Gil Luria, Head of Technology Research at D.A. Davidson, joins The Rundown to break down some of the biggest questions facing the AI trade. Gil explains why Jensen Huang is using Nvidia’s financial firepower to keep the AI infrastructure buildout moving, and why financing customers could create serious risks for the industry. He also breaks down the shaky economics behind CoreWeave and other neoclouds, why he believes Palantir may be one of the best companies in the world, and why Wall Street could still be misunderstanding Micron.

The Shaky Economics Behind CoreWeave (And Why Nvidia Stepped In)

The Rundown

Welcome back to The Rundown, Interview Edition. Today, we are talking to Gil Loria, the Managing Director of Technology Research at DA Davidson. Gil has been covering tech for a long time and he has a really interesting perspective on the AI trade. So in today's conversation, we covered a ton of topics, including CoreWeave's earnings and whether the NeoCloud model can compete with the hyperscalers.

We also get into Nvidia's partnership with Wall Street to finance more than $500 billion of AI infrastructure and whether this AI spending cycle is becoming too circular. Finally, we end the conversation talking about Palantir and why Gil calls it the best story in all of software. This was a fantastic conversation. Gil brought a lot of great insights and I think you guys are going to really enjoy this one. So let's get into it.

All right, guys, today we are joined by Gil Loria, the Head of Tech Research at DA Davidson. This is Gil's second time on the rundown. So Gil, welcome back. Thanks for having me. I'm super excited for today's conversation. There's a lot going on right now in the market, especially with the NeoClouds. We had CoreWeave Report earnings this week and also Nebius.

So I want to start with the conversation there. Nebius earnings were solid. Numbers were revenues doubled compared to a year ago. Backlog grew to $130 billion. Margins are finally starting to move in the right direction. The stock popped 20% post earnings. I was reading your note on it, though, and you still have a neutral rating on the stock. What is keeping you from getting more bullish on CoreWeave?

The Shaky Economics Behind CoreWeave (And Why Nvidia Stepped In)

Read the full transcript

The candid version is on a podcast,
not the earnings call.

The Shaky Economics Behind CoreWeave (And Why Nvidia Stepped In)

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.