Dan Ives Says CoreWeave, Cisco Earnings ‘Pieces of the Puzzle’ for AI Trade: ‘Get the Popcorn Out’
Key takeaways
- CoreWeave and Cisco earnings are key 'pieces of the puzzle' for the AI trade, with momentum ahead of NVIDIA's quarterly results.
- 112.5% year-over-year revenue increase for CoreWeave
- $104 billion revenue backlog for CoreWeave
- $16.82 billion new quarterly record revenue total for Cisco
What happened
CoreWeave Inc (CRWV) beat Street estimates, reporting a 112.5% year-over-year revenue increase and a $104 billion revenue backlog. Cisco Systems (CSCO) is expected to report a new quarterly record revenue total of $16.82 billion. Dan Ives, tech investor and Yorkville Ives leader, highlighted both companies as 'pieces of the puzzle' for the AI trade.
Why it matters
Ives believes the AI trade is still in its early innings, with momentum ahead of NVIDIA Corporation's highly anticipated quarterly results. The AI trade is no longer just about Capex spending, but also about monetization. CoreWeave's strong backlog and Cisco's revenue beat could show the momentum trade is still strong.
Short-term and longer-term
Short-term. Over the next day or two, watch the next open for Dan Ives (CSCO), and any same-day update to the year-ahead numbers.
Longer-term. Over the next few months, the question for Dan Ives (CSCO) is whether this changed the longer case, or it is one event in a longer story.