Core Viewpoints - CoreWeave, an AI-focused cloud infrastructure provider, experienced a significant market reaction following its fourth-quarter earnings report, with shares dropping 18.5% due to a wider-than-expected loss and increased capital expenditures [1][2] Financial Performance - The company reported quarterly revenue of $1.57 billion, slightly exceeding estimates, but posted an adjusted loss per share of $0.56, which was worse than the anticipated $0.49 deficit [2] - Full-year 2025 revenue reached $5.1 billion, marking a 168% year-over-year increase, but concerns arose regarding overspending in a competitive environment [2] - Guidance for first-quarter revenue was projected between $1.9 billion and $2 billion, falling short of the $2.29 billion consensus, raising further concerns among investors [3] Growth and Losses - CoreWeave is in a hyper-growth phase but faces challenges with profitability, as Q4 adjusted EBITDA was $898 million with a 57% margin, while the net loss surged to $452 million due to high interest expenses and rapid deployments [4] - The company's contracted backlog reached a record $66.8 billion, indicating strong demand, but debt tripled year-over-year, and expenses in sales, marketing, and infrastructure increased significantly [5] Business Model Concerns - Notable short-seller Jim Chanos criticized CoreWeave's results, suggesting that even with an extended depreciation schedule for GPUs, the company would remain unprofitable, with interest expenses likely to drive pre-tax income negative by Q2 2024 [6] - Chanos also pointed out liquidity issues, predicting the need for CoreWeave to issue new stock soon, which would dilute existing shareholders [7] Alternative Perspectives - Rittenhouse Research provided a more optimistic view, arguing that CoreWeave's focus on long-term growth rather than short-term profits is valid, with gross margins compressing due to upfront costs rather than inefficiencies [8] - The firm projected $17 billion in annual recurring revenue for 2026, with expectations of improved EBIT margins, although Chanos countered that this would still yield unimpressive returns on invested capital [9] Depreciation and Valuation Risks - Concerns were raised regarding the depreciation of GPUs, with investor Michael Burry suggesting that the rapid evolution of technology could render older hardware obsolete much sooner than the standard depreciation schedule [10] - If CoreWeave's depreciation were adjusted to a shorter lifespan, it could significantly inflate expenses, making the business model unsustainable and amplifying liquidity risks [11] Investor Implications - The high stock multiple for CoreWeave assumes flawless execution in the AI market, but potential demand softening or increased competition could lead to financial distress due to heavy debt and capital expenditures [12] - While there are arguments for long-term growth potential similar to Amazon in the 1990s, investors may face significant dilution as the company seeks to raise capital [13]

Core Points - Coreweave reported a 110% revenue growth but saw its stock decline nearly 20%, indicating market skepticism about AI companies' sustainability despite rapid growth [2][6] - The company plans to spend $30 to $35 billion in capital expenditures while carrying a $21 billion debt load, raising concerns about profitability [3] - Coreweave has secured approximately $67 billion in take-or-pay contracts for the upcoming year, which could provide a more stable revenue pipeline [3][9] - However, the company has faced challenges in delivering capacity on time, leading to multiple lawsuits and raising doubts about its ability to meet contractual obligations [9] - The current market environment is punishing AI-related stocks, with Coreweave's stock price down about 50% from its all-time highs in June of the previous year [6][10] - Investors are looking for proof of performance, as the market has high expectations for AI companies, akin to a Michelin star restaurant's standards [7][12] - The broader AI trade is experiencing a cooling off, contributing to Coreweave's stock decline alongside its specific guidance miss [14][21] - The race for leadership in cloud infrastructure is intense, with companies needing to translate aggressive spending into actual revenue [17][19] - The ultimate question remains who will capture the economic benefits in the AI infrastructure space, with a focus on translating AI into real-world impacts [20]

| CRWV CoreWeave | | 0 | | --- | --- | --- | | 97 630 4 -0.380 -0.39% - 收盘价 02/26 16:00 美东 | | | | 88.740 + -8.890 -9.11% | | 盘前价 02/27 04:06 美东 | | 一 24 24 4 8 8 8 同 0 B B 2 | | ● 快捷交易 | | 最高价 100.750 | 开盘价 98.850 | 成交量 2732.94万 | | 最低价 95.020 | 昨收价 98.010 | 成交额 26.23亿 | | 平均价 95.987 | 市盈率ITM 亏损 | 总市值 508.9亿(--) | | 振 幅 5.85% | 市盈率(静) 亏损 | 总股本 5.21亿 | | 换手率 10.73% 市净率 15.259 | | 流通值 248.57亿 | | 52周最高 187.000 委 比 -33.33% | | 流通股 2.55亿 | | 52周最低 33.515 量 比 0.90 | | 色 手 1股 | | 历史最高 187.000 股息TTM -- | | | | 历史 ...

