Key Highlights

  • CoreWeave's second-quarter Revenue more than doubled to $2,575 million, up 112.4% year over year, the purest AI-infrastructure bet in the group.
  • Manhattan Associates grew second-quarter revenue to $297.8 million from $272.4 million, the group's most conventional, cash-generative software business.
  • Bitdeer Technologies' second-quarter revenue rose 47% to $228.8 million as it reshapes from Bitcoin Mining toward AI data-center infrastructure.
  • OneSpan is optimizing for profitability over growth, with total revenue up just 1% but subscription revenue up 11%.

The Nasdaq Composite has spent much of 2026 trading near record territory, and the reason is not hard to find: artificial intelligence spending keeps pulling Capital toward anything that builds, powers or monetises it. But the index is a crowd, not a single trade. Underneath the headline, "technology services" now spans companies with almost nothing in common except a ticker on the same exchange.

Five of them, Manhattan Associates (NASDAQ:MANH), CoreWeave (NASDAQ:CRWV), Magnite (NASDAQ:MGNI), OneSpan (NASDAQ:OSPN) and Bitdeer Technologies (NASDAQ:BTDR), are compared here using their most recent reported results. Each was verified as a current Nasdaq listing. The goal is not a buy or sell call but a clearer map of how software economics, GPU capital intensity, Advertising cycles, security Demand and crypto-to-compute pivots are diverging even as the same index carries them all.

The Sector Backdrop: AI Capital, Rates and a Widening Gap Between Cash Machines and Cash Burners

Two forces frame every company below. The first is the AI build-out, which is still soaking up enormous amounts of capital for data centres, GPUs and the power to run them. The second is the interest-rate question. The Federal Reserve held its policy rate at 3.50%-3.75% at its July 2026 meeting, and the September 16 decision is genuinely contested: some strategists argue energy-driven inflation, tied to Middle East Supply disruptions, could justify a further move, while others still expect the Fed to ease (Chase/J.P. Morgan Wealth Management commentary; date-sensitive). Rates matter here because they set the discount rate on long-duration growth stories and the cost of financing capital-heavy infrastructure.

That combination is widening a gap. On one side sit profitable, cash-generative software firms whose value rests on Recurring Revenue and margins. On the other sit capital-intensive infrastructure plays whose value rests on backlog, financing and execution. The five names span that whole range, which is exactly why they are useful together.

Manhattan Associates (NASDAQ:MANH): The Cash-Generative Software Anchor

Manhattan Associates is the group's most conventional software business, selling supply-chain and omnichannel commerce systems. For the second quarter ended June 30, 2026, it reported total revenue of $297.8 million, up from $272.4 million a year earlier, with cloud subscription revenue of $126.7 million versus $100.4 million. Remaining performance obligations, a proxy for contracted future cloud revenue, stood at $2.47 billion.

The profit picture was mixed. GAAP diluted EPS came in at $0.85, down from $0.93, while adjusted diluted EPS rose to $1.39 from $1.31. The company also recorded $8.3 million in restructuring charges tied to a roughly 6% workforce reduction and repurchased 874,029 shares for $125.0 million.

For full-year 2026, management guided to revenue of $1,160–$1,166 million, GAAP EPS of $3.59–$3.65, adjusted EPS of $5.44–$5.50 and an adjusted operating Margin of roughly 35.0%-35.2%. The recurring-cloud shift is doing the work here, and RPO gives visibility a hardware vendor would envy. The watch item is whether a headcount cut signals demand caution or simple margin management.

CoreWeave (NASDAQ:CRWV): Explosive Growth, Real Losses

CoreWeave is the purest AI-infrastructure bet on this list, a cloud provider built around renting GPU capacity to companies Training and running AI models. Its second-quarter 2026 results captured both the promise and the strain. Revenue reached $2,575 million, up 112.4% from $1,212 million a year earlier. Yet the company posted an operating loss of $49 million and a net loss of $626 million as financing and Depreciation costs weighed on the bottom line.

The number bulls fixate on is backlog: roughly $104 billion in revenue Backlog as of June 30, 2026, with the company citing an additional $25 billion in net new customer commitments early in the third quarter. CoreWeave is a study in the AI-infrastructure trade-off. Demand, at least as measured by contracted backlog, looks immense. But turning GPUs into profit requires borrowing heavily, depreciating fast-moving hardware and staying ahead of both power constraints and competition from hyperscalers. Specific forecasts are hard to pin down here, but the tension is clear: the market is paying for future cash flows that the current income statement does not yet show. Rising rates would sharpen that scrutiny.

