Core Insights - Anthropic has formed a significant partnership with Google to utilize Google TPUs, which will enhance its AI computation capacity [1] Company Updates - Amazon's stock price increased by 1.41% [1] - Alphabet's stock prices saw an increase of 2.70% for GOOGL and 2.67% for GOOG [1] Industry Impact - The partnership between Anthropic and Google is expected to have a substantial impact on the AI industry by improving computational capabilities [1]

Group 1 - Core Scientific Inc. is viewed positively by Wall Street analysts, with Cantor Fitzgerald raising its price target to $26 from $18 while maintaining an Overweight rating [1][2] - The potential acquisition by CoreWeave Inc. is a focal point, with two scenarios anticipated if the deal is rejected: either CoreWeave renegotiates or Core Scientific pursues its own high-performance computing (HPC) strategy [1][2] - B. Riley has also upgraded Core Scientific to Buy from Neutral, increasing its price target to $30 from $17, indicating a strong likelihood of shareholders voting against the acquisition [2] Group 2 - Core Scientific operates in the digital asset mining sector in the US, divided into three segments: Digital Asset Self-Mining, Digital Asset Hosted Mining, and HPC Hosting [3] - CoreWeave Inc. provides a cloud platform that supports scaling and acceleration for Generative AI, focusing on infrastructure for enterprise compute workloads [3]

CoreWeave - CoreWeave's cloud data center infrastructure is experiencing high demand due to the need for AI model training and inferencing, with a backlog of $30.1 billion at the end of Q2 2025, nearly double the year-to-date amount [4] - The company is aggressively expanding its data center capacity, aiming to increase from 470 megawatts to 900 megawatts by the end of 2025, and has secured 2.2 gigawatts for future buildouts [6] - In Q2, CoreWeave's revenue surged 207% year over year to $1.2 billion, and adjusted operating income increased 135.3% year over year to $200 million [7] - Analysts project revenue growth from $5.26 billion in 2025 to $30.1 billion in 2030, with expectations of profitability by 2027 [10] - If growth continues, CoreWeave's market capitalization could reach between $267.9 billion and $373.2 billion by 2030, representing a potential multibagger opportunity [11] MongoDB - MongoDB's document-based database is becoming essential for AI infrastructure, offering a complete solution for transactional data, search, and AI features [12] - In Q2 of fiscal 2026, MongoDB's revenue increased 24% year over year to $591.4 million, with its cloud-based Atlas service growing 29% year over year [14] - The company added 2,800 new customers, bringing the total to 59,900, while gradually reducing net losses [14] - MongoDB trades at 12 times sales, below its five-year average of 14.9, with revenue expected to grow from $2.36 billion in fiscal 2026 to $5.36 billion in fiscal 2031 [15] - If the P/S multiple returns to its historical average, MongoDB's market capitalization could reach around $79.6 billion, nearly three times its current market cap of $26.58 billion [15]

Core Points - The Trump administration's new ballroom construction project has an estimated cost of over $300 million, significantly higher than the initial estimate of $200 million [1] - A list of 37 donors, including major tech companies and administration members, will fund the project through private, tax-deductible donations to the nonprofit Trust for the National Mall [2][3] Corporate Donors - Meta Platforms has pledged at least $600 billion in investments in the U.S. by 2028 and frequently engages with federal digital policy initiatives [4] - Apple plans to invest $100 billion in domestic manufacturing, aligning with the administration's goals [5] - Amazon has major federal contracts and has developed a relationship with the administration through lobbying efforts [6] - Google agreed to pay $24.5 million to settle a dispute with Trump and pledged $22 million of that settlement toward the ballroom construction [7] - Lockheed Martin, a major defense contractor, is reportedly contributing over $10 million to the project [8] - Microsoft has multibillion-dollar federal contracts, including partnerships related to U.S. cybersecurity [9] - Comcast faces scrutiny from Trump but remains a donor [10] - Altria, a major tobacco firm, has pushed for less FDA oversight and is involved in Republican PAC donations [11] - Coinbase supports Trump's push for looser crypto regulations [12] - Palantir Technologies has seen a surge in federal contracts under the Trump administration [13] - T-Mobile's merger agreements were favorably reviewed during Trump's term [14] - Ripple supports Trump's digital asset finance initiatives [15] - Hard Rock International's chairman has ties to the Trump Organization [16] - Tether America backs Trump's digital dollar framework [17] - Union Pacific Railroad is seeking a merger under a Republican-led SEC [18] - Micron Technology announced a $200 billion investment in the U.S. [19] - Caterpillar is viewed as a symbol of the "Made in America" initiative [20] - Booz Allen Hamilton reported that 90% of its recent bookings came from national security work [21] - HP has received military contracts and contributed to Trump's inaugural committee [22] - NextEra Energy's CEO supports job creation in America while criticizing some administration policies [24] - Reynolds American's PAC has previously donated to Trump [25] Private and Family Donors - The Adelson Family Foundation is run by Miriam Adelson, a significant GOP donor [26] - Stefan E. Brodie has a controversial past and was denied a pardon request [27] - The Betty Wold Johnson Foundation is known for its charitable contributions [28] - Charles and Marissa Cascarilla advocate for financial technology deregulation [29] - The Glazer siblings are recurring donors to Trump PACs [30] - Harold Hamm has advised Trump on energy issues [31] - Benjamín Leon Jr. has donated over $3 million to Trump's campaign and is awaiting Senate confirmation for an ambassador position [32] - The Lutnick Family supports Trump's economic agenda [33] - The Laura and Isaac Perlmutter Foundation consistently donates to Republican causes [34] - Stephen A. Schwarzman has acted as an intermediary between Trump and China [35] - Konstantin Sokolov is involved in infrastructure and energy investments [36] - Kelly Loeffler and Jeff Sprecher donated $5 million to Trump's 2024 election efforts [38] - Paolo Tiramani is active in real estate innovation [39] - Cameron and Tyler Winklevoss are consistent GOP donors advocating for clear crypto laws [40][41] - J. Pepe and Emilia Fanjul are part of a prominent sugar family and hosted a Trump fundraiser [42]

