TLDR
- Philippe Laffont’s Coatue Management sold all Super Micro Computer shares and made CoreWeave its largest position in Q2 2025
- CoreWeave revenue grew 134% in Q3 with major contracts from OpenAI and Meta Platforms
- The company expanded its revolving credit facility from $1.5 billion to $2.5 billion in November 2025
- Super Micro Computer faces falling gross margins for four straight quarters despite earlier profitability promises
- Wall Street analysts project CoreWeave revenue could grow 90% annually through 2027
Philippe Laffont, who runs the hedge fund Coatue Management, made major portfolio changes in the second quarter of 2025. He sold his entire position in Super Micro Computer and purchased CoreWeave stock, making it his largest holding.
CoreWeave, Inc. Class A Common Stock, CRWV
Coatue Management beat the S&P 500 by 40 percentage points over the past three years. The fund’s latest moves show a clear preference for CoreWeave over Super Micro in the AI infrastructure space.
CoreWeave provides cloud infrastructure and software services designed specifically for AI workloads. The company’s revenue jumped 134% in the third quarter of 2025.
The data center operator has signed contracts with major technology companies. Its customer list includes OpenAI, Meta Platforms, Nvidia, and Microsoft.
CoreWeave’s revenue backlog increased 271% as these new deals were added. The company’s data centers are purpose-built for AI workloads, resulting in up to 20% better GPU cluster performance than traditional clouds.
SemiAnalysis, a semiconductor research company, ranked CoreWeave as the best AI cloud on the market. The company has a partnership with Nvidia that provides early access to the latest chips.
This partnership allowed CoreWeave to bring Nvidia H100 and H200 systems to market before competitors. CoreWeave recently became the first cloud provider to offer Nvidia GB200 and GB300 systems.
Financial Position and Growth
In November 2025, CoreWeave expanded its revolving credit facility from $1.5 billion to $2.5 billion. The maturity date was extended from May 2028 to November 2029.
The facility is led by JPMorgan Chase Bank, Goldman Sachs, Morgan Stanley, and MUFG. Other participating banks include Citibank, Credit Agricole, Deutsche Bank, Sumitomo Mitsui Banking Corporation, and Wells Fargo.
Interest payments on debt consumed about 24% of CoreWeave’s revenue through the first three quarters of 2025. CEO Michael Intrator stated the company typically takes on debt only when signed contracts create a need for more infrastructure.
Wall Street expects CoreWeave’s sales to increase at 90% annually through 2027. The median analyst target price of $157.50 per share suggests 59% upside from recent trading levels.
Super Micro’s Challenges
Super Micro Computer has become a major supplier of AI servers through its building block approach to product development. This method allows the company to quickly incorporate the latest chips into servers.
ABI Research ranks Super Micro as the best option for customers due to its agile server development. However, the company’s gross margin has declined for four consecutive quarters.
Margins narrowed 6 percentage points since Q3 2024. Management had previously stated profitability would improve in 2025.
The margin pressure suggests Super Micro faces pricing challenges. The company competes with larger firms like Dell Technologies in the AI server market.
Super Micro purchases chips from suppliers like Nvidia and Advanced Micro Devices, then incorporates them into various server configurations. Wall Street expects the company’s earnings to grow at 29% annually over the next three years.
The stock trades at 32 times earnings with a PEG ratio of 1.1. This represents a modest premium to its five-year average of 0.9.
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