I've been holding CoreWeave since more than one year but last night's earnings just shook my conviction.

I've been pretty bullish on CoreWeave since more than one year. The thesis was simple to me, AI needs GPUs, GPUs need infrastructure, CoreWeave offers that infrastructure. But last night's Q1 2026 earnings gave me my first real pause. Here is what happened: **1.) Revenue beat but nobody cares** Revenue came in at $2.08B, up 127% YoY and ahead of the $1.97B estimate. That's genuinely impressive. On paper this is a strong quarter. And yet the stock tanked \~10% AH. Why? **2.) The guidance is the problem** Q2 revenue guidance: $2.45B–$2.6B. The midpoint of $2.53B missed the $2.69B Wall Street consensus by a pretty wide margin. That's a meaningful miss. **3.) CapEx keeps going up and fundamentals stay very very weak** They raised the low end of 2026 capex to $31B–$35B (was $30B–$35B). The reason? Component price inflation. Tariffs? Supply chain issues? CEO Mike Intrator said "it's a problem, but we can navigate it." That's fine, but it's not exactly what you want to hear when the company is already burning through cash at insane rates. Net loss hit $740M this quarter, up from $315M a year ago. I also checked out the ratings on TradingView, MotleyFool etc. and the numbers are really shocking. At Stoxcraft, the fundamentals or Health Score is even rated with 0.4 from 10 points, which outlines the bad financials. **Here are my thoughts what keeps me from hitting the sell button yet:** \- Backlog is now $99.4B. That's nearly $100 BILLION in contracted future revenue. \- Strongest bookings quarter ever, including a $21B commitment from Meta and a multi-year deal with Anthropic \- 10 customers now committed to spending $1B+ on CoreWeave. A year ago they were 62% dependent on Microsoft. That diversification is much better right now. \- S&P upgraded their credit rating outlook to positive. \- Full-year 2026 guidance held steady at $12B–$13B. What´s your opinion about CoreWeave? [Stoxcraft Snapshot showing the weak Health Score](https://preview.redd.it/jqg1dic5uvzg1.png?width=1333&format=png&auto=webp&s=981df4829980f68ba91169d19562801942b6755b)