AI Capital Flows
Vendor financing & private credit
How the build-out is paid for — financing receivables, prepayments, securitisation and the credit that sits underneath the capex line.
4 dated pieces, newest first. Each carries the numbers behind it. Nothing here is investment advice.
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Earnings ·
Biwin (688525) H1 2026 — The Margin Is a Procurement Bet, and It's Locked for 24 Months
Biwin Storage H1 2026 deep dive: pre-announced revenue RMB 15–16B and net profit RMB 7.0–7.5B, a swing from a RMB ~226M loss
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Earnings ·
CRWV Q2 2026 — The Customer Was Never the Risk. The Lender Is.
CoreWeave Q2 2026, read forensically: revenue doubled to $2.58B and the backlog compounded past $104B, and none of that is the question
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Earnings ·
NBIS Q2 2026 — $2.25B of Cash Flow, and Almost None of It Was Nebius's
Nebius Q2 2026, read forensically: revenue grew 454% to $582.3M and adjusted EBITDA turned positive at $236.2M — and neither is the story
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Earnings ·
SIMO Q2 2026 — The Controller Cycle Turns, and the Mix Went Enterprise
Silicon Motion Q2 2026 earnings deep dive: revenue grew 127% year-over-year to $451.0M (+32% sequentially), non-GAAP gross margin reached 50.2%, and non-GAAP operating margin roughly doubled to 23.1% on.
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