$CRWV generated $2.58B in quarterly revenue. But $640M went to net interest expense. That’s the part of the AI infrastructure boom investors can't afford to ignore. CoreWeave also reported: - $1.51B in adjusted EBITDA - $49M GAAP operating loss - $626M net loss The demand for AI computing is real. The question is whether the cash coming in can keep up with the cost of building, financing and eventually replacing all that infrastructure. And unlike $NVDA, which sells the hardware, $CRWV has to manage the financing burden behind its infrastructure. A 2.875% coupon on its September convertible notes sounds attractive, but that doesn't represent the cost of its entire capital structure. As @RocketTerminal highlights, asset backed and contract backed financing can change the risk profile. But it doesn't eliminate funding risk. Can $CRWV turn AI demand into sustainable cash flow, or will financing costs keep eating into the upside?