Core Insights - Bill Ackman's Pershing Square Capital has invested $900 million in Howard Hughes Holdings, acquiring a 47% stake, with plans to model it after Berkshire Hathaway [3] - Ackman has a significant focus on technology, with 45% of Pershing Square's $14 billion portfolio allocated to leading tech stocks [3] Investment in Uber - Ackman holds over 30 million shares of Uber Technologies, valued at approximately $2.8 billion, representing 21% of Pershing Square's equity portfolio [5] - Uber commands a 76% market share in the U.S. rideshare market and is the second-largest food delivery platform, benefiting from strong network effects [6] - In Q2, Uber reported revenue of $12.7 billion, an 18% year-over-year increase, with diluted EPS rising 34% to $0.63, driven by 3.3 billion trips and a 15% growth in monthly active platform consumers [7][8] Investment in Alphabet - Pershing Square holds a combined position of 11.7 million shares in Alphabet, worth over $2 billion, making up 15% of its portfolio [9] - Alphabet's Q2 revenue reached $96.4 billion, a 14% increase year-over-year, with diluted EPS jumping 22% to $2.31, and Google Cloud revenue growing 32% to $13.6 billion [10][11] - Ackman highlights Alphabet's strong execution in AI and its discounted valuation at 26 times earnings despite robust business momentum [11] Investment in Amazon - Ackman initiated a position in Amazon, acquiring over 5.8 million shares worth nearly $1.3 billion, constituting 9% of Pershing Square's equity holdings [12] - Amazon's Q2 net sales were $167.7 billion, a 13% year-over-year increase, with EPS rising 33% to $1.68, supported by advancements in AI and operational efficiencies [15][16] - The stock is considered attractively valued with a PEG ratio of 0.58, indicating potential for significant earnings growth [16]

Market Analysis - The current market appears to be correctly priced with a 10-year Treasury rate of 4% and an S&P 500 index P/E of 25.5x, aligning with historical averages [5] - Historical market bubbles have shown significant overvaluation, with the market being overpriced by 100% before Black Monday and 40% during the internet bubble, but currently, there is no such stretch in valuations [6] AI Investment Landscape - There are contrasting views on AI investments, with concerns about the return on investments in AI infrastructure versus fears of AI displacing entire industries [6][7] - The potential job displacement due to AI could lead to significant cost savings for companies, with estimates suggesting that replacing 10% of U.S. jobs could save $1.6 trillion annually [8] Meta's Data Center Strategy - Meta has entered a joint venture with Blue Owl Capital for a $27 billion Hyperion Data Center campus, owning 20% and signing a short-term operating lease with options for extension [29][30] - The deal includes a "Residual Value Guarantee" (RVG) to cover potential losses if Meta exits the lease early, with an estimated maximum exposure of $22.95 billion [32][33] Debt and Yield Considerations - The bonds issued for the Hyperion project have a yield of 6.58%, which is closer to junk bond yields due to the perceived risks associated with the specialized nature of the data center [34][35] - Investors demand higher yields to compensate for the structural subordination of the debt and the potential obsolescence of the data center [34] AI Infrastructure Buildout - The AI capital expenditure in the U.S. is currently around $400 billion per year, with a need for data centers to generate equivalent revenue over their lifetime to avoid being classified as a bubble [42] - The construction of new data centers is competing for skilled labor, which may become a significant bottleneck in the AI infrastructure buildout [39][40] Global Competitive Landscape - China is positioned to dominate the manufacturing of components necessary for AI infrastructure, producing significantly more solar panels and electricity than the U.S. [46] - The collaboration between Chinese state entities and tech giants could facilitate the rapid buildout of AI capacity, contrasting with the competitive struggles among U.S. hyperscalers [46]

just give me the the headline of your story. >> So, the headline of the story is that Amazon is essentially no longer the only game in town in cloud computing. They've got real credible rivals, you know, down to Oracle and Google.You know, 5 years or so ago, it was only Microsoft that was knocking on the door. And now you add on all this AI workloads and that's not a business that AI that Amazon rather seemed to be leading in. >> Just for context though, how successful does it remain.How much market share d ...

