Evening 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)

CoreWeave reports Q2 revenue up 112% YoY to $2.58B, with a $104B backlog

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%+ (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

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 (paywall)

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