I’m Keeping the Supplier and Operator Files Separate

CRWV gained 24.71%, MU rose 11.89% and VRT gained 6.33%. The published book includes all three. I want to note where their exposures overlap without treating them as the same investment. The operator has to fund and sell capacity. The suppliers have to win orders and deliver products at a margin. A higher forecast from the operator does not tell me how much of the spending each supplier captures.

CoreWeave raised its 2026 capital expenditure floor to $37 billion. In that file I want to compare the deployment schedule with funding and collections. In the Micron and Vertiv files, I want company evidence about orders and delivery, not an allocation of someone else’s budget. Nebius’s scheduled November 12 results give me another operator to check, but I will use its own disclosures rather than carry CoreWeave’s numbers across.

The table shows closing changes in shares from the published holdings list. It does not show what my account returned or establish a trade. The Blackout Rule and Holding Period remain in force. I want the file to say where Wednesday brought new evidence and where it brought only a higher price.

Aydin Ali
AEA Capital Research