CoreWeave (NASDAQ: CRWV) said Tuesday on its earning call that it signed a contract for Nvidia A100 GPUs extending into 2029, evidence that older AI infrastructure can retain commercial value after its original customer term.

That info put a lot of fire back in the neocloud bull case. If some GPUs can charge healthy returns for an estimated 50% longer than anticipated, then the lifetime revenue for those units will elongate accordingly.

“There are tons of workloads that need A100s, and there are tons of workloads that need H200s,” CoreWeave CDO Brannin McBee said on Blockspace today.

If you listen closely, you can hear the bears letting out a gasp. So many anti-CoreWeave (and anti-neocloud in general) cases were built around lifetime economic values of GPUs.

CoreWeave added that its typical five-year customer contract repays the asset-level debt funding a deployment and produces the underwritten return, leaving the un-levered cluster available for another term, shorter contracts, or managed inference.

Now we have proof from CoreWeave’s operating business that it can be 9 years, or maybe even longer.

“These are firm economic take-or-pay agreements. To have that all the way out to 2029 speaks to not only the amount of demand in the space, but the durability of all the different types of SKUs that support that demand,” McBee added.

This is all remarkably bullish on the supply-side economics.

Today’s earnings update is packed as we sift through Q2 earnings for CoreWeave, Nebius, and WhiteFiber. Plus, CoreWeave CDO Brannin McBee joins us to unpack the company’s banner Q2 beat. 

Nebius reported $582 million of second-quarter revenue, up 454% from last year. Adjusted EBITDA reached $236 million, producing a 41% margin. The company spent about $5.7 billion during the quarter. It retained its full-year capital expenditure forecast of $20 billion to $25 billion. Four new AI cloud contracts averaged more than $1 billion apiece. Customer prepayments cover 50% to 60% of the associated spending. Nebius expects prepayments to provide more than $9 billion during 2026. Management raised its year-end contracted-power target to 5 GW. Connected capacity is expected to reach between 800 MW and 1 GW. Nebius said its Vineland project remains in its 2026 plan despite local scrutiny plus an analyst warning about possible delays.

CoreWeave generated $2.58 billion of quarterly revenue, up 112% from last year. The company raised its full-year revenue forecast to between $12.4 billion and $13.2 billion. Its spending plan also increased. CoreWeave expects $35 billion to $39 billion of capital expenditures during 2026. The operator had roughly 1.5 GW of active power at quarter-end. It is targeting more than 3 GW by the end of 2027, followed by over 8 GW in 2030.

Management said data center moratoriums will change where it builds, though they will not reduce demand. “Moratoriums, they are not going to impact the demand for this infrastructure,” CEO Mike Intrator said. “They are going to impact where this infrastructure gets built.” Revenue backlog reached $104.2 billion. That figure excluded more than $25 billion of new commitments signed early in the third quarter.

WhiteFiber’s revenue rose 54% to $28.8 million as its NC-1 campus began billing contracted capacity. The company expects to reach full run-rate billing across 40 MW of critical IT load later in August.

The capacity supports a 10-year Nscale colocation agreement worth about $865 million. WhiteFiber reported $932.9 million of remaining colocation obligations at quarter-end. WhiteFiber also signed more than $540 million of cloud contracts after its May earnings update. The new deployments include Nvidia B300 systems plus its first Vera Rubin infrastructure.

Rosenblatt maintained its Buy rating plus a $35 Galaxy target, implying 74% upside from the price cited in the note.

Galaxy delivered 133 MW of critical IT capacity to CoreWeave during Helios Phase I. Rosenblatt expects the completed capacity to generate roughly $80 million of quarterly revenue beginning in the third quarter. Phase II will add another 260 MW. Galaxy financed construction through $3.51 billion of secured notes carrying a 9.875% coupon.

Its data center pipeline now exceeds 5.7 GW. Several proposed Texas expansions remain exposed to ERCOT’s interconnection review.

Morgan Stanley says lower AI model prices could expand infrastructure demand rather than reduce it.

Enterprises are cutting the cost of individual workloads while maintaining or increasing token usage. The bank sees that pattern supporting a market split across closed models, open weights, plus hybrid deployments. Chinese model APIs still cost roughly 15% to 20% as much as U.S. alternatives. Some providers have started raising prices or introducing commercial licensing fees.

Morgan Stanley identified Nvidia, on-site power providers, CoreWeave, plus Nebius as potential beneficiaries across each market structure.

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