Expect CoreWeave weakness to be bought with strong AI demand and revenue growth: Citi's Tyler Radke

Coreweave's Business and Market Position - Coreweave's backlog is lumpy due to dealing with major AI companies like Microsoft (70% of their revenue), OpenAI, Google, and AWS [2] - A Microsoft deal closed in early Q3, which will be reflected in the next quarter's backlog [2] - Coreweave's revenue growth is expected to reaccelerate in Q4 with Blackwell chips coming online [4] - Coreweave massively increased contracted power this quarter, indicating future demand [4] - Coreweave is one of the few companies that can successfully operate large-scale GPU AI training clusters [8] - Diversification is occurring with enterprise clients and a new hyperscaler coming on board [9] Competition and Future Outlook - Customer concentration, especially with Microsoft, is a significant risk [7] - The AI market could potentially be larger than the trillion-dollar public cloud market [7] - Coreweave exclusively partners with Nvidia for GPU clusters [11] - It is important to consider the impact of hyperscalers building their own AI chips and the depreciation of currently purchased chips [10] - Google, as a new customer, makes TPUs, which could impact the relationship with Nvidia in the future [11][12]