Core Viewpoint - CoreWeave continues to receive significant support from Nvidia, with Nvidia's Q2 holdings in CoreWeave increasing to $4.33 billion from $1.15 billion in the previous quarter, indicating a strong commitment to the cloud AI infrastructure provider [1][2]. Holdings Summary - Nvidia's total market value of holdings in CoreWeave reached approximately $3.96 billion, representing 91.36% of its investment portfolio, with a slight increase of 0.39% in the number of shares held [2][5]. - CoreWeave has seen a cumulative stock price increase of about 318% since its NASDAQ listing in March, although it has recently experienced a decline due to increased losses and lower-than-expected guidance [3]. - A significant portion of CoreWeave's A-class shares, approximately 84%, will be unlocked soon, primarily held by insiders, including the CEO and Nvidia [3]. - Other notable holdings in Nvidia's portfolio include Arm with a market value of approximately $178 million (10.25% of the portfolio) and Applied Digital with a market value of about $77.7 million (3.78% of the portfolio) [3][4].

Core Viewpoint - CoreWeave's stock plummeted nearly 21% after the release of its second quarterly earnings report post-IPO, despite revenue exceeding expectations and an upward revision of its annual guidance. The larger-than-expected losses and the impending expiration of the IPO lock-up period raised market concerns [1][3][5]. Financial Performance - CoreWeave reported an adjusted loss of $0.27 per share, surpassing analysts' expectations of a $0.21 loss. The company projected quarterly revenue between $1.26 billion and $1.3 billion, slightly above the analyst consensus of $1.25 billion. Additionally, the revenue forecast for 2025 was raised to between $5.15 billion and $5.35 billion, exceeding the previous estimate of $4.9 billion to $5.1 billion [5][8][10]. Market Expectations - Analysts noted that market expectations for CoreWeave were excessively high, particularly following a significant stock price increase of over 240% since its IPO. The company was viewed as a barometer for AI-related spending, with its business model relying on customer contracts before purchasing AI chips and data center equipment [8][11]. Capital Expenditure Concerns - Analysts expressed concerns regarding CoreWeave's low capital expenditure guidance, which remained unchanged for the year at $20 billion to $23 billion, with a midpoint of $21.5 billion, slightly above the analyst expectation of $21.03 billion. Some capital expenditures were delayed to the fourth quarter, which could signal potential risks [9][10]. Strategic Partnerships - CoreWeave's clientele includes major players like OpenAI, Microsoft, and NVIDIA. The company has signed significant contracts with OpenAI, which holds shares in CoreWeave, and is recognized as a key partner of NVIDIA, which owns a 7% stake in the company. CoreWeave also acquired AI model monitoring startup Weights and Biases for $1.4 billion [11].