Magnite (NASDAQ:MGNI): Connected TV Crosses a Threshold

Magnite runs the Sell-Side of digital advertising, the exchange technology publishers use to sell ad inventory, increasingly on streaming and connected TV. For the second quarter of 2026, it reported total revenue of $192.8 million, up 11%, and contribution ex-TAC (revenue after traffic-acquisition costs, the metric management steers by) of $190 million, up 17%.

The standout was connected TV: CTV contribution ex-TAC of $97 million, up 36% year over year, which the company said represented 51% of the total, a symbolic tipping point for a Business once defined by display. Net Income was $19 million versus $11 million, and adjusted EBITDA rose 30% to $71 million at a 37% margin.

Management raised its full-year 2026 outlook, lifting expected contribution ex-TAC growth to 13%-14% and adjusted EBITDA growth to more than 20%. Magnite is riding the migration of TV ad dollars to streaming, and improving margins suggest Operating Leverage is real. The risk is cyclical, advertising softens when the economy does, and competitive, given how many players want a piece of CTV.

OneSpan (NASDAQ:OSPN): Slow Top Line, Steady Profits

OneSpan sells authentication, anti-fraud and digital-agreement software, largely to banks. Its second-quarter 2026 results showed a company optimising for profitability rather than growth: total revenue of $60.5 million was up just 1%, but subscription revenue rose 11% to $46.7 million and annual recurring revenue reached $189.7 million, up 7%. GAAP net income was $6.8 million, or $0.18 per diluted share, with adjusted EBITDA of $16.9 million.

The segment split tells the story: the security/cybersecurity line fell 7% to $40.9 million, while digital agreements grew 25% to $19.5 million. The company introduced DigipassONE, a unified authentication platform, and declared a $0.13 quarterly dividend.

Management raised full-year 2026 guidance to revenue of $248–$252 million and adjusted EBITDA of $67–$71 million. OneSpan is a smaller, value-flavoured name against flashier AI stories. Its appeal is cash generation, a Dividend and recurring revenue; its constraint is a near-flat Top Line dependent on shifting more of a legacy hardware-and-security base toward subscription. Whether DigipassONE re-accelerates that mix is the key question.

Bitdeer Technologies (NASDAQ:BTDR): From Mining Rigs to AI Data Centres

Bitdeer, a Singapore-incorporated company listed on Nasdaq, is a bitcoin miner deliberately reshaping itself into an AI and high-performance-computing infrastructure provider. Second-quarter 2026 revenue was $228.8 million, up 47% from $155.6 million, and adjusted EBITDA jumped to $31.1 million from $4.6 million, but the company still posted a net loss of $92.3 million.

Operationally, self-mining hash rate reached 73.0 EH/s from 16.5 a year earlier, and Bitdeer mined 2,694 bitcoin versus 565. Its in-house SEALMINER chips improved efficiency to 15.8 J/TH from 25.7, though reported SEALMINER product revenue fell sharply as inventory was reclassified for the company's own use. The pivot is most visible in AI cloud revenue of $14.0 million, up from $1.3 million, and a stated multi-year, roughly $4.7 billion AI/HPC data-centre Lease arrangement tied to a site at Tydal, Norway configured for NVIDIA GPUs. Bitdeer is trying to convert cheap power and data-centre expertise into AI compute, a higher-value use than mining. The upside is obvious; so is the risk, losses persist, bitcoin's price swings the mining side, and large infrastructure commitments demand financing and flawless execution.

What Investors Should Watch

Across these five, a handful of signals matter into the fourth quarter. For Manhattan Associates and OneSpan, watch cloud and subscription revenue mix and whether recurring growth offsets softer hardware or legacy lines. For Magnite, watch the health of the CTV ad market and margin durability. For CoreWeave, watch backlog conversion, financing costs and any change in GPU demand from its largest customers. For Bitdeer, watch execution on the AI data-centre pivot and the path, if any, to net profitability.

The macro overlay is the September 16 rate decision and the trajectory of AI capital spending. Long-duration growth names and capital-heavy infrastructure plays are the most rate-sensitive of the group; the steady cash generators are comparatively insulated.

One Index, Five Different Economics

Taking them as a group, these five tickers sit in one index but occupy different worlds. Manhattan Associates and OneSpan are profitable software businesses valued on recurring revenue and margins. Magnite is a cyclical adtech story with a genuine CTV tailwind. CoreWeave and Bitdeer are capital-intensive infrastructure bets on the AI build-out, carrying real losses today in exchange for a claim on tomorrow's compute demand. Understanding which kind of company you are looking at, cash machine, cyclical, or capital-burning growth story, matters far more than the shared Nasdaq label. It is a framework for reading five very different businesses that the same index quietly bundles together.