Core Points - CoreWeave reported a 110% year-over-year revenue growth in the fourth quarter, exceeding Wall Street expectations with revenue of $1.57 billion compared to the expected $1.55 billion [1][5] - The company has 850 megawatts of active power capacity and a contracted power capacity of 3.1 gigawatts, surpassing analyst projections of 827 megawatts [2] - CoreWeave's revenue backlog increased to $66.8 billion from $55.6 billion at the end of the third quarter, indicating strong future revenue potential [2] - Capital expenditures for 2026 were reported at $10.31 billion, which is below the consensus estimate of $12.90 billion [2] - As of December 31, CoreWeave had $21.37 billion in debt [2] - The company has seen a 36% increase in stock price in 2026, contrasting with a nearly 22% decline in the iShares Expanded Tech-Software Sector ETF during the same period [3] - CoreWeave announced a partnership with model builder Poolside and launched an object storage service to enhance its competitive position against larger players like Amazon Web Services [4] - The company increased its credit facility from $1.5 billion to $2.5 billion, providing additional financial flexibility [4]

Core Viewpoint - The iShares Exponential Technologies ETF (XT) has achieved a 22.63% return over the past year, outperforming major benchmarks like QQQ and SPY, by diversifying across over 500 holdings in sectors such as AI, genomics, and robotics [1] Group 1: ETF Overview - XT spreads capital across 500+ holdings, with no single position exceeding 3% of assets, aiming to provide balanced exposure to innovation [1] - The fund allocates 30.2% to information technology and 16% to healthcare, with significant investments in semiconductors, cybersecurity, biotech, and cloud infrastructure [1] - XT has $3.7 billion in assets and a 0.46% expense ratio, offering institutional-quality access at a reasonable cost [1] Group 2: Performance Analysis - Over the past year, XT's return of 22.63% significantly outpaced both QQQ and SPY, benefiting from broader sector exposure [1] - Year-to-date in 2026, XT is up 3.91%, while QQQ has entered negative territory, indicating continued momentum [1] - However, over five years, XT's cumulative gain of approximately 31% lags behind QQQ's 83%, highlighting the impact of concentrated mega-cap leadership during that period [1] Group 3: Trade-offs and Considerations - XT's 0.76% dividend yield is not suitable for income-focused investors, as recent distributions appear to be special capital gains rather than sustainable income [1] - The fund's diversification may limit its ability to capitalize on rallies driven by a few mega-cap companies, which can be a disadvantage in strong market cycles [1] - Active rebalancing introduces tracking error, as performance is influenced by the manager's sector timing decisions [1]

As filed with the Securities and Exchange Commission on February 13, 2026. Registration Statement No. 333-292514 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 QUMULUSAI, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Georgia 7374 92-2681813 (I.R.S. Employer Identificat ...

Core Viewpoint - The European Commission has granted unconditional approval for Google's acquisition of Wiz, indicating no competition concerns within the European Economic Area [1] Group 1: Acquisition Details - Google's acquisition of Wiz is valued at $32 billion and was first announced in March 2025 [2] - The US Department of Justice completed its antitrust review in November 2025, removing a significant regulatory hurdle for Alphabet [3] Group 2: Wiz's Role and Market Context - Wiz specializes in cloud-native application protection, providing a platform for organizations to protect applications against cyber threats across various cloud environments [4] - The acquisition is positioned within the rapidly evolving cloud security industry, where Google and Wiz are significant players, competing with Amazon Web Services and Microsoft Azure [4] Group 3: Multi-Cloud Security Solutions - The acquisition aims to enhance Google's position in cloud security and support the use of multiple cloud platforms as AI technology advances [5] Group 4: Regulatory Investigation Findings - The European Commission's investigation assessed potential bundling of Wiz's platform with existing Google products and found sufficient alternative suppliers for customers [6] - Concerns regarding Google's access to commercially sensitive data through Wiz's integrations were addressed, concluding that such information is generally accessible and not sensitive [7] - Teresa Ribera, Executive Vice-President of the EC, stated that the investigation confirmed customers will continue to have credible alternatives and the ability to switch providers [8]

