As AI workloads become more GPU-heavy, the U.S. cloud market—long an oligopoly—is seeing a wave of new entrants emerge in 2025. In this note, Dolphin Research uses new cloud player $Coreweave(CRWV.US) as a case study to understand how base-layer cloud business models are evolving in the AI era and what is changing in the key drivers. We also assess whether CoreWeave is a high-quality company engaged in a sound business with durable value.

In the follow-up piece, we will quantify revenue runway, cost structure, and capital efficiency to evaluate the risk-reward at the current juncture.