expense

Nvidia (NVDA 3.52%) enjoys great relationships with some of the biggest tech companies on the planet. Its customer base includes the three largest cloud service providers: Amazon (AMZN -0.16%), Microsoft (MSFT -0.30%), and Google parent Alphabet (GOOG 1.04%) (GOOGL 1.06%).

However, Nvidia’s reach isn’t limited to the biggest of the big. It also works closely with many rising stars. CoreWeave (CRWV 0.39%) is arguably the most prominent example, especially considering that Nvidia has a multibillion-dollar stake in the AI-focused hyperscaler.

It stands to reason that Nvidia wants all these partners to succeed. But did the GPU giant just help Amazon, Microsoft, and Google at CoreWeave’s expense?

Image source: Getty Images.

Nvidia’s retreat

Nvidia launched DGX Cloud in 2023. The company billed the new platform as a way for enterprises to get immediate access to Nvidia’s AI supercomputers so they could train generative AI and other advanced AI models.

But Nvidia appears to be retreating from this market. The Information, a website that focuses on technology industry news, recently reported that Nvidia is primarily using DGX Cloud for internal use now instead of marketing the platform to customers.

Is there other evidence that supports the view that Nvidia is shifting its strategy? Maybe. In the past, Nvidia highlighted its DGX Cloud services when discussing cloud spending commitments in its quarterly 10-Q filings. In the company’s update for the second quarter of 2025, though, DGX Cloud wasn’t mentioned in this context.

Instead of marketing the DGX Cloud platform to customers, Nvidia appears to be focusing now on its Lepton GPU rental marketplace. CEO Jensen Huang explained in the May 2025 announcement of Lepton that the new service “connects our network of global GPU cloud providers with AI developers.”

Helping the “big three,” hurting CoreWeave?

Some industry observers saw DGX Cloud as a move for Nvidia to compete against the major cloud service providers. But Nvidia rented GPUs from CoreWeave to use with DGX Cloud. Could the company’s reported move to back away from marketing DGX Cloud help Amazon Web Services (AWS), Microsoft Azure, and Google Cloud while hurting CoreWeave? The short answer is “no.”

For one thing, Microsoft Azure and Google Cloud host DGX Cloud. Although AWS didn’t, there’s no solid proof that Nvidia’s cloud platform hurt its business.

A retreat from DGX Cloud wouldn’t hurt CoreWeave, either. CoreWeave recently disclosed that Nvidia will purchase $6.3 billion of its unused cloud computing capacity through April 13, 2032.

Perhaps most importantly, though, Nvidia might not be retreating from DGX Cloud as reported by The Information after all. According to Data Center Dynamics, Alexis Bjorlin, who is Nvidia’s vice president and general manager for DGX Cloud, said, “DGX Cloud is fully utilized and oversubscribed, and we are expanding its scale.”

Winners all around

Whatever Nvidia’s strategy with DGX Cloud is, I don’t think CoreWeave has anything to worry about. My view is that all of these stocks — Nvidia, Amazon, Microsoft, Alphabet, and CoreWeave — are poised to be big winners over the long run.

The AI boom doesn’t appear to be slowing down. That’s great news for Nvidia because more of its GPUs will be needed. It’s great news for Amazon, Microsoft, Alphabet, and CoreWeave because their cloud platforms will continue to enjoy tremendous demand.

It’s possible that the momentum could even accelerate. I think Nvidia’s technological advances will play a key role, if so. For example, the company plans to launch Rubin CPX, a new class of GPUs built for massive-context inference, in late 2026. This new technology could pave the way for an explosion in the use of AI in software development and long-form video creation.

As the smallest of the group, CoreWeave might have the most room to run. However, I expect all five of these top AI stocks will deliver tremendous gains over the next 10 years and beyond.

enGene (ENGN -3.50%), a clinical-stage gene therapy company advancing treatments for bladder cancer, released its fiscal 2025 third-quarter earnings on Sept. 11, 2025. The period was highlighted by key clinical and regulatory milestones, including reaching the target enrollment for its pivotal LEGEND trial cohort, and receiving Regenerative Medicine Advanced Therapy (RMAT) status from the Food and Drug Administration (FDA) for its lead therapy, detalimogene (EG-70).

