AI Compute Infrastructure Gets a Blowout Earnings Night From CoreWeave and Supermicro
CoreWeave and Super Micro Computer both reported stronger-than-expected results on Aug. 11, adding fresh evidence that demand for AI compute infrastructure shows no sign of cooling.
CoreWeave's revenue doubled year-over-year to $2.58B in Q2 2026, topping Wall Street's estimates. The company's revenue backlog now stands at $104B and that figure doesn't include more than $25B in net new customer commitments added in early Q3.
However, the company posted a net loss of $626M in the quarter, up from $290M a year earlier, with $35B in debt on its balance sheet to cover the cost of Nvidia GPUs and other equipment.
"CoreWeave reached an important inflection point this quarter as our scale began to translate into expanding operating leverage."
Michael Intrator, CoreWeave
During the quarter, Meta committed an additional $21B to CoreWeave, Anthropic signed a multi-year agreement, and quantitative trading firm Jane Street made a strategic investment following an expanded commercial relationship.
On the hardware supply side, Supermicro delivered its own blowout. The company reported Q4 EPS of $1.70 on $11.1B in revenue, beating the consensus. Gross margins expanded to 17.6%, nearly double the figure posted a year ago.
Q1 and full-year guidance stole the show.
Supermicro guided Q1 net sales between $14.5B and $15.5B, well above the $11.9B analysts expected. For full fiscal year 2027, the company projects net sales of $65B to $72B.
CEO Charles Liang said the company generated more than $60B in new orders over the past year and entered fiscal 2027 with a record backlog.
Still, Supermicro's stock has lagged its peers badly over the past 12 months as it's down roughly 30% while Dell Technologies surged more than 230% and HP Enterprise climbed roughly 160%.
The company also faces an active Department of Justice investigation into alleged export-control violations by a co-founder. Supermicro was not named as a defendant, but launched an independent investigation after the indictment.
Taken together, the two reports paint a clear picture: the companies building and powering AI infrastructure are scaling fast, but the capital required to keep up is enormous.