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CoreWeave (CRWV), SoftBank, and Nebius (NBIS) earnings: what to watch after a 45% selloff

By Dennis Singleton · Markets Writer ·
CoreWeave, Nebius, SoftBank Group, Applied Materials, and Cisco logos above the words AI earnings week, November 10 to 12

Key points

  • CoreWeave forecasts up to $940 million in interest expense
  • Nebius needs at least $2 billion in second-half revenue
  • Applied Materials and Cisco report the same evening

CoreWeave (CRWV), SoftBank Group, and Nebius (NBIS) report results this week for the quarter that ended September 30. All three stocks have lost about 45% since that day. CoreWeave closed at $46.40 on November 6, down 46.7% from its September 30 close, while Nebius fell 45.1% to $129.49 and SoftBank's Tokyo shares fell 44.8% to 3,549 yen.

SoftBank goes first, releasing its report at 3:30 p.m. Tokyo time on November 10, which is 1:30 a.m. ET. CoreWeave reports after the close that day. Nebius reports before the open on November 12, and Applied Materials (AMAT) and Cisco (CSCO) report after the close. Nvidia (NVDA) follows on November 17.

SoftBank's report follows OpenAI's latest funding round. OpenAI closed on $11 billion in the first part of a funding round valuing the company at $1.25 trillion, Reuters reported on November 6. SoftBank participated in the round, the first part of which closed after SoftBank's September quarter ended. OpenAI is a major holding in SoftBank's Vision Fund. In the January-to-March quarter, changes in OpenAI's value accounted for nearly all of the fund's roughly $20 billion gain, Anadolu Agency reported. The following quarter, SoftBank didn't record a valuation gain on OpenAI, Bloomberg reported in August. SoftBank's net income fell 18% that quarter to 347.3 billion yen, helped by a 1.3 trillion yen gain on its Intel (INTC) stake.

What CoreWeave and Nebius forecast for 2026

CoreWeave forecast third-quarter revenue of $3.45 billion to $3.60 billion in its August 11 outlook, up from $2.575 billion in the second quarter. The outlook also calls for third-quarter interest expense of $860 million to $940 million. CoreWeave reported $640 million in net interest expense in the second quarter, and chief financial officer Nitin Agrawal called both figures interest expense on the August 11 earnings call. CoreWeave's full-year revenue forecast is $12.4 billion to $13.2 billion, with capital spending of $35 billion to $39 billion.

CoreWeave's revenue backlog was about $104 billion on June 30, not counting more than $25 billion of new commitments signed early in the third quarter. The customer contracts on our AI compute commitments tracker include two Meta (META) orders worth up to $14.2 billion and up to $21 billion, plus OpenAI contracts worth up to $22.4 billion combined. CoreWeave's 2032 notes carry a 9.625% coupon, but their yield has risen above 16%.

Nebius forecast 2026 revenue of $3.0 billion to $3.4 billion and annualized run-rate revenue of $7 billion to $9 billion by year-end, then reaffirmed its guidance in August. Nebius had $981.3 million of revenue in the first half, so the forecast requires $2.02 billion to $2.42 billion in the second half. Nebius calculates run-rate revenue as its AI cloud revenue in the last month of a quarter multiplied by 12, and that figure was $3.0 billion at the end of June.

Meta's contract with Nebius is the largest one our tracker lists for the company, at up to $27 billion. Microsoft (MSFT) is next, at about $17.4 billion for GPU capacity in Vineland, New Jersey. Microsoft reportedly cut its 2026 spending forecast by $5 billion, and satellite images from Aterio showed possible delays at Nebius and IREN (IREN) projects.

Applied Materials and Cisco report on November 12

Applied Materials forecast fiscal fourth-quarter revenue of $10.25 billion, plus or minus $500 million, and adjusted earnings of $4.02 a share, plus or minus 20 cents. Applied's third-quarter revenue was a record $9.12 billion. On October 26, Applied agreed to raise its stake in chip assembly equipment maker BE Semiconductor Industries to about 20%. Applied's shares fell 13.6% on November 5 and closed at $332.72 on November 6, down 34.9% since September 30.

Cisco forecast fiscal first-quarter revenue of $18.0 billion to $18.2 billion and adjusted earnings of $1.32 to $1.34 a share. Cisco took $9.3 billion of AI infrastructure orders from hyperscalers in fiscal 2026, and it expects $7.5 billion of revenue from that business in fiscal 2027, up from about $4 billion. Cisco's shares closed at $93.85 on November 6, down 12.8% since September 30.

Other AI stocks reporting this week

These companies are also scheduled to report, according to Nasdaq's earnings calendar:

Frequently asked questions

When do CoreWeave, SoftBank, and Nebius report earnings?

SoftBank Group releases its results at 3:30 p.m. Tokyo time on November 10, 2026, which is 1:30 a.m. ET. CoreWeave (CRWV) reports after the market closes on November 10, and Nebius (NBIS) reports before the open on November 12.

What revenue did CoreWeave forecast for the third quarter of 2026?

CoreWeave (CRWV) forecast third-quarter 2026 revenue of $3.45 billion to $3.60 billion and interest expense of $860 million to $940 million. Its full-year revenue forecast is $12.4 billion to $13.2 billion.

What is Nebius's 2026 revenue forecast?

Nebius (NBIS) forecast 2026 revenue of $3.0 billion to $3.4 billion and annualized run-rate revenue of $7 billion to $9 billion by year-end. With $981.3 million of revenue in the first half, it needs $2.02 billion to $2.42 billion in the second half.

What did Applied Materials and Cisco forecast?

Applied Materials (AMAT) forecast fiscal fourth-quarter revenue of $10.25 billion, plus or minus $500 million. Cisco (CSCO) forecast fiscal first-quarter revenue of $18.0 billion to $18.2 billion. Both report after the close on November 12, 2026.

More on CRWV and NBIS

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Dennis Singleton
Dennis Singleton · Markets Writer

Dennis Singleton was born in Australia and later moved to the United States. He has spent years following the markets, but what keeps his attention is how AI is built. He writes about the companies behind the technology, from semiconductor designers and advanced packaging to photonics, memory, networking, and the hardware powering modern AI. His approach starts with filings, earnings, and industry research, then translates the important details into clear, straightforward analysis without unnecessary hype.