KC
Kerrisdale Capital Management
Sahm Adrangi (founder, CIO)
Activist short seller that publishes detailed teardown reports; in this cycle the marquee call is CoreWeave — a 'debt-fueled GPU rental business with no moat, dressed up as innovation' that it argues is the poster child of the AI-infrastructure bubble.
What to know about this record
- Not open — Not an open-ended vehicle — analysis only, not an available allocation.
- No public record — No published return series — performance cannot be verified in either direction.
- Partial 13F — The disclosed book is longs-only and ~45 days lagged — a slice, not the strategy.
Size$250M
TypeHedge fund
Top holdingCRWV
Positions
Short positions
CRWVCoreWeave
SHORT — Sept 2025 report; argues ~90% downside (fair value ~$6–13/share) on debt load ($11B), 11–15% asset-backed financing rates, and anchor-customer concentration
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QAI analysis
Our take
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Analyst work product, NFA — always verify.