[Earnings Recap] CoreWeave's Revenue Soars 168%. Can the Rally Last?
AI infrastructure demand is showing no signs of slowing. CoreWeave reported a 168% revenue surge, raised its annual outlook and revealed a record $132.5 billion backlog. Shares initially jumped more than 10% after hours, gave up much of those gains during the earnings call, then recovered to about 7.9%
Elsewhere, Sea posted record revenue but finished lower, On Holding sold off despite an earnings beat, and D-Wave fell as investors questioned how quickly its growing order book could translate into profits.
$CoreWeave, Inc.(CRWV)$ rose 7.9% after hours
CoreWeave provides Nvidia-powered cloud computing infrastructure to AI developers and technology companies.
Third-quarter revenue jumped 168% to $3.66 billion, beating Wall Street's roughly $3.55 billion estimate. Its GAAP loss of $1.27 per share was narrower than the $1.55 loss analysts expected.
Adjusted operating income reached $379 million, with the margin expanding to 10%. Revenue backlog increased to $132.5 billion, up 138% from a year earlier.
Management raised its 2026 revenue forecast to $13 billion–$13.3 billion and expects annualized revenue to reach $20 billion–$21 billion by year-end.
The challenge is financing that expansion. CoreWeave spent $14.5 billion on capital expenditures in the quarter and expects $37 billion–$39 billion for the full year. Debt stood at roughly $46.9 billion at the end of September, while fourth-quarter interest expense could exceed $1 billion.
The company said it expects approximately $9 billion in customer prepayments and deposits over the next three months, providing additional funding for its expansion. Shares closed Tuesday down 0.5% before rebounding about 7.9% after hours.
$On Holding AG(ONON)$ dropped 7.54%
On designs premium running shoes and athletic apparel, best known for its Cloud footwear.
Third-quarter revenue increased 17.2% to CHF 931.4 million, broadly matching expectations. Adjusted EPS of CHF 0.54 beat the roughly CHF 0.38 consensus. Reported gross margin reached 72.6%, but that figure benefited from a one-time CHF 52.6 million U.S. tariff refund. Excluding the refund, gross margin was 66.9%.
On maintained its full-year outlook for low-20% constant-currency sales growth. Investors were less impressed by its U.S. momentum. Americas revenue rose just 12.4%, while direct-to-consumer growth of 25% fell short of the roughly 33% consensus. Shares closed 7.54% lower at $34.70 on Nov. 10.
$Sea Ltd(SE)$ dropped 1.49%
Singapore-based Sea operates e-commerce platform Shopee, gaming business Garena and digital-finance service Monee.
Third-quarter revenue climbed 43.4% to a record $8.6 billion, beating the roughly $8.1 billion consensus. GAAP EPS of $0.78 missed expectations near $0.99. Shopee's gross merchandise volume increased 23.3% to $39.7 billion, while its adjusted EBITDA reached $269.2 million.
Management maintained its full-year Shopee growth targets and authorized another $1 billion share repurchase. Sea traded as high as $85.16 during Tuesday's session, about 9.2% above its previous close, but reversed course to finish 1.49% lower at $76.80.
$D-Wave Quantum Inc.(QBTS)$ dropped 8.63%
D-Wave develops quantum computing systems, software and cloud services.
Third-quarter revenue increased 21% to $4.5 million, slightly ahead of expectations. Its adjusted loss of 13 cents per share was wider than the 10-cent loss Wall Street expected.
Bookings for the first nine months surged 611% to $37.4 million, while remaining performance obligations reached $38.3 million, up 1,221% year over year.The stock dropped 8.63% to $10.48 on Nov. 10.
💬 Discussion
CoreWeave's revenue nearly tripled, but its debt is approaching $47 billion. Would you buy the AI infrastructure rally or stick with Nvidia?
What's your next move?
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CoreWeave reported 168% revenue growth to US$3.66B, with its backlog reaching US$132.5B. Shares recovered 7.9% after hours, reflecting strong AI infrastructure demand.
However, quarterly capital expenditure reached US$14.5B, while debt approached US$47B. A growing backlog does not automatically translate into sustainable profits or free cash flow.
Elsewhere, $Sea Ltd(SE)$ fell despite record revenue, $On Holding AG(ONON)$ declined despite beating earnings expectations, and $D-Wave Quantum Inc.(QBTS)$ dropped as investors questioned its path to profitability.
