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  "documentTitle": "CoreWeave, Inc. (CRWV)",
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  "authorName": "Kerrisdale Capital",
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      "text": "CoreWeave is a placeholder, not a partner, and its role will fade as hyperscalers scale their own capacity and custom silicon solutions.",
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      "text": "CoreWeave’s revenue growth has been driven less by defensible advantages than by an extraordinary, but temporary, supply-demand imbalance. The Nebius contract underscores just how little differentiation CoreWeave provides its largest customer. If a customer can shift billions in spend from one neocloud to another without friction, the leverage lies with the buyer, not the vendor. CoreWeave is a placeholder, not a partner, and its role will fade as hyperscalers scale their own capacity and custom silicon solutions.",
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      "text": "Kerrisdale: CoreWeave assumes it can still generate 75% of the original annual revenue for a GPU cluster when it comes off-contract in 5 years.",
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      "text": "in depreciating hardware. The arrangement was always tactical rather than strategic for Microsoft, as Nadella acknowledged when he called it “a one-time thing.” When Microsoft allowed its option to renew with CoreWeave to lapse in March 2025, OpenAI stepped in to fill the void. And now, with Microsoft’s new agreement with Nebius, the lesson is clear: hyperscalers increasingly view CoreWeave and its peers as interchangeable stopgaps, not enduring partners.",
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      "text": "We believe CoreWeave has encountered warranted skepticism on its unit economics since its IPO road trip. In response to lingering questions and to reassure equity investors, on June 9th",
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      "text": "In a highly levered business that leases rapidly depreciating assets, understanding the unit economics and structure of deals is critical. Without clarity on who bears the risk or when (if ever) these deals generate reasonable returns, investors celebrating headline contract value run the risk of mistaking revenue growth for generating value.",
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      "kind": "quote",
      "text": "“Totally bullshit.” — Former Senior Product Manager at Nebius",
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      "kind": "quote",
      "text": "“Wishful thinking. That’s how old data centers worked before AI chips.” — Former Principal Architect at Nvidia",
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      "text": "“The illustration appears to indicate the revenue from the residual assets in year 5 and beyond will represent 75% of the revenue in years 1-4 of the original contract. We will reserve our language to simply indicate that is highly unlikely.” — D.A. Davidson Research, June 9, 205",
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      "text": "“I’ll be very candid with you, if I was the product lead on the hook for these kinds of [80%] margins, I would be very, very scared...this is just not a believable scenario even with the scale of a hyperscaler...this is definitely a very sort of utopian best-case scenario.” — Former Engineer at CoreWeave",
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      "text": "“I’ll be very candid with you, if I was the product lead on the hook for these kinds of [80%] margins, I would be very, very scared...this is just not a believable scenario even with the scale of a hyperscaler...this is definitely a very sort of utopian best-case scenario.” — Former Engineer at CoreWeave; “The illustration appears to indicate the revenue from the residual assets in year 5 and beyond will represent 75% of the revenue in years 1-4 of the original contract. We will reserve our language to simply indicate that is highly unlikely.” — D.A. Davidson Research, June 9, 205; “Wishful thinking. That’s how old data centers worked before AI chips.” — Former Principal Architect at Nvidia; “Totally bullshit.” — Former Senior Product Manager at Nebius",
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      "text": "CoreWeave Finance 101: A Levered Rental Model with a Hope Trade",
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