Over the past two days, the rally in new cloud platforms such as $Nebius(NBIS.US) and $Coreweave(CRWV.US), together with recent results and earnings calls, underscores that AI cloud demand is clearly outstripping supply.

Below are Dolphin Research's notes from $Nebius(NBIS.US) FY26 Q2 earnings call.

AI cloud unicorn $Coreweave(CRWV.US) reported Q2 2026 results after the U.S. close on Aug 12, sending the stock up ~15%. From an expectations gap angle, the quarter was not particularly standout.

The key positive is that growth continues to accelerate in business activity and revenue, while margins show signs of bottoming and rebounding. Delivery of compute capacity, which had been delayed multiple times, also ramped sharply this quarter. As for guidance, the outlook for next quarter and the full year was not meaningfully above the Street...

Q2 revenue was $2.6bn (+112% YoY). Adj. OPM turned positive to 5%, confirming a margin inflection. The company raised FY revenue guidance to $12.4–13.2bn.

Below is Dolphin Research's summary of $Coreweave(CRWV.US) FY26Q1 earnings call.

I. Key financial highlights recap. 1) Guidance: Q2 revenue is guided to $2.45-2.60bn and Q2 Adj. OP to $30-90mn.

AI cloud unicorn $Coreweave(CRWV.US) reported Q1 2026 results after the US close this morning (May 8). Overall, revenue and biz. growth remained solid, but profit deterioration came in worse than even the cut guidance.

This suggests the company may face a spell where faster top-line growth widens losses, adding to existing doubts about its ability to achieve sustainable profitability over the medium to long term. Specifically: (1) revenue reached a new high at approx. $2.08bn, beating the Street’s $1.97bn...

Below is the FY25 Q4 earnings call Trans compiled by Dolphin Research for $Coreweave(CRWV.US). For our earnings take, see 'CoreWeave: Orders Soaring, Profits Plunging—Is the compute unicorn stuck in a profitability trap?'.

AI cloud unicorn $Coreweave(CRWV.US) reported 4Q25 results in U.S. after-hours this morning (Feb 27). Overall, a familiar pattern persisted: solid business and revenue growth, but profit deterioration came in worse than even its lowered guidance.

This raises the risk that, for a time, more revenue could translate into deeper losses, intensifying existing concerns about the company's ability to achieve sustainable profitability over the medium to long term. Specifically: 1) Compute capacity ramp on track; after cutting its 4Q revenue guide last quarter due to supplier shipment delays...

In our prior coverage of CoreWeave, the new-cloud leader, Dolphin Research summarized the cloud services biz model and the nature of factor inputs, arguing that long-term model risk is non-trivial. Long-term visibility remains low, but that does not preclude mid-term opportunities.