Latest news with #Intrator
CNBC
2 days ago
- Business
- CNBC
CoreWeave CEO calls Oracle a 'formidable competitor'
In a Monday interview with CNBC's Jim Cramer, CoreWeave CEO Michael Intrator described what makes his company different from peer Oracle. "Oracle has its own set of products that they're offering, and they are a formidable competitor," Intrator said, explaining that CoreWeave competes with Oracle in the artificial intelligence infrastructure space. "From our position, we really believe that over time, what's going to differentiate us from anyone else is the … software stack that drives the performance that we're able to achieve on our infrastructure." According to Intrator, CoreWeave built its software stack from scratch and made decisions based on optimization. He also said the company is neither "trying to incorporate any legacy technology," nor "incorporate any history of success or failure." CoreWeave announced Monday it intends to buy data infrastructure provider Core Scientific for approximately $9 billion. By close, CoreWeave was down over 3%, while Core Scientific plummeted more than 17%. The deal means CoreWeave wouldn't have to pay rent at a number of Core Scientific's data center sites, and management said in a presentation it would eliminate $10 billion in future lease obligations. The acquisition would also swell CoreWeave's access to power, giving the company ownership of 1.3 gigawatts of gross capacity across Core Scientific's U.S. data center footprint. Intrator said CoreWeave has been working with Core Scientific for a long time, and that the acquisition would create a larger company that's "capable of building and extending the offerings that CoreWeave brings to the most demanding AI clients in the world." He added that there is "broad-based demand" for the product, the infrastructure and the compute that drives AI. "The market's going to take some time to understand the extent of our business and the differentiation that's associated with how we go about running the software that drives the infrastructure," Intrator said. Click here to download Jim Cramer's Guide to Investing at no cost to help you build long-term wealth and invest
Time of India
02-07-2025
- Business
- Time of India
How this AI company's CEO has joined the World's Richest after stock surges 300%
Three months after a shaky public debut, CoreWeave Inc. , an AI cloud-computing provider, has seen its stock skyrocket nearly 300% since its March IPO, propelling CEO Michael Intrator into the ranks of the world's 500 wealthiest individuals. Tired of too many ads? go ad free now According to the Bloomberg Billionaires Index , Intrator's net worth has surged to $10.3 billion, ranking him 311th globally, ahead of figures like New England Patriots owner Robert Kraft and Blackstone Inc. President Jon Gray. The rapid rise has made CoreWeave one of the top 30 performers on the Nasdaq Composite Index since going public, reflecting a broader hot streak for IPOs in 2025. Newly public companies are posting their strongest debut gains since 2021, creating new billionaires like Circle Internet Group's Jeremy Allaire and Webull Corp.' s Anquan Wang and Jun Yuan. Intrator's wealth jump, however, is remarkable for its speed, climbing from $5 billion to $10 billion in just 12 days -- compared to the average of over three years for others on Bloomberg's wealth index. CoreWeave's rally has also enriched its co-founders and early investors. Chief Strategy Officer Brian Venturo's fortune now stands at $6.4 billion, while Chief Development Officer Brannin McBee's wealth is valued at $4.7 billion. Early backers include billionaire Leslie Wexner, whose trust holds a $2.9 billion stake from a 2019 seed round, and board member Jack Cogen, with shares worth $3.4 billion. Cogen, a former colleague of Intrator and Venturo from Natsource Asset Management, also served as a director at Intrator's prior venture, Hudson Ridge Asset Management. The surge underscores CoreWeave's growing prominence in the AI sector and the explosive investor enthusiasm for tech-driven IPOs this year.
