Sharp take on CRWV CoreWeave: Backlogged orders have reached a record-breaking $104.2 billion (up 246% year-over-year), and this doesn’t even include the additional $25+ billion in net new customer commitments early in Q3. More importantly, over 50% of the backlogged orders have already entered the delivery phase. For every $4 the company earns in revenue, nearly $1 goes straight to creditors. In the Q3 guidance, interest expenses are expected to climb further to $860 million–$940 million. You think they’re making money, but in reality, they’re just paying off debt.