[Earnings Recap] CRWV jumps 14%, SMCI rallies 8%
AI infrastructure was back in focus overnight, with CoreWeave and Super Micro Computer both rallying after earnings, while On Holding went the other way after a sales miss.
$CoreWeave, Inc.(CRWV)$ +15.72% after hours
CoreWeave shares jumped more than 15.72% after the AI cloud company beat expectations and raised its outlook. Q2 revenue reached $2.58 billion, more than doubling year over year and slightly above the $2.56 billion expected by Wall Street. Its adjusted loss of $1.14 per share was also narrower than expected.
Revenue backlog climbed to $104billion, up from $99.4 billion in Q1, while CoreWeave secured more than $25 billion in new customer commitments so far this quarter. The company raised its 2026 revenue and adjusted operating profit outlook and lifted full-year capex guidance to $35 billion–$39 billion.
Investors appear willing to look past the heavier spending for now, as capacity remains tight and new AI contracts continue to pile up.
$SUPER MICRO COMPUTER INC(SMCI)$ +7.56% after hours
Super Micro also rallied after posting a much stronger-than-expected profit. Fiscal Q4 adjusted EPS came in at $1.70, nearly double Wall Street’s estimate of about $0.92, although revenue of $11.1 billion missed expectations of roughly $11.6 billion.
The outlook helped offset the revenue miss. Super Micro expects fiscal Q1 revenue of $14.5 billion–$15.5 billion, well above consensus, and sees FY2027 revenue reaching $65 billion–$72 billion versus Wall Street expectations of about $53 billion. The company also said it entered the new fiscal year with a record backlog and more than $60 billion in new orders.
The results suggest AI server demand remains strong, while improving margins gave investors another reason to stay bullish.
$Lumentum(LITE)$ +2.45% after hours
Lumentum delivered another strong AI-driven quarter. Revenue more than doubled to $1.01 billion, topping expectations, while adjusted EPS rose to $3.23, ahead of consensus.
Its next-quarter guidance was also strong, with revenue expected at $1.225 billion–$1.275 billion and adjusted EPS of $4.05–$4.35. Demand for optical components used in AI data centers remains the main growth driver.
The muted stock reaction likely reflects how much optimism was already priced in after the shares’ sharp run over the past year.
$On Holding AG(ONON)$ shares fell 20.29%
On Holding was one of the biggest earnings losers of the day. Q2 net sales rose to CHF850.3 million, but missed analyst expectations, while growth in the Americas slowed and wholesale momentum weakened. Shares fell about 20% and touched a two-year low.
The company also trimmed its full-year sales outlook to around CHF3.47 billion–CHF3.56 billion. Direct-to-consumer sales remained strong, but investors focused on slowing growth and the risk that premium pricing becomes harder to maintain in a more promotional consumer market.
Today’s discussion:
CRWV and SMCI both rallied on strong AI demand, but both are also committing huge amounts of capital to growth. Which stock do you prefer: CRWV or SMCI?
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