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Luke Kawa8/12/25

CoreWeave delivers top- and bottom-line beat in Q2

CoreWeave gave back all of the day’s big gains, and then some, after-hours even as the AI cloud company delivered better-than-expected second-quarter results.

Revenue: $1.21 billion (estimated $1.08 billion, guidance of $1.06 billion to $1.1 billion).
Adjusted operating income: $199.8 million (estimated $162.75 million, guidance of $140 million to $170 million)

The company also saw its massive backlog swell to $30.1 billion from $25.9 billion at the end of Q1.

Still, shares were down 7.2% after the report. The stock had climbed 6.4% during the regular session.

“We are scaling rapidly as we look to meet the unprecedented demand for AI,” said cofounder, chairman, and CEO Michael Intrator. “Our purpose-built AI cloud platform continues to set new benchmarks for performance and scalability including becoming the first company to offer the complete Blackwell GPU portfolio at scale, making CoreWeave the platform of choice for the world’s most advanced AI workloads and AI pioneers.”

CoreWeave’s earnings report promises to be a catalyst for the stock beyond the actual numbers: the lockup period for 84% of its shares expires at the close of trading two days after this announcement (that is, August 14).

The stock is up more than 250% from its IPO through Tuesday’s close, and the low float constraining supply for the AI darling has been a contributor to its stellar run.

(Nvidia has been one of the biggest beneficiaries of this performance, as its position in CoreWeave stock is up more than $2.5 billion from the end of Q1 through today.)

Beyond the potential for some profit-taking by large early holders, the cost of borrowing CoreWeave to sell short is also likely to decline as a huge chunk of the shares becomes unlocked.

We’ll stay tuned for any color on the conference call surrounding CoreWeave’s all-stock deal to buy Core Scientific amid reports that major shareholders of the latter are unhappy with the terms of the arrangement.

Shares of CoreWeave are down about 10% since the deal was announced in early July.

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Max Knoblauch6h

American Eagle posts stronger-than-expected Q4 earnings and revenue

If American Eagle has seen farther, it is by standing on the shoulders of Sydney Sweeney.

The jeans seller posted adjusted earnings of $0.84 per share, ahead of the $0.71 expected by analysts polled by FactSet. It booked $1.76 billion in fourth-quarter revenue, versus the $1.74 billion consensus.

Shares initially climbed more than 5% after-hours before paring gains to about 2%.

“Compelling new product collections, supported by fresh marketing campaigns, led to higher demand trends in the quarter,” said CEO Jay Schottenstein.

American Eagle said it’s expecting same-store sales to grow by high single digits in the first quarter.

Marketing controversy has proved to be a powerful mover of denim for AE. In its third-quarter earnings call in December, AE said its partnership with Sydney Sweeney — together with a Travis Kelce partnership — had garnered more than 44 billion impressions. The retailer hit meme stock status last July when it initially launched its “Sydney Sweeney has great jeans” campaign.

As of Wednesday’s close, American Eagle shares had climbed 120% since the Sweeney ad first landed.

Broadcom posts modest Q1 sales and earnings beats

The custom chip specialist just reported Q1 results.

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The quantum computing firm just posted Q4 results.

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Tasha Matsumoto

Stocks rebound as investors’ risk appetite resumes

Investors shifted their focus from the war in Iran, resuming a risk-on mood amid surprise economic data.

Josh Giddey #3 of the Chicago Bulls grabs a rebound during the second half against the Detroit Pistons on October 22, 2025 at the United Center in Chicago, Illinois.

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Investors are itching to buy the dip in memory stocks

The intense drubbing in South Korean stocks, with the benchmark Korean index (KOSPI) falling nearly 20% in its first two trading days of the week following a Monday holiday, represented a serious threat to the hottest AI trade: memory stocks.

South Korea’s market is dominated by two high-bandwidth memory giants: SK Hynix and Samsung.

After Tuesday’s tumble, US investors seemingly said enough is enough: it’s a buy-the-dip opportunity.

US memory stocks like Micron, Sandisk, Western Digital, and Seagate Technology Holdings are posting massive gains on the day. The advance comes amid positive commentary at a Morgan Stanley conference on demand for memory chips.

Even more interestingly, the iShares MSCI South Korea ETF is up big today despite the KOSPI falling 12% overnight, its largest drop on record. The ETF’s outperformance of the South Korean equity gauge is the largest since 2008, as the global financial crisis raged.

The daily performance of these two can differ materially since they trade at different times and don’t track precisely the same things. US investors are making the bet that a potential break in this momentum trade and the potential for an unwind of retail leverage in South Korean markets be damned, big drops in memory stocks are meant to be bought.

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