There’s one insider whose trades you can’t ignore.
The United States government.
The CIA backed Palantir early. It ran as high as 2,700%.
The Pentagon took a stake in MP Materials at $30.03. The stock jumped 50% in a day.
Washington converted its Intel award into stock at $20.47. Shares peaked over 590% higher.
Now the government has signed a letter of intent to take its next ownership stake… in a $20 quantum-chip maker almost nobody has heard of.
Weeks later, the President signed two executive orders throwing the full weight of the nation behind exactly what this company builds.
That’s not a coincidence. That’s a signal.
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CoreWeave's Interest Bill Now Outruns Its Annual Profit Guide
CoreWeave's revenue grew 112% to $2.6 billion, its backlog reached approximately $104 billion, and shares jumped in extended trading. One line most concisely frames the risk. Net interest expense was $640 million for the quarter. Annualized, that is roughly $2.56 billion, a figure that alone would exceed the full range of adjusted operating income CoreWeave has guided for the entire year. This is a financing question sitting inside a growth story.
Every profitability line compressed while revenue doubled. GAAP operating income swung to a $49 million loss from a $19 million profit. Adjusted operating margin compressed to 5% from 16%. Adjusted EBITDA margin narrowed to 59% from 62%. Depreciation and amortization more than doubled as the infrastructure base scaled. Revenue nearly doubling while every margin line moves the wrong direction is the quarter's central fact.
The debt behind that interest bill is now seven times equity. Capital expenditures were $6.4 billion, up 162%, against operating cash flow of just $679 million. The gap is funded almost entirely by financing. Total debt reached approximately $35.1 billion against stockholders' equity of $5.0 billion. Debt rose about 64% in six months. The company framed recent activity, including a $3.1 billion term loan, a $1 billion Jane Street investment, and more than $10 billion of unsecured and convertible debt, as strengthening its financial position. The leverage ratio is what it is.
The backlog number excludes the figure everyone is quoting. CoreWeave's own footnote adds that the $104 billion excludes more than $25 billion of new commitments added in early Q3. Media coverage has combined the two into a figure near $129 billion. Both are the company's own disclosures, but they carry different as-of dates.
Second-half revenue would need to run roughly 75% higher than the first half to hit reported full-year guidance. That acceleration depends on new power capacity and new contracts activating on schedule. Michael Intrator framed the quarter as an inflection where scale is beginning to produce operating leverage. The margin figures show the opposite so far. Both statements can be true on different time horizons. The case for the stock rests on believing the second half validates the first while $35 billion of debt keeps compounding its interest cost.
Cisco's AI Orders Grew Faster Than Its Stock Price
Cisco's fourth quarter looked, on paper, like one of its strongest in years. Revenue rose 18%. Non-GAAP EPS of $1.22 beat the $1.17 consensus. Total product orders grew 35%, networking orders alone grew 40%, and AI infrastructure orders hit $4 billion in the quarter and $9.3 billion for the full year. Fiscal 2027 revenue guidance came in above analyst expectations.
The stock fell anyway. In after-hours trading, shares last traded at $118.77, down 4.13%. A full session had not closed at the time of writing, and after-hours prices trade thin. But the decline raises a real question. After a 61% year-to-date rally into the print, had Cisco's AI story already been priced in?
The order growth is broad. Networking rose 28%, security grew 14%, collaboration grew 12%. Total product orders excluding hyperscalers still grew 25%, which matters because it shows demand is not solely a function of a handful of very large cloud buyers restocking. Remaining performance obligations reached $46.7 billion, with product RPO growing faster than services RPO, a sign that recently signed business has not yet converted to revenue.
The GAAP and non-GAAP earnings gap is wide. GAAP diluted EPS was $0.97, up 52%. Non-GAAP EPS was $1.22, up 23%. Both grew but at very different rates. Wire consensus is built on the non-GAAP number.
Cisco delivered roughly $4 billion of AI infrastructure revenue in fiscal 2026 and now expects $7.5 billion in fiscal 2027, nearly double. That is now a large enough share of total revenue that any slowdown in hyperscaler capex would show up in results in a way it would not have a year ago. CFO Mark Patterson said Cisco achieved its highest productivity metrics in three decades measured by revenue and margin per employee.
Cisco's burden of proof shifts to converting orders into recognized revenue at the pace management has guided, and showing the AI infrastructure business scales without compressing the margins that just expanded. A beat the market treats as insufficient is still a beat. What remains unresolved is whether Cisco's stock was already pricing in more good news than any single quarter could deliver.
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