Economic Measures - India announced measures to invest nearly $133 billion to enhance infrastructure and boost manufacturing across various sectors, including textiles and electronic components [2] - A growth fund of 100 billion rupees was allocated for small businesses, along with a 20 billion rupee top-up on a previous self-reliant fund [5] Benefiting Sectors - Pharmaceuticals sector is set to benefit from an outlay of $1.1 billion over the next five years aimed at boosting production and research for biologics and biosimilar drugs, with the Nifty Pharma Index surging post-announcement [6][14] - The textile industry is expected to gain from policy measures including the establishment of 'mega textile parks', with companies like Raymond Ltd. and Trident Ltd. seeing significant stock price increases [7][14] - Electronic manufacturing received a $4.3 billion investment to enhance production capabilities, particularly as companies like Apple Inc. expand their operations in India [7][14] - Cloud infrastructure companies will benefit from a proposed tax holiday for foreign firms providing cloud services from India-based data centers through 2047 [8][14] - Shipping stocks gained traction following the announcement of a ship-repair ecosystem and incentives for seaplanes, with companies like Shipping Corp. of India rising by 4.3% [9][14] - Firms in the cargo and transport sector, such as Container Corp. of India Ltd., are expected to benefit from proposed allocations for new dedicated freight corridors and high-speed city rail corridors [9][14] Losing Sectors - The government increased the securities transaction tax on equity futures from 0.02% to 0.05%, leading to declines in shares of the BSE and stock brokers like Angle One Ltd. [11][14] - State-owned banks faced disappointment as expectations for consolidation and relaxation of foreign shareholding caps were unmet, with shares of major banks like State Bank of India falling significantly [12][14] - The clean energy sector anticipated tax regime rationalization, which did not materialize, leaving the industry disappointed [12][14]

Core Viewpoint - The Vanguard Information Technology ETF has significantly outperformed the market over the past decade, primarily driven by the AI boom, but it lacks exposure to key companies in the AI sector, making it potentially less attractive for investors seeking broad AI stock exposure [1][2]. Group 1: ETF Performance and Composition - The Vanguard Information Technology ETF (VGT) has increased by approximately 670% over the past decade, compared to a 270% gain for the S&P 500 [1]. - The ETF tracks the MSCI US IMI Information Technology 25/50 index and holds stakes in 320 companies, with nearly 59% of its value concentrated in the top 10 holdings [3]. - The top three holdings—Nvidia, Apple, and Microsoft—account for nearly 45% of the ETF's assets, indicating a high concentration risk [4]. Group 2: Missing Key Companies - The ETF does not include major players in the AI ecosystem such as Alphabet, Amazon, and Meta Platforms, which are classified in different sectors [5][6]. - Alphabet and Meta are categorized under the communication services sector, while Amazon falls under consumer discretionary, thus excluding them from the ETF's holdings [6]. - The absence of these companies is significant as Amazon and Alphabet are two of the largest cloud infrastructure providers, holding market shares of 29% and 13%, respectively, which are crucial for AI model training and operation [7]. Group 3: Implications of Missing Companies - The exclusion of Amazon, Alphabet, and Meta from the ETF limits its exposure to the AI megatrend, as these companies play vital roles in cloud services and AI development [8].

Core Viewpoints - CoreWeave's stock experienced a significant increase following a strategic partnership with Nvidia, reflecting investor confidence in the company's growth potential [1][2] - Nvidia's $2 billion investment in CoreWeave at a price of $87.20 per share indicates strong belief in CoreWeave's business model and growth strategy [2] Company Performance - CoreWeave's stock price rose by 5.73% to $98.31, with a daily trading range between $98.05 and $108.65 [3] - The company's market capitalization stands at $46 billion, with a gross margin of 49.23% [3][4] Technological Advancements - CoreWeave's technology platform is designed to enhance the efficiency of machine learning workloads, supporting businesses in scaling their AI operations [4] - The partnership aims to integrate CoreWeave's AI software with Nvidia's chips and storage systems, enhancing overall performance [5][6] Future Growth Plans - CoreWeave plans to utilize the investment to accelerate the development of 5 gigawatts of AI factories by 2030, addressing the increasing demand for accelerated computing services [5] - Nvidia's CEO highlighted that the collaboration is part of a larger trend of infrastructure development driven by AI, marking a significant shift in the industry [5]