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# Evening Scan
- URL: https://adjacent.media/scan/2026-08-12-pm/
- Published: 2026-08-12T23:06:32.000Z
- Updated: 2026-08-12T23:06:32.000Z
- Description: Earnings season keeps delivering the same plot twist: AI infrastructure spend is somehow still under-hyped. CoreWeave and Super Micro both blew past estimates today, and the market rewarded them like it was a surprise.
- Author: Jonathan Greene
- Tags: #scan-pm, #scan

Earnings season keeps delivering the same plot twist: AI infrastructure spend is somehow still under-hyped. CoreWeave and Super Micro both blew past estimates today, and the market rewarded them like it was a surprise.

> **$104B** — CoreWeave's revenue backlog after Q2, up alongside 1.5 GW of newly contracted power. *(CNBC)*

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#### [CoreWeave reports Q2 revenue up 112% YoY to $2.58B, with a $104B backlog](https://www.cnbc.com/2026/08/11/coreweave-crwv-q2-earnings-report-2026.html?ref=adjacent.media)

1.5 GW of contracted power and a backlog nearly 40x quarterly revenue. CoreWeave is not worried about demand. *(CNBC)*

#### [Super Micro forecasts Q1 and FY2027 revenue above estimates, stock jumps 9%+](https://www.bloomberg.com/news/articles/2026-08-11/super-micro-gives-sales-forecast-that-tops-rosiest-projections?ref=adjacent.media) (paywall)

After a rough stretch of accounting scrutiny, SMCI is back to being Wall Street's favorite server story. *(Bloomberg)*

#### [Kalshi's annualized revenue tops $4B in July, doubling in two months](https://www.theinformation.com/articles/kalshi-tops-4-billion-annualized-revenue-seeks-40-billion-valuation?ref=adjacent.media)

The CFTC just invoked emergency authority to keep it operating in New York. Regulators are fighting over a business growing this fast. *(The Information)*

#### [David Ellison floats pulling Paramount/Warner Bros. out of California](https://www.nytimes.com/2026/08/11/business/media/david-ellison-hollywood-paramount-warner-bros.html?ref=adjacent.media) (paywall)

A state lawsuit threatening his deal has him talking relocation. Hollywood's power players increasingly treat geography as leverage. *(NYT)*