Caroline Hyde

You've got a buy rating, I believe, $120 price target.

Look, how much does the sentiment around CoreWeave with its meta deal, now with its anthropic deal, end up pushing out the price target, at least, for this company?

Luxury.

Luxury being that they offer NVIDIA compute in particular, Bren, or how are we seeing that being diversified at this moment?

And when you have the best data center builders in the world turning to CoreWeave, it's a pretty strong signal.

And everyone is saying this from the AI conference this week in San Francisco.

There's not enough compute.

And that's why semis are going straight up and software is going straight down because CapEx continues to explode.

Yeah, is the ROI pushed out?

Perhaps, but Corweave's going to be caught up into this in the next few years.

And you say it's been volatile and it hasn't been straight up and the volatility has come about how it affords.

At the moment, we saw some volatile trading just yesterday because when they announced the Meta deal, they also talked about selling more convertible debt and the idea that they have to finance the revenue growth.

How are you getting comfortable with that with Corweave?

Well, in our math, they have something like $90 billion of backlog.

And these customers are minimum five-year deals.

They commit a certain amount up front.

They just raise capital at a lower cost of capital than they've raised because they're getting these from some of the best companies in the world.

And again, I think the CEO has said this repeatedly, Michael, which is, you know, these are contracted, committed contracts that are legally stamped that they can't turn back on.

And so, you know, look, the long term question of what does the margin look like and can they produce an incredible software like business like what Amazon and Azure did at Microsoft?

That's the real question.