Core Business Segments - Amazon operates primarily in two core businesses: e-commerce and Amazon Web Services (AWS), with a third segment, satellite-based broadband service through Project Kuiper, on the horizon [4][9] - The e-commerce segment has evolved to include a significant contribution from third-party sellers, which account for 62% of paid units, and advertising revenue exceeding $60 billion in the past year [6][7] - AWS remains the largest cloud computing platform globally, generating $116 billion in revenue over the trailing 12 months, with an 18% growth rate and a 36.8% operating margin [8] Revenue Growth and Market Position - Amazon is poised to become the largest revenue generator globally, having surpassed Walmart in quarterly revenue in Q4 2024, with annual revenue growth at 13.3% compared to Walmart's 4.8% [10][11] - For the 12-month period ending in June, Amazon generated $670 billion in revenue, while Walmart generated $693 billion, indicating a potential shift in market leadership [11] AI Strategy and Investments - Amazon's investment in AI through its stake in Anthropic, which has seen its annualized revenue run rate grow from $1 billion to $7 billion, positions the company favorably in the AI landscape [13][14] - Anthropic's focus on software coding applications and the use of Amazon's in-house designed chips (Trainium and Inferentia) provide a cost advantage and enhance Amazon's cloud computing revenue [15][16] Valuation and Financial Metrics - Amazon's current valuation stands at 33 times 2025 earnings estimates, which is considered undemanding for a leading tech company, especially given its reinvestment strategy [18][20] - The company has shown margin improvements across its segments, with operating margins increasing in North American e-commerce from 5.6% to 7%, and in AWS from 33.4% to 36.8% [19] Leadership and Management - CEO Andy Jassy, who has been with Amazon since 1997, embodies the strategic vision of founder Jeff Bezos, ensuring continuity in leadership and innovation [21][22] - Bezos remains involved in Amazon's entrepreneurial ventures, particularly in AI, which supports the company's ongoing success [22]

Core Company Overview - Cororeweave is an AI cloud computing company that provides powerful computing resources for AI creation and training, utilizing supercomputing mega clusters with over 100,000 GPU chips [2][3] - Founded in 2017 as Atlantic Crypto, the company pivoted to cloud computing in 2019 and rebranded as Cororeweave [4][5] - The company operates more than 30 data centers and develops in-house chip management software [4][6] Financial Performance - In its last quarterly report, Cororeweave reported revenue of $1.21 billion, exceeding estimates of $1.08 billion, but posted a loss of 60 cents per share, worse than the expected 23 cents [8] - The company has accumulated a revenue backlog of $30.1 billion, indicating potential future income [10] - Cororeweave's debt exceeded $10 billion at the end of Q2 2023, attributed to high upfront costs for hardware and facilities [9] Strategic Partnerships and Acquisitions - Cororeweave has secured significant investments and partnerships, including a $100 million investment from Nvidia in April 2023 and a $6.5 billion expansion of its partnership with OpenAI [5][7] - The company announced plans to acquire Monolith AI and OpenPI, as well as a $9 billion all-stock deal for Core Scientific [7] Market Position and Competitors - Cororeweave differentiates itself from major cloud providers like AWS, Azure, and Google Cloud by focusing primarily on AI and machine learning [6] - The company has established itself as a key player in the AI space, attracting attention from investors despite not yet turning a profit [18]

Core Viewpoint - CoreWeave (CRWV) is positioned as a rapidly developing cloud infrastructure provider with strong fundamentals and momentum, making it an attractive option for long-term investors [1] Company Performance - CoreWeave's stock has surged 207.5% since its IPO in March, indicating strong market interest and potential for growth [2] - In Q2, CoreWeave reported a remarkable 207% year-over-year revenue increase to $1.2 billion, alongside $200 million in adjusted operating income, marking a significant milestone for the company [5] - The company achieved both $1 billion in revenue and $200 million in profit in a single quarter for the first time, reflecting its rapid execution amid unprecedented demand for AI cloud services [5] Growth Drivers - CoreWeave's contract backlog reached $30.1 billion, an 86% increase year-over-year and double the amount year-to-date, driven by new enterprise customers, startups, and hyperscale partnerships [5] - Notable contracts include a $4 billion expansion with OpenAI, showcasing the company's strong position in the AI sector [5] Customer Base and Offerings - CoreWeave's diverse customer base is expanding rapidly, with its VFX cloud offering, Conductor, experiencing a fourfold increase in usage year-to-date [6] - The company's AI infrastructure serves a wide range of industries, including video generation startups, healthcare, and major financial institutions like Jane Street, Morgan Stanley, and Goldman Sachs [6]