Core View - CoreWeave (CRWV.US) continues to decline, dropping over 2% pre-market to $76.7, following a significant drop of over 8% the previous day [1] - A forthcoming investigative report from The Verge describes CoreWeave as "the heart of the AI bubble," raising concerns about its business model and heavy reliance on NVIDIA [1] - The report emphasizes that CoreWeave is unlikely to operate without substantial funding and hardware support from NVIDIA, questioning the sustainability of its model amid fluctuations in AI demand [1]

Core Insights - Nebius, a Dutch AI cloud service provider, reported a revenue surge of 355% year-over-year for Q3, reaching $146.1 million, although this fell short of analyst expectations of $157 million [1] - The company announced a significant five-year partnership with Meta valued at approximately $3 billion to provide AI infrastructure services [1] - Despite the revenue growth, Nebius experienced a substantial increase in capital expenditures, leading to a quarterly loss exceeding $100 million, compared to a loss of $39.7 million in the same period last year [1] Financial Performance - For Q3, Nebius's revenue was $146.1 million, a 355% increase year-over-year, but below the expected $157 million [1] - The company's quarterly loss expanded to over $100 million due to increased capital expenditures, which rose from $172.1 million in the previous year to $955.5 million [3] - As of the latest closing, Nebius's market capitalization has tripled to $27.61 billion this year [1] Strategic Partnerships - The partnership with Meta is the second major contract Nebius has secured with a large-scale cloud service provider, following a $17.4 billion agreement with Microsoft in September [1] - Nebius plans to deploy the necessary computing resources for the Meta contract within the next three months, indicating a strong demand for AI computing power [1] Market Outlook - Nebius's CEO, Arkady Volozh, forecasts that the company's annual recurring revenue (ARR) could reach between $7 billion and $9 billion by the end of 2026, with the current ARR at approximately $551 million [2] - The demand for AI computing power remains robust, with Nebius's entire cloud service capacity sold out for Q3 and nearly sold out for the current quarter [2] Investment Strategy - To secure GPU procurement, land, and power supply, Nebius is increasing its investment, with capital expenditures significantly rising in Q3 [3] - The company plans to pursue "aggressive expansion" through corporate bonds, asset-backed financing, and equity financing in the coming year [3]

Core Viewpoint - CoreWeave's stock dropped over 7.8% to $97.3 following the release of its Q3 earnings report, despite significant revenue growth and a reduction in net losses [1] Financial Performance - Q3 revenue surged 134% year-over-year to $1.36 billion, exceeding market expectations of $1.29 billion [1] - Net loss narrowed from $359 million in the same quarter last year to $110 million [1] - Operating profit margin was reported at 4%, below the market expectation of 6.5% [1] Future Guidance - The company revised its full-year 2025 revenue forecast down from a maximum of $5.35 billion to a range of $5.05 billion to $5.15 billion, which is lower than the market expectation of $5.29 billion [1] - The primary reason for the downward revision is delays in the development of third-party data centers [1]

Market Performance - On September 30, all three major U.S. stock indices closed higher, with the Dow Jones Industrial Average at 46,397.89 points, up 0.18%, the S&P 500 at 6,688.46 points, up 0.41%, and the Nasdaq at 22,660.01 points, up 0.30% [2] - In September, all three indices achieved gains, with the Dow and S&P 500 rising for five consecutive months and the Nasdaq for six consecutive months [2] Technology Sector - The U.S. technology giants showed mixed performance, with the Technology Seven Index up 0.40%. Nvidia rose 2.60%, while Microsoft, Tesla, and Apple saw slight increases. Facebook and Amazon dropped over 1%, and Alphabet experienced a minor decline [4] - Nvidia's stock reached an all-time high, with a market capitalization exceeding $4.5 trillion, peaking at $187.35 per share during the trading session. This surge is linked to CareWeave's announcement of a $14.2 billion AI infrastructure service agreement with Meta, in which Nvidia is a major shareholder [4] Commodities - Gold prices increased slightly, with spot gold rising 0.65% to $3,857.825 per ounce, and COMEX gold futures up 0.84% to $3,887.6 per ounce [5] - In contrast, oil prices fell, with light crude oil futures for November delivery down $1.08 to $62.37 per barrel, a decline of 1.7%, and Brent crude oil futures down $0.95 to $67.02 per barrel, a decrease of 1.4% [7]