Yahoo
23-05-2025
- Business
- Yahoo
Analysts double price target of new AI stock backed by Nvidia
Investors have been searching for the next breakout stock following the success of names like Palantir () and Nvidia () . Now, one under-the-radar AI infrastructure firm has quietly surged onto the scene, delivering explosive growth and winning support from Nvidia and OpenAI just weeks after its IPO. That company is CoreWeave, now Nvidia's largest holding, making up more than 78% of its disclosed portfolio. 💵💰Don't miss the move: Subscribe to TheStreet's free daily newsletter 💰💵 CoreWeave Inc. () is a cloud infrastructure company specializing in GPU-accelerated computing for artificial intelligence and machine learning workloads. Founded in 2017, the company transitioned from cryptocurrency mining to providing AI-focused cloud services. On March 28, CoreWeave launched its initial public offering, pricing shares at $40 each — below its anticipated range of $47 to $55. Still, the IPO raised $1.5 billion, making it one of the largest AI-related listings since 2021. Since then, the stock is up more than 150%. Its data centers are equipped with Nvidia GPUs, and Nvidia holds approximately a 7% stake in CoreWeave. On May 14, CoreWeave reported better-than-expected revenue on Wednesday in the company's first earnings release since going public. CoreWeave reported a 420% year-over-year revenue increase to $981.6 million for the first quarter. Despite this growth, the company's net loss widened to $314.6 million from $129.2 million a year earlier, partly driven by $177 million in stock-based compensation linked to its IPO. 'Demand for our platform is robust and accelerating as AI leaders seek the highly performant AI cloud infrastructure required for the most advanced applications,' Chief Executive Officer Michael Intrator said in a statement. CoreWeave expects revenue of $4.9 billion to $5.1 billion in 2025, which implies a growth of 363% and surpasses Wall Street forecasts. It also projects capex of $20 billion to $23 billion for the year. In the first quarter, OpenAI signed a five-year deal with CoreWeave worth up to $11.9 billion. In addition, the two companies signed another $4 billion contract after the quarter ended, Intrator told CNBC. Nvidia has been invested in CoreWeave since April 2023. In the first quarter this year, Nvidia bought 24,182,460 shares after the company's IPO, according to data from WhaleWisdom based on 13F filings. Alongside CoreWeave, Nvidia's investment portfolio includes several other bets in technology and of the first quarter of 2025, Nvidia also owns shares in British semiconductor company Arm Holdings () , U.S. data center firm Applied Digital () , AI drug firm Recursion Pharmaceuticals () , Russian tech firm Yandex () , and Chinese autonomous driving company WeRide () . Nvidia's backing can send a stock soaring, but it doesn't always last. In February 2024, Nvidia disclosed a stake in SoundHound AI () , sending shares up 567% that year. But by early 2025, Nvidia revealed it had sold out completely, and SoundHound has been sliding since, down more than 50% year-to-date. Citi analysts led by Tyler Radke more than doubled the firm's price target for CoreWeave stock to $94 from $43, while reiterating a "Neutral/High Risk" rating, according to a research report on May 21. The firm said it updated the CoreWeave model following a "strong Q1 out-of-the-gate," which is "a solid start for CoreWeave as a public company.""Overall we think the print reinforces CoreWeave's high-growth status, especially with recent $4B OpenAI expansion deal, and likely assuages investor concerns around AI capex/infrastructure slowing," the analysts wrote. Citi said it sees "significant increase in near-term demand," "some new enterprise customer adoption," and "high customer concentration." The analysts raised Q2 and full-year revenue forecasts for CoreWeave to the high end of guidance, expecting strong near-term beats. They also lifted estimates for the company's interest expenses and capital spending in Q2 and full-year 2025. Still, the analysts warned of 'high risks.' More Nvidia: Will Nvidia get hit hard by AI capex risk? Analysts revise Nvidia price target on chip demand Surprising China news sends Nvidia stock tumbling "We reiterate our Neutral/High Risk rating as we'd like to see more progress on profitability and more customer diversification," the analysts added. CoreWeave closed at $100.16 on May 22, putting Citi's already-doubled $94 price target below the current price. Meanwhile, data from TipRanks shows an average target of $47.42, pointing to a potential 55% downside double price target of new AI stock backed by Nvidia first appeared on TheStreet on May 23, 2025
Miami Herald
23-05-2025
- Business
- Miami Herald
Analysts double price target of new AI stock backed by Nvidia
