CoreWeave reported its Q3 earnings on November 10. During the earnings call, Mike Intrator, CEO and co-founder of CoreWeave, said: "We continue to scale aggressively, even as the industry remains capacity-constrained. We expanded our active power footprint by 120 MW sequentially to approximately 590 MW, while growing our contracted power capacity over 600 MW to 2.9 GW." CoreWeave CFO Nitin Agrawal described the company's debt status during the earnings call. "Year to date, CoreWeave has successfully sec ...

Core Insights - The current energy constraints are impacting various sectors, particularly data centers and the commodity market, with significant implications for supply and investment [1][6][9] - A broad bull market in commodities is emerging, with notable increases in prices for gold, base metals, and agricultural products, while crude oil remains a laggard [2][11] - The overall commodity complex has seen a 25% increase this year, indicating physical supply constraints that are affecting market dynamics [3][11] Commodity Market Dynamics - The commodity market is experiencing a resurgence, with copper prices nearing $11,000 per tonne, which may stimulate new projects, although there is a lack of available projects even at higher price levels [8][14] - Investment in upstream oil projects is lacking, with no new major projects anticipated beyond March next year, leading to a potential supply deficit [5][6] - The focus on returning value to shareholders rather than overspending is creating a supply shortage in the commodity market [6][11] Investment Considerations - The current investment landscape is characterized by a shift towards raw materials and commodity equities, as these are expected to provide better returns amid rising prices [18][20] - The anticipated price for copper could reach $15,000 per tonne in the next 2 to 3 years, driven by demand and supply constraints [14][17] - The volatility of commodities presents both risks and opportunities, with direct ownership of commodities offering potential for short-term gains while equities provide long-term price exposure [19][20]

Core Viewpoint - The current earnings season highlights significant supply constraints across various industries, which is leading to better-than-expected earnings for companies like Intel and others in the tech sector [1][2]. Technology Sector - Intel reported earnings that exceeded expectations due to supply constraints, allowing the company to raise prices, which is advantageous in any industry [2]. - Companies such as SanDisk, Western Digital, and Sea are experiencing strong stock performance due to their pricing power amid supply constraints, which have historically hindered their profitability [3]. - Micron is also noted for its supply constraints, which have led to a reevaluation of demand expectations [5][6]. - AMD's stock rose 7.6% following discussions about its supply constraints and partnerships in quantum computing [4]. Aerospace Industry - Boeing is expected to report on supply constraints affecting all its aircraft, particularly the 737 models, due to regulatory challenges and past mishaps [7]. - Major suppliers to Boeing, including General Electric, RTX, and Honeywell, are benefiting from increased demand for aircraft and maintenance services [7]. Energy Sector - Genova is highlighted for its supply constraints in power equipment, particularly large turbines used in data centers, suggesting potential for growth [8]. - The high cost of these machines, which can reach up to $100 million, positions Genova favorably in the market [9]. Precious Metals - The supply of gold remains constrained despite high prices, with foreign supplies becoming increasingly difficult to access due to tougher terms from host countries [10][11]. - The overall trend indicates a persistent imbalance between demand and supply across multiple industries, which is favorable for stock performance [11].