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  "documentTitle": "CoreWeave, Inc. (CRWV)",
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  "notes": "Includes a red dashed annotation highlighting the EBIT margin decline.",
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      "text": "CoreWeave’s aggressive accounting treatment for depreciation grossly flatters GAAP financials and greatly aids its growth.",
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      "text": "EBIT margin: 0.1%",
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      "text": "Above we reproduce SemiAnalysis' total cost of ownership analysis of a GB 200 NVL 72 server for CoreWeave under different useful life assumptions. What begins as 20.5% EBIT margins for the server under CoreWeave's current accounting practice...",
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      "text": "CoreWeave's revenue growth has been overwhelmingly driven by two counterparties: Microsoft, its largest customer (71% of 2Q25 revenue), and Nvidia, which plays the unusual triple role of GPU supplier, customer, and investor.",
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      "text": "Source: Kerrisdale analysis based on SemiAnalysis calculation of CoreWeave unit economics.",
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      "text": "Unit economics table for GB 200 NVL 72 with varying useful life (6, 5, 4 years)",
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