CoreWeave (CRWV) 3Q26: Enjoy the GPUphoria while it lasts

CoreWeave delivered about the best quarter we could have asked for. They're continuing to mature as a company, executing better with every print, and managing the narrative more competently than they ever have. Stats were good-to-great, funding concerns were addressed, the strategic moves make sense, and, much as we were after 2Q earnings, we're left grappling with our Underperform. We want to be believers, especially with the stock off 65% from its May high. But we just can't get over our long-term fundamental concerns about this business model. We maintain our Underperform and $54 PT over the long term, but the near term is more nuanced: we see a floor of $45-54, with possible upside to $64-73 if AI sentiment turns. Execution keeps improving; the fundamentals remain the overhang.