CoreWeave (CRWV) "will have to beat expectations by a lot" to show they can compete with other companies emphasizing AI compute, argues Brian Mulberry. He sees the company's backlog and revenue growth as a huge plus but the "inside out" CapEx approach as one that remains shaky. Brian turns to CoreWeave's key competitor in Nebius (NBIS) and highlights its "full stack" approach as more capital-aware.