Just yesterday, an analyst on the NYSE floor was saying to stay away from CoreWeave. Then its earnings came out and proved him completely wrong: Q3 revenue was $3.66 billion, up 168% year over year and beating expectations of $3.55 billion; full-year guidance was raised to $13.0–13.3 billion, with a backlog of $132.5 billion. The stock surged 24.7% in a day, closing at $60.77, while Nasdaq futures rose 1.7% along with it. But don’t get caught up in the excitement: it lost $709 million in one quarter, had $846 million in interest expense, total debt of $46.9 billion, and burned through $14.5 billion in capital expenditures in a single quarter. This isn’t an earnings report so much as a life-or-death bet on AI computing power. And what about crypto? BTC is still hovering around $74,000, and ETFs have seen net outflows for a fourth straight day—while U.S. stocks party, crypto is left out in the cold. Where’s all the money going? You can draw your own conclusions. #CoreWeave #AI