$CRWV

Only AI stock near cheap is $CRWV. This is because everybody is focusing on their debt and ignoring improving financial position. They secured more than $20 billion debt and equity capital YTD with no major maturities until 2029. Assuming the backlog converts, interest expense as a percentage of revenue will decline from 25% this year to 7% in 2030 and EBT margin will inflect in 2028. And backlog conversion likelihood is +90%. $GOOG and Anthropic are paying significant premium to XAI for their excess compute. I don’t think any customer will back off from buying contracted compute in this demand environment. $CRWV is attractive, but AI ex-Coreweave is expensive across the board unlike what Jensen says.