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Bernstein: CoreWeave 2Q transition quarter, moat questionable after 2028
Deep Tide TechFlow News, July 10, according to Chaoxiang Research, Bernstein's CoreWeave Q2 preview report on July 9 points out that Q2 revenue is expected to be $2.45-2.6 billion, with adjusted operating profit of $30-90 million, marking a transition quarter.
Q1 adjusted operating profit was only $21 million, far below the company's previous guidance, which management attributed to "timing." Bernstein believes that near-perfect execution is nearly impossible amid hypergrowth; if project gross margins fall below 21% or installation cycles exceed 8 weeks, FY26 operating profit may miss expectations.
Long-term, once data center supply is no longer tight after 2028, CoreWeave's independent GPU cloud moat will face direct competition from hyperscalers. Its 2028 revenue forecast is 15% below consensus. Bernstein maintains an underperform rating with a target price of $67.