AI cloud company CoreWeave (CRWV) edged past Wall Street’s second-quarter revenue estimates as demand for computing capacity showed little sign of slowing.
Revenue more than doubled to $2.58 billion from $1.21 billion a year ago, slightly ahead of the $2.56 billion analysts expected.
Revenue backlog reached roughly $104 billion at the end of June, and CoreWeave said that figure doesn’t include more than $25 billion of new customer commitments added early in the third quarter.
Operating expenses, however, more than doubled to $2.62 billion, while the company posted a $626 million net loss. CoreWeave has been racing to add infrastructure, expanding active power by nearly 500 megawatts to 1.5 gigawatts during the quarter, with contracted power reaching about 3.7 GW.
Major U.S. stock indexes pulled back in Tuesday: the broad-market S&P 500 declined little over 0.3% in the session, while the tech-heavy Nasdaq Composite Index fell 0.6%.
Gold also reversed from a two-month high above $4,400 an ounce, turning its early day gains into a 0.5% loss.
Looking at cryptocurrencies, bitcoin is treading water around $63,500, down 0.7% over the past 24 hours, with ether (ETH), XRP (XRP) and Solana (SOL) were largely flat.
The next catalyst on traders’ radar is Wednesday’s U.S. inflation report for July, which could offer fresh clues on the Fed’s next move.
Economists expect headline CPI to rise 0.1% from June and 3.4% from a year earlier, while core CPI, which strips out food and energy, is forecast to increase 0.2% on the month and 2.5% year over year.
While bitcoin’s summer lull is dragging on, Wednesday’s inflation data may provide a spark that moves BTC out from its narrow range between $62,000 and $66,000.
“Conviction is thin on both sides as summer illiquidity reigns supreme with attention focused on AI,” said Jeff Anderson, managing partner at STS Digital.
Implied volatility has fallen into rare low levels, he noted, leaving the market primed for a larger move if bitcoin breaks either end of the range.
Source
This article is syndicated for educational reading. For the latest updates, visit the original publisher.
Read on coindesk.com
