PREVIEW: CoreWeave rises heading into report after the bell

** Shares of CoreWeave CRWV.O up 1.9% at $142.38 on Tues as cloud computing firm slated to report qtrly results after markets close, with AI demand and lock-up expiration in focus

** In its maiden report as a public co, Nvidia-backed NVDA.O CRWV said it was planning to spend $20-$23 bln this year on AI infrastructure and data center capacity to meet booming demand from clients, including Microsoft MSFT.O

** JP Morgan, which rates CRWV 'overweight', hiked its PT over the weekend from $66 to $135

** "While the long-term AI ramp trend is clear, the exact timing of CoreWeave’s large slugs of bookings and sequencing of infrastructure buildouts naturally carry uncertainty quarter-to-quarter" and may pose "ongoing extreme volatility in CRWV shares," JP Morgan wrote in note

** Investors will likely seek clarity on the lock-up period related to CRWV's IPO, which could expire later this week vs the typical six-month timeframe

** About 84% of CRWV's Class A shares outstanding, or roughly 300 mln shares, could become eligible for sale by insiders for the first time beginning on Fri, Aug 15, as the March filing stated the shares are subject to lock-up until "the earlier of the close of trading on the second day of trading immediately following our public release of earnings for the second quarter...and the 180th day after the date of this prospectus"

** Sometimes, a stock is pressured when the lock-up ceases. CRWV went public after its IPO priced at $40

** Wall Street expects CRWV to post Q2 rev of $1.08 bln and adj loss/sh of 21 cents, per LSEG data

** Avg rating among 24 analysts is "hold" and median PT is $91 - LSEG