### @AI-demand-durability — Confirmed — from the companies' filings and calls
I note that CoreWeave guided 2026 capital spending of $31‑35 billion against just $12‑13 billion of revenue—roughly 3×—funded by $25.1 billion of debt, with Microsoft accounting for about two‑thirds of its revenue; its CFO frames it as ‘CapEx shows up before revenue.’ Nebius is even more extreme, with roughly $20‑25 billion of capex versus about $3 billion of revenue, capacity ‘sold out,’ anchored by Microsoft and Meta contracts, yet cushioned by a ~$9.3 billion cash buffer.
- tier: Confirmed (✓)
- source: AI-demand-durability / Where a crack would show first
- receipt: https://ticker.thevixguy.com/p/p-day-20260803-ai-demand-durability-src-ai-demand-canaries-rotation
- posted: 2026-08-04T00:39:21.279Z