markets

Luke Kawa6/4/25

Nvidia’s CoreWeave position alone would be one of the most profitable US companies

It was a little curious when Nvidia took an anchor position in CoreWeave’s IPO. The move had a bit of an ouroboros feel to it — the dominant industry player supporting an upstart whose business model has been dependent on access to the chip designer’s powerful products.

And well, if Jensen Huang ever gets bored of running a $3 trillion company, there just might be a place for him in the hedge fund world.

Over the course of this quarter (which is only about two-thirds complete), the value of Nvidia’s CoreWeave position has increased by about $3.1 billion, assuming it hasn’t sold any.

That’s about $900 million in value at the end of Q1 (24,182,460 shares at a price of $37.08) turning into nearly $4 billion as of this afternoon.

For perspective, that gain is more in net income than 473 companies in the S&P 500 generated last quarter, ahead of Pfizer and right behind Disney on the leaderboard.

I guess forgoing $8 billion in H20 sales to China this quarter stings a little less now that nearly 40% of that has been offset (so to speak) by CoreWeave’s rally, in which the recently IPO’d company has been a retail darling thanks to its huge backlog and exposure to the AI boom.

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markets

J. Edward Moreno7/7/26

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.

US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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