CoreWeave shares traded marginally lower on Friday morning even after the company reported second-quarter results that beat expectations and disclosed a sharply larger demand pipeline tied to AI infrastructure. The company posted revenue of $2.58 billion versus a $2.56 billion estimate and an adjusted loss of $1.03 per share, better than expectations for a loss of $1.22 per share. It also reported a revenue backlog of $104 billion, excluding more than $25 billion of additional customer commitments added early in the current quarter. The results extended a rapid growth trend from the prior quarter, when CoreWeave generated roughly $2.08 billion in revenue, more than doubling from $982 million a year earlier, alongside about $1.16 billion in adjusted EBITDA and a 56% margin. Michael Intrator, co-founder and CEO of CoreWeave, said the quarter marked an inflection point as scale began translating into expanding operating leverage and as customer demand accelerated with broader enterprise adoption. Despite the strong fundamental update, the stock showed limited immediate follow-through. At $106.20, the shares were trading 29.3% above the 20-day simple moving average of $82.11 and 14% above the 200-day simple moving average of $93.10, leaving the stock exposed to pullbacks if momentum fades. The report highlighted $122.00 as a nearby resistance area and $103.00 as key support, while noting a July death cross, where the 50-day simple moving average fell below the 200-day simple moving average, as a sign the longer-term trend is still recovering after the July swing low. CoreWeave shares were down 0.51% at $105.75 at the time of publication.