Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Thematic (Sector/Industry)

<ul>
<li>We tracked AI models, infrastructure, and funding this week: DeepSeek raised V4 pricing, while Anthropic showed profit before listing.</li>
<li>China labs pushed pricing, agents, and device subscriptions; US labs added OpenAI Ultrafast, Gemini Flash, Meta Glimmer, and Grok releases.</li>
<li>Nvidia lined up financing platforms, Anthropic signed compute capacity, DayOne filed for a US IPO, and OpenRouter revenue shifted toward Anthropic.</li>
</ul>


We tracked AI models, infrastructure, and funding this week: DeepSeek raised V4 pricing, while Anthropic showed profit before listing.
China labs pushed pricing, agents, and device subscriptions; US labs added OpenAI Ultrafast, Gemini Flash, Meta Glimmer, and Grok releases.
Nvidia lined up financing platforms, Anthropic signed compute capacity, DayOne filed for a US IPO, and OpenRouter revenue shifted toward Anthropic.


This Week in AI (Aug 9-15): DeepSeek Hikes V4 Prices; Anthropic Shows Profit Before Listing

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Rate hike expectations in the United States continue to fall</li>
<li>July is forgotten as speculation returns in the AI space</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Rate hike expectations in the United States continue to fall
July is forgotten as speculation returns in the AI space


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>CoreWeave was one of the most hyped AI infrastructure IPOs of 2025, debuting at $40 and peaking at over $180 just three months later.</li><li>But since June, the stock has collapsed more than 60%, falling to around $68 as of mid-December.</li><li>Investors who were once euphoric about the company’s role in powering generative AI workloads are now sounding alarms over mounting debt, weather-related construction delays, and spiking financing costs.</li></ul>

CoreWeave was one of the most hyped AI infrastructure IPOs of 2025, debuting at $40 and peaking at over $180 just three months later.But since June, the stock has collapsed more than 60%, falling to around $68 as of mid-December.Investors who were once euphoric about the company’s role in powering generative AI workloads are now sounding alarms over mounting debt, weather-related construction delays, and spiking financing costs.

CoreWeave Stock Forecast 2026: What Went Wrong After the Post‑IPO Surge!

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>The $2.25bn convertible issuance underscores strong bond-market confidence in AI infrastructure, but equity markets are increasingly focused on leverage, dilution, and refinancing risk.</li>
<li>With repeated debt raises and high fixed obligations relative to revenue, CoreWeave’s growth model is becoming more dependent on capital-market access than operating leverage.</li>
<li>As credit conditions tighten across data-centre and infrastructure lending, the divergence between bondholder confidence and equity caution highlights a narrowing margin for error.</li>
</ul>


The $2.25bn convertible issuance underscores strong bond-market confidence in AI infrastructure, but equity markets are increasingly focused on leverage, dilution, and refinancing risk.
With repeated debt raises and high fixed obligations relative to revenue, CoreWeave’s growth model is becoming more dependent on capital-market access than operating leverage.
As credit conditions tighten across data-centre and infrastructure lending, the divergence between bondholder confidence and equity caution highlights a narrowing margin for error.


CoreWeave’s AI Expansion Is Being Financed Forward

<ul><li>CoreWeave's third quarter of 2025 results highlight significant growth and the challenges the company faces in meeting high demand within the AI cloud services sector.</li><li>The company reported a notable revenue increase of 134% year-over-year to $1.4 billion, demonstrating robust demand for its AI cloud platform.</li><li>The revenue backlog has surged to $55 billion, which is indicative of strong future demand and customer confidence in CoreWeave as a critical player in AI infrastructure.</li></ul>

CoreWeave's third quarter of 2025 results highlight significant growth and the challenges the company faces in meeting high demand within the AI cloud services sector.The company reported a notable revenue increase of 134% year-over-year to $1.4 billion, demonstrating robust demand for its AI cloud platform.The revenue backlog has surged to $55 billion, which is indicative of strong future demand and customer confidence in CoreWeave as a critical player in AI infrastructure.

CoreWeave’s Risk-Proof Growth Blueprint: The Powerful Combo of Diversification

United States

CoreWeave, Inc. is a specialized cloud infrastructure company that provides high-performance computing resources optimized for workloads such as artificial intelligence, machine learning, visual effects, and batch processing. The company's CoreWeave Cloud Platform consists of proprietary software and cloud services that deliver the automation and efficiency needed to manage complex AI infrastructure at scale. Its platform supports the development and use of ground-breaking models and the delivery of the next generation of AI applications. CoreWeave operates a GPU-first architecture, optimized for training and inference of generative AI models, and also targets scientific and financial computing, as well as real-time 3D rendering needs. The company was founded in 2017 and is headquartered in Livingston, New Jersey.

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CoreWeave (CRWV US)

This Week in AI (Aug 9-15): DeepSeek Hikes V4 Prices; Anthropic Shows Profit Before Listing

This week in AI: DeepSeek raised V4 pricing; Anthropic showed profit before listing; Nvidia financed data centers, and DayOne filed.

Ke Yan, CFA, FRM

Overview #73 – The Summer Doldrums

A review of recent events/data impacting our investment themes and outlook. Low volume and low conviction but some things never change

Rikki Malik

CoreWeave Stock Forecast 2026: What Went Wrong After the Post‑IPO Surge!

CoreWeave was one of the most hyped AI infrastructure IPOs of 2025, debuting at $40 and peaking at over $180 just three months later. But since...

Baptista Research

CoreWeave’s AI Expansion Is Being Financed Forward

Bond market confidence in AI infrastructure is strong, but equity markets are concerned about leverage and refinancing risk as CoreWeave's growth...

Mint Finance

CoreWeave’s Risk-Proof Growth Blueprint: The Powerful Combo of Diversification

CoreWeave's third quarter of 2025 results highlight significant growth and the challenges the company faces in meeting high demand within the AI...

Baptista Research

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52-week Range

Market Cap (USDm)

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This Week in AI (Aug 9-15): DeepSeek Hikes V4 Prices; Anthropic Shows Profit Before Listing

This week in AI: DeepSeek raised V4 pricing; Anthropic showed profit before listing; Nvidia financed data centers, and DayOne filed.

Ke Yan, CFA, FRM

Overview #73 – The Summer Doldrums

A review of recent events/data impacting our investment themes and outlook. Low volume and low conviction but some things never change

Rikki Malik

CoreWeave Stock Forecast 2026: What Went Wrong After the Post‑IPO Surge!

CoreWeave was one of the most hyped AI infrastructure IPOs of 2025, debuting at $40 and peaking at over $180 just three months later. But since...

Baptista Research

CoreWeave’s AI Expansion Is Being Financed Forward

​Bond market confidence in AI infrastructure is strong, but equity markets are concerned about leverage and refinancing risk as CoreWeave's growth...

Mint Finance

CoreWeave’s Risk-Proof Growth Blueprint: The Powerful Combo of Diversification

CoreWeave's third quarter of 2025 results highlight significant growth and the challenges the company faces in meeting high demand within the AI...

Baptista Research

Bond market confidence in AI infrastructure is strong, but equity markets are concerned about leverage and refinancing risk as CoreWeave's growth...