Home Stock Ideas Long Ideas Tech  Summary Hyperscaler AI capex surged to $700–725 billion, reinforcing supply constraints and sustaining strong pricing dynamics across GPU infrastructure markets. CoreWeave's Q1 revenue is expected to be near $1.96 billion, but guidance, backlog conversion, and tone on demand will drive the real reaction. CRWV's valuation is expectation-heavy: multiples compress only if backlog converts efficiently and ARR ramps as planned; margin expansion remains uncertain until 2028. Key risks include backlog conversion speed, GPU pricing trends, financing costs, and potential customer insourcing or contract renegotiations. Nikada/iStock via Getty Images CoreWeave ( CRWV ) continues to be one of the best ways to ride the AI infrastructure wave and the fundamentals behind the demand story continue to get even stronger.…