TMTB Morning Wrap

Good morning. Futures +65bps bid up this morning. Stocks in up overnight despite Trump’s SK tariffs: TPX +0.31%, NKY +0.85%, Hang Seng +1.35%, HSCEI +1.07%, SHCOMP +0.18%, Shenzhen -0.1%, Taiwan TAIEX +0.79%, Korea KOSPI +2.73%. Memory names strong with Hynix +8% and Samsung +4.5%. Yields flattish. BTC hovering around $88k.

Clawdbot related names up again in the pre: DOCN +10%; NET +13%. We wrote about NET in our EOD Wrap yesterday in case you missed it and called out both as potential winners in our morning note. CDN names AKAM/FLSY +4-5% as well.

Earnings start tonight with TXN, FFIV, and STX. We’ll have some bogeys out later this morning.

Let’s get to it…

---

CRWV: Deutsche Bank Upgrades to Buy on CY26 Capacity Visibility and NVDA Partnership

The firm upgrades CoreWeave to Buy, citing a solid CY26 setup with upside to consensus as the company begins issuing forward guidance and scales capacity against contracted demand in a supply-constrained market. The analyst highlights a near-term sweet spot for new bookings on >1GW of secured power, early-to-market positioning on next-gen NVIDIA platforms, and improving unit economics as backlog mix shifts toward IG customers. Deutsche Bank says the recent NVIDIA announcement strengthens the long-term view by accelerating the path to 5GW+ by 2030, deepening technical integration, and creating optionality for higher-margin software via inclusion in NVIDIA reference architectures. Execution against 4Q power targets and standing up new capacity are seen as key CY26 differentiators versus peers, with valuation now more supportive.

---

DOCN / NET / Clawdbot: Barclays Flags Clawdbot Exposure Driving VPS and Security Upside

The firm says DigitalOcean shares outperformed on expectations of incremental demand from Clawdbot hosting, with VPS (Droplets) a core offering as users favor hosted agents over local devices for reliability and compute constraints, supporting higher VPS adoption and improved positioning. The analyst adds Cloudflare also reacted positively, seen as a beneficiary as Clawdbot’s gateway traffic (port 18789) increases the need for application security, with NET sitting in front of servers to secure access and prevent data leakage.

---

NET: RBC Capital Reiterates Tier 1 AI Winner on Edge Inferencing Tailwinds