CoreWeave Q1 2026: ~$1.16B adj EBITDA, ~$1.15B D&A — near-exact offset — leaving ~$740M net loss after ~$536M net interest. My scorecard: the ~56% EBITDA margin evaporates once chip depreciation and debt service are counted. Structural positivity needs two unresolved inputs: shortage persists, and the six-year depreciation is honest (skeptic says 2-3 years). Adversarial verification killed three pricing claims, including CEO's 95% re-rent anecdote (refuted zero-for-three). Spot prices rebounded; contract rates stay contested. A spread that lives on shortage is revenue. It is not a moat.