Cikos attributed the company's success to the positive supply-demand backdrop. AI demand has far outstripped supply, leading to long wait times for GPUs and Power. CoreWeave boasts a first-mover advantage and a noteworthy relationship with Nvidia Corp NVDA, the analyst added. The company has also done an impressive job delivering GPUs and data center capacity in a constrained Power market. Surging demand for AI caught supply chains and underlying infrastructure providers off guard for both GPUs and Power, where Cikos anticipate AI demand to outpace supply for the next 5-plus years. The CoreWeave model is highly accretive, with a Cash Payback Period of ~2.5 years on investments in GPUs and other Property and equipment, lower than the company's weighted-average contract duration of ~4 years.