Cyprus Mail13 Aug 2026

AI cloud provider CoreWeave reports $104bn backlog and raises capex target

CoreWeave (CRWV.O) lifted its annual capital spending forecast ‌this week after beating second-quarter estimates, betting on a surge in demand for its AI cloud computing services, sending the company’s shares more than 14 per cent higher in extended trading.

The AI cloud company also lifted its targets for 2026 revenue and adjusted operating profit, encouraged by a ballooning order book, benefits from price increases and more compute capacity coming online this year....

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