CoreWeave与超微电脑财报亮眼，AI需求推动科技股上涨

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This is Bloomberg Tech. Coming up, tech stocks higher after positive results from Coreweave and Super Micro showing the booming AI market continues to bolster their sales. Plus, silicon data is out with new funding putting it to work on building independent benchmarks AI compute. The CEO joins us this hour. And investors are betting AI music startup can be the next Spotify, but it's also got concerns of theft and AI slop to contend with.

We'll discuss. It is Neoclouds and new AI infrastructure demand that's driving markets. Look at Coreweave right now up 17% actually. It's its only biggest jump or on track for its biggest jump in about 10 days. One point in the session up for it on track for its best day since June of 2025. It's all in the outlook for the current period which is the third quarter. Bloomberg's Broady Ford is with us covering the print.

Basically they said this is what sales are going to be and that was beyond street expectations and coreweave seems to be executing um meeting the demand that's there

with new neocloud supply

right coreweave is the poster child for the neoclouds which is kind of the most controversial category of company out there right now a lot of haters on the internet will say that you know the margins will never inlect it'll never really be a good return on investment but an important piece last night was that margins are going up, operating income is going up, and part of that is that the chips are still so constrained.

We heard on the call last night that they're able to really extract good pricing out of these chips. And even older chips, even Nvidia chips from 2020, they're able to sell through, you know, 2029. And it's a really positive sign that what they have has sustained demand. High utilization of of older generation chips and pricing. We're going to get to really deep later in the program with silicon data. Um they're not the only neocloud to report.

So over in Europe, Nebius is another Neocloud just simply data center for AI workloads, right? Or cloud capacity for AI workloads. What's the Nebia story? How is it different the same to to Corewave?

Yeah, the macro story of higher AI demand is across the board. What's interesting with Nebius is a very important part of their story is a big contract with Microsoft in New Jersey that had been seeing some of the nimism some of the anti- data center sentiment we've all been hearing so much about and Nebius effectively said that we're going to be able to deliver on schedule and don't worry about that and so investors are pretty happy that's Brady Ford on all things Neo cloud thank you very much the other big AI earnings story is super micro and in that case shares are surging as well the AI server maker forecast as much as $15.5 billion in revenue for the current quarter.

That was above even the most bullish analyst estimates. Demand for AI infrastructure through the lens of super micro continues to surge. Joining us now is Sajal Dogra, Rosenlat Securities managing director. A buy rating on the stock but a new price target of $51 up from $45. Sajal, great great to have you on the show. How much is this just super micro executing? Right. we know about the backlog for AI servers. They seem to be able to move more smoothly now,

you know. Uh so they've I mean if you take a step back, Super Micro is a name that's actually grown revenue at the 60% Kagger over the past 5 years and over 75% in the in you know in in over the past couple of years. So they've they've underperformed if you look at it from a stock performance because they've underperformed on gross margins essentially. And now the thing is before so we we've we going through a very weird period.

We've had tariff costs. We've had expedite fees. We've had supply constraints. And so the net result of all of that is gross margins which were averaging 15% before are now below 10%. And so you know I think over the past 6 months the margins have actually been over 10%. And I expect you know we we kind of going through this period where I think margins go higher from here and and that's the key debate on super micro.

The debate's never been on the revenue growth. they've always had, you know, a 60 70% keer revenue

and you know, so I think and you know that's and and the stock is underperform given everything else that's been happening with the name but that's the reason it's you know but finally they've this is a breakout quarter for them. They've missed the last six seven quarters but I think finally they've raised the guide well above street they blew past consensus by over 25%. We were actually the high on the street. Like so for example, consensus for next year was like $320.

We were at like 4 430 and they've they're you know, now we're modeling over five bucks in next year's earnings. So you know, I think everyone else on the street will also reset numbers higher after this this strong results from them.

I would note that Nvidia is one of the biggest points drivers on the NASDAQ 100. Nvidia is pushing higher. Super micro servers fitted with Nvidia gear. So the the read through is good there. You you took us there. You said what's been going on with the the the stock, the name. Uh what's been going on is that in March, US prosecutors charged Super Micro and one of its founders with illegally diverting Nvidia Gear into China.

Is that overhang gone?

So that's still ongoing unfortunately. So I'm not really like um you know there is so the the the thing I'll say is they they've they haven't so on the financial restatements they've actually they filed the K they filed the last three thank yous they've they have an auditor they've said they don't need restatement they actually did a capital raise a couple of months ago and so all these big banks did their underwriting on the name but the Chinese investigation is still ongoing.

You said that margins now they're going to go higher. What's the lever that Super Micro is pulling? It's pricing. What what can they control?

So I think what's happening with them is they've they have a couple of things going on. They've actually growing the enterprise sales channel. So they're really investing in that. They have this one-stop uh building block that helps customers with time to market. That's really nicely margin accreative. that used to be less than 5% of profits should be over 20% uh as we exit the year. So they've you know all these like incremental drivers they've lower expedite fees they don't have tariff costs anymore and so I think you know I think as that keeps going on you will see you know further margin expansion from here we're actually modeling 11% for next year uh versus street at around 10 below 10% actually frozen black securities on all things super micro the stock pushing higher on a strong revenue outlook for the current period Nvidia partner Honai also known as Foxcon, reported a better thanex expected jump in quarterly profit as global spending on AI infrastructure continues to surge.

How many times have I said that in the first 7 minutes of this show? Net income rose 35% to about $1.9 billion, topping estimates. The company says AI demand remains a key growth driver and that it's on track to begin mass production of Nvidia's next generation Ver Rubin platform this quarter with shipments expected to start in the fourth quarter. Okay, coming up, the AI frenzy isn't going anywhere anytime soon. And powering it will come with new bottlenecks.

Michelle Weaver, Morgan Stanley, US thematic research strategist, joins [music] us next. This is Bloomberg Tech. [music] Let's take a look at today's big number. $250 billion. That's how much Bank of America is pledging to develop critical infrastructure across the US over the next year. That includes data centers and compute power a