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Baird downgraded Nvidia $NVDA to Neutral and cutting its PT to $200 from $500., citing a potential slowdown and a lack of visibility, in a note titled "'Icarus' Rise and Fall; Company Will be Fine"

CoreWeave $CRWV CFO: "We expect the contracted cash flow from our existing customer commitments to be sufficient to service and repay the debt we have outstanding today as well as any additional debt we expect to raise to deliver these contracts." "That includes both asset-level secured debt and unsecured debt sitting at the parent level, and that is before counting renewals." It has already paid down more than $4B of debt.

Coreweave $CRWV +13%: Beat across the board: revenue +168%, backlog +138%. Raised its 2026 guide, nudged capex up. Financing visibility looks much better: No new unsecured debt planned through '27 at current yields & less than $5B of new parent-level capital expected. Its next loan is expected to be investment-grade, yield 7%-7.5%, and fund over 90% of the capex it's tied to. Over 75% of committed capex through 2027 is tied to investment-grade and enterprise customers. About $9B in customer prepayments and deposits is expected over the next 3 months from signed contracts. Over $3B is for already-paid-off GPUs, requiring no new capex or debt service. DEMAND ISN'T THE ISSUE. It's "largely sold out through 2027," and all 2028 capacity offered so far has sold. Qualified demand is 10x available capacity through 2027, while 2028 demand is already several times supply. The older GPU fleet is getting more valuable, not less. Ampere and Hopper pricing jumped 30%-50% QoQ, above their original contract rates. Over 130K GPUs roll off contract in 2027 and ~170K in 2028. Re-renting them at today's prices could generate nearly $10B in additional annualized revenue with no new capex, none of it in the backlog yet. New 4-5 year deals now price at $20M-$25M per megawatt a year. Short-term capacity goes for over $40M and can pay back its capex in 6-18 months. Margins are improving: adjusted operating margin went 1% → 5% → 10% across Q1-Q3. Management expects positive adjusted net income in 1H 2028. Capex can flatten. If it only builds the committed backlog, 2027 capex stays around 2026's $37B-$39B while revenue and EBITDA grow. WHAT'S STILL OPEN: Q3 capex was $14.5B on $3.7B of revenue, and interest expense of $846M was over 4x GAAP operating income of $207M, with Q4 interest guided above $1B. The parent raise could tap its new ATM for up to 35M shares, but management didn't specify. And there's no quantified downside case if GPU supply catches up and shortage pricing fades.

COREWEAVE $CRWV RAISES FY REV. TO $13.0B - $13.3B, SAW $12B TO $13B