My take: I favour $NVIDIA(NVDA)$ over CoreWeave. Nvidia benefits from AI infrastructure spending without assuming the same debt-funded expansion risks. CoreWeave's growth is impressive, but financing costs, customer concentration and cash generation deserve scrutiny.
CoreWeave's 168% revenue growth and $132.5 billion backlog demonstrate that AI infrastructure demand is real. However, the other side of the story deserves more attention: $46.9 billion in debt, $37–39 billion in annual capital expenditure, and potentially over $1 billion in quarterly interest expenses.
The real question isn't whether AI demand will grow, but who captures the profits without taking excessive financial risks.
NVIDIA sells the picks and shovels, while CoreWeave must continuously finance the entire gold mine. That creates very different risk profiles.
I wouldn't dismiss CRWV's upside, especially with customer prepayments supporting expansion. But until free cash flow becomes more sustainable, I'd treat it as a high-growth, high-risk position rather than a core holding.
My preference: NVIDIA for structural exposure, CRWV for speculative upside.
@Tiger_Earnings [可爱]
@MHh @koolgal @rL @icycrystal @Shyon
Personally, I would favour NVIDIA over CoreWeave for the long term. $NVIDIA(NVDA)$ has a stronger competitive moat through its GPU technology and CUDA ecosystem, while CoreWeave faces greater financing and execution risks.
I am not chasing the rally. I prefer accumulating quality AI stocks gradually during pullbacks, while monitoring earnings, cash flow and valuations. The AI opportunity remains attractive, but discipline matters more than momentum.
@Tiger_comments @TigerStars @TigerClub
我的看法是：继续看好AI产业，但不会因为CRWV盘后上涨7.9%就马上追高。
1. 四家公司怎么看？
股票 我的看法 主要原因
CRWV 谨慎看好 收入暴增，但债务压力大
NVDA 优先研究 AI芯片需求强，业务相对成熟
SE 继续观察 收入增长强，但盈利需要跟上
QBTS 高风险 订单增长快，但实际收入规模小
2. CRWV最大的风险是什么？
第三季度收入增长168%，达到36.6亿美元，积压订单高达1,325亿美元，说明AI云计算需求非常强劲。
但要注意：
债务约469亿美元。
全年资本开支预计370亿至390亿美元。
第四季度利息支出可能超过10亿美元。
关键问题：订单很多，不代表现金已经到手。 公司还需要建设数据中心、购买设备、取得电力，才能把订单转化为收入和利润。
3. NVDA还是CRWV？
如果是长期投资，我会优先研究NVDA。
原因是NVDA直接受惠于AI芯片需求，商业模式相对成熟；CRWV虽然成长空间大，但融资、债务和利息风险更高。
4. 我的下一步
我会重点观察三个指标：
1. CRWV能否持续把订单转化为实际收入？
2. 自由现金流有没有改善？
3. 债务增长速度有没有放缓？
总结： AI行业前景值得看好，但不代表每家AI公司都值得买。对新手来说，我会先研究NVDA，再观察CRWV，暂时不急着追高。
投资最重要的不是买到涨得最快的股票，而是买到真正能够持续赚钱的公司。
CoreWeave营收同比增长168%，积压订单达到1325亿美元，证明AI算力需求依然旺盛。但469亿美元债务、145亿美元季度资本开支，以及持续攀升的利息费用，也说明其增长模式高度依赖融资。
**我最担心的不是CRWV没有订单，而是订单创造的利润能否覆盖融资成本、设备折旧和未来GPU更新换代的投入。**
相比之下，英伟达拥有更成熟的盈利模式、较强的定价能力和现金流。当然，NVDA也面临估值、竞争及客户自研芯片的风险。
我的下一步是：**优先关注NVDA的回调机会，对CRWV保持观察，不急于追涨。**
🚀 只有当CRWV连续几个季度证明自由现金流改善、债务负担下降，我才会考虑提高配置权重。
**AI基础设施的赢家，不一定是营收增长最快的公司，而是最终能让股东赚到钱的公司！** 🐯
CoreWeave offers explosive growth, but its mountain of debt is a serious red flag. Nvidia, meanwhile, gets to sell the picks and shovels without carrying the same infrastructure burden.
The real question is: who captures the biggest slice of the AI gold rush?
My preference? Own the technology leader first, and treat leveraged infrastructure plays as higher-risk opportunities. In a gold rush, I’d rather own the shovel supplier than finance the mine. 🚀