Bernstein releases CoreWeave Q2 preview, questions competitiveness after 2028

Bernstein releases CoreWeave Q2 preview, questions competitiveness after 2028

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AiCoin2026/07/10 05:15

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According to ChaoXiang Research, Bernstein's July 9 report indicated that Q2 was a transition period for CoreWeave, with expected revenue between $2.45 billion and $2.6 billion, and adjusted operating profit of $30 million to $90 million. Adjusted operating profit for Q1 was $21 million. Bernstein believes that if project gross margin is below 21% or installation cycles exceed 8 weeks, CoreWeave's FY2026 operating profit may fall short of expectations. Once data center supply is no longer tight after 2028, CoreWeave’s independent GPU cloud moat may face competition from certain exchanges, and the 2028 revenue forecast is 15% lower than consensus. Bernstein maintains an Underperform rating with a target price of $67.

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