CRWV int Sell @ Redburn pt 54 shaky unit economics and doubts on pipeline conversion. Valuation is a DCF at 20% cost of equity and 6% cost of debt, with separate value for the inferencing business. Upside if GPU pricing holds, customers diversify, or financing gets cheaper. Downside if hyperscalers insource, GPU prices fall fast, or funding costs spike.
CRWV int Sell @ Redburn pt 54 shaky unit economics and doubts on pipeline conversion. Valuation is a DCF at 20% cost of equity and 6% cost of debt, with separate value for the inferencing business. Upside if GPU pricing holds, customers diversify, or financing gets cheaper. Downside if hyperscalers insource, GPU prices