markets

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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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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markets

Paige Oamek6/30/26

Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

Revenue of $11.0 billion (estimate: $10.8 billion).
Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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