"Enjoy The GPUphoria While It Lasts": Why Bernstein And HSBC Still Say Sell After CoreWeave's Best Quarter Ever

For one morning at least, the AI trade has its poster child back.

CoreWeave is up over 20% near $60 in early trading, Nvidia is up 3% (was up as much as 5%), and as we noted in this morning's wrap, futures are higher across the board after a third-quarter report that Bloomberg summarized as easing fears about the neocloud's debt-laden business. Revenue of $3.66 billion beat, margins beat, the full-year guide went up, the backlog hit $132.5 billion and the company's beaten-down euro bond jumped as much as 3.6 cents to 79.8 for its biggest move since July. CEO Michael Intrator called it a breakout quarter.