Net losses more than doubled year over year, while operating expenses increased by approximately 78%, but the company reported a strong cash position expected to last into 2027. The absence of new clinical efficacy data and lack of explicit commercial guidance leave some open questions, but overall, the quarter brought notable progress at the clinical and regulatory levels.

Source: enGene. Note: Fiscal 2025’s third quarter ended July 31, 2025. Fiscal 2024’s Q3 ended July 31, 2024.

About enGene: Fast-Moving Clinical Gene Therapy Business

enGene focuses on the research and development of gene therapies for urologic cancers, with a principal emphasis on non-muscle invasive bladder cancer (NMIBC). Its lead investigational therapy, detalimogene (EG-70), is a non-viral gene therapy intended to trigger a localized anti-tumor immune response in patients whose cancer has not responded to standard Bacillus Calmette-Guérin (BCG) treatment. As a relatively young company, having been founded in 2023, enGene has yet to generate product revenues and remains firmly in the clinical development phase.

The company’s strategy rests on successfully developing and eventually gaining approval for EG-70 for high-risk, BCG-unresponsive NMIBC. This focus reflects a critical unmet need in bladder cancer, particularly for patients with carcinoma in-situ who have limited treatment options. Key to success will be the therapy’s final clinical data, successful navigation of regulatory review, the ability to differentiate the product from other therapies, and readiness to scale and commercialize once approvals are achieved.

Quarter in Review: Trial Milestones, Regulatory Wins, and Costs on the Rise

During the quarter, enGene reached several critical development milestones for its lead product candidate. Most notably, it achieved full target enrollment for the pivotal cohort of its LEGEND study, specifically enrolling 100 patients with high-risk NMIBC carcinoma in-situ whose disease did not respond to BCG. Management confirmed that this sets up for a pivotal data update in the fourth quarter of 2025 and a planned Biologic License Application (BLA) filing in the second half of 2026. These steps align tightly with previous goals and management commentary.

The quarter also brought a significant regulatory achievement as detalimogene received Regenerative Medicine Advanced Therapy (RMAT) status from the Food and Drug Administration. RMAT designation confers regulatory advantages such as earlier and more frequent agency interactions, as well as the possibility of rolling submission and priority review. This follows an earlier Fast Track designation, together expediting the therapy’s path toward potential approval. While the company achieved these procedural milestones, the quarter did not include new disclosures related to efficacy or safety results from its trial. Management reiterated that updated clinical data should be available in late 2025.

On the financial front, Total operating expenses climbed sharply to $29.9 million, an increase of approximately 78% compared to the same period last year. The main drivers were an $11.0 million increase in research and development spending, driven by higher manufacturing and clinical trial costs as well as personnel expansion. General and administrative costs rose by $2.2 million, linked to workforce expansion and greater reliance on professional services in preparation for commercialization. Net loss also widened substantially, reflecting the increased investment required to advance the clinical and regulatory agenda for the three months ended July 31, 2025.

Supporting its organizational build, enGene made several senior-level hires in regulatory and clinical leadership roles. These hires underscore its preparations to transition from a pure research organization into one that can support regulatory filings and future commercial activity. However, detailed plans for manufacturing scalability and go-to-market structures have not been disclosed.

Product Platform and Strategic Focus

Detalimogene (EG-70) is a non-viral gene therapy, administered directly into the bladder to stimulate the immune system to fight cancer cells. The technology uses enGene’s Dually Derivatized Oligochitosan (DDX) platform, which aims to provide localized gene delivery without the use of viruses, potentially avoiding some risks and complexities associated with viral-based therapies. enGene highlights this approach as well-suited to minimizing storage and delivery barriers.

The company continues to focus resources on bringing detalimogene from late-stage clinical development through regulatory review. While enGene points to the high unmet medical need, it has not yet disclosed how its candidate compares against other agents on efficacy, safety, or overall patient outcomes, leaving market positioning an open question.

Looking Ahead: Upcoming Data and Financial Perspective

Management’s outlook centers on future milestones. enGene expects to report updated pivotal cohort data from its LEGEND trial in the fourth quarter of 2025, followed by a BLA regulatory submission in the second half of 2026. No formal guidance was provided about future operating expenses, revenue expectations, or other financial performance metrics.

The company noted that its $224.9 million in cash and marketable securities will fund operations, debt obligations, and capital expenditures into 2027. ENGN does not currently pay a dividend.

Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.