CoreWeave’s Debt Reckoning, Meta’s AI Strategy and Big Tech Earnings

Hyperscalers plan to keep capex elevated despite rate pressure, even as CoreWeave's unsecured debt signals growing neocloud financing risk.

• Meta's agentic pivot: Neuberger's Dan Flax says Meta's Muse and coding agents are early-stage; revenue contribution likely lags into 2027-2028 given Meta's $300B revenue base.
• Hyperscaler capex stays elevated: Flax expects Amazon, Microsoft, Google capex to remain high despite rising rates, since cloud returns and operating cash flow justify multi-year investment.

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