My new article explores the bull case for CoreWeave — a name so widely shorted that nearly 25% of the float is short, yet held as a THE top long by a prominent AI hedge fund.

CRWV is already up 25% since I pitched it briefly in my Neocloud Microeconomics article.

The writeup builds on my microeconomic model of neocloud profitability, explains why generational GPU obsolescence is actually a tailwind for first-movers, and walks through Nvidia's vertical-integration-by-proxy relationship with CoreWeave. It covers why agentic workloads structurally favor GPUs over ASICs, the ClusterMAX Platinum software moat behind CoreWeave's 10-15% pricing premium, and why a fast AGI scenario puts neoclouds ahead of semis and WFE in the supply chain. The piece closes with a full options framework — what is the right instrument, what is the right expiry, and a per-contract payoff analysis against current pricing.

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