CoreWeave Inc. (CRWV): Fully Connected 2026: Expanding the AI Platform

We attended CoreWeave's inaugural Fully Connected Conference from September 29–October 1. The conference reinforced a highly constructive backdrop for the AI compute environment, with demand continuing to outpace available supply, pricing firm and improving, and additional evidence that older-generation GPUs may retain value longer than investors initially expected. CoreWeave also introduced its broader platform strategy through Forge, a new development layer that brings together training, inference, evaluation, observability, and agent development into a single platform. As infrastructure, inference, and software categories increasingly converge, CoreWeave is attempting to establish itself as the specialized AI platform within a customer's broader cloud environment. While the strategic direction is becoming clearer, we believe the next phase of the story will require additional proof points that these investments are translating into durable adoption, particularly across enterprise, r