform that supports scaling, support, and acceleration for GenAI, building infrastructure for enterprise compute workloads [4]