Investors have been searching for the next breakout stock following the success of names like Palantir (PLTR) and Nvidia (NVDA) . Now, one under-the-radar AI infrastructure firm has quietly surged onto the scene, delivering explosive growth and winning support from Nvidia and OpenAI just weeks after its IPO. That company is CoreWeave, now Nvidia's largest holding, making up more than 78% of its disclosed portfolio. Don't miss the move: Subscribe to TheStreet's free daily newsletter CoreWeave Inc. (CRWV) is a cloud infrastructure company specializing in GPU-accelerated computing for artificial intelligence and machine learning workloads. Founded in 2017, the company transitioned from cryptocurrency mining to providing AI-focused cloud services. On March 28, CoreWeave launched its initial public offering, pricing shares at $40 each - below its anticipated range of $47 to $55. Still, the IPO raised $1.5 billion, making it one of the largest AI-related listings since 2021. Since then, the stock is up more than 150%. Its data centers are equipped with Nvidia GPUs, and Nvidia holds approximately a 7% stake in CoreWeave. On May 14, CoreWeave reported better-than-expected revenue on Wednesday in the company's first earnings release since going public. CoreWeave reported a 420% year-over-year revenue increase to $981.6 million for the first quarter. Despite this growth, the company's net loss widened to $314.6 million from $129.2 million a year earlier, partly driven by $177 million in stock-based compensation linked to its IPO. "Demand for our platform is robust and accelerating as AI leaders seek the highly performant AI cloud infrastructure required for the most advanced applications," Chief Executive Officer Michael Intrator said in a statement. CoreWeave expects revenue of $4.9 billion to $5.1 billion in 2025, which implies a growth of 363% and surpasses Wall Street forecasts. It also projects capex of $20 billion to $23 billion for the year. In the first quarter, OpenAI signed a five-year deal with CoreWeave worth up to $11.9 billion. In addition, the two companies signed another $4 billion contract after the quarter ended, Intrator told CNBC. Nvidia has been invested in CoreWeave since April 2023. In the first quarter this year, Nvidia bought 24,182,460 shares after the company's IPO, according to data from WhaleWisdom based on 13F filings. Alongside CoreWeave, Nvidia's investment portfolio includes several other bets in technology and AI. Related: Veteran fund manager unveils bold Nvidia stock price target after rally As of the first quarter of 2025, Nvidia also owns shares in British semiconductor company Arm Holdings (ARM) , U.S. data center firm Applied Digital (APLD) , AI drug firm Recursion Pharmaceuticals (RXRX) , Russian tech firm Yandex (YNDX) , and Chinese autonomous driving company WeRide (WRD) . Nvidia's backing can send a stock soaring, but it doesn't always last. In February 2024, Nvidia disclosed a stake in SoundHound AI (SOUN) , sending shares up 567% that year. But by early 2025, Nvidia revealed it had sold out completely, and SoundHound has been sliding since, down more than 50% year-to-date. Citi analysts led by Tyler Radke more than doubled the firm's price target for CoreWeave stock to $94 from $43, while reiterating a "Neutral/High Risk" rating, according to a research report on May 21. The firm said it updated the CoreWeave model following a "strong Q1 out-of-the-gate," which is "a solid start for CoreWeave as a public company." Related: Billionaire Stanley Druckenmiller quintuples stake in top semiconductor stock "Overall we think the print reinforces CoreWeave's high-growth status, especially with recent $4B OpenAI expansion deal, and likely assuages investor concerns around AI capex/infrastructure slowing," the analysts wrote. Citi said it sees "significant increase in near-term demand," "some new enterprise customer adoption," and "high customer concentration." The analysts raised Q2 and full-year revenue forecasts for CoreWeave to the high end of guidance, expecting strong near-term beats. They also lifted estimates for the company's interest expenses and capital spending in Q2 and full-year 2025. Still, the analysts warned of "high risks." More Nvidia: Will Nvidia get hit hard by AI capex risk?Analysts revise Nvidia price target on chip demandSurprising China news sends Nvidia stock tumbling "We reiterate our Neutral/High Risk rating as we'd like to see more progress on profitability and more customer diversification," the analysts added. CoreWeave closed at $100.16 on May 22, putting Citi's already-doubled $94 price target below the current price. Meanwhile, data from TipRanks shows an average target of $47.42, pointing to a potential 55% downside risk. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
15-05-2025
- Business
- Yahoo
CoreWeave plans up to $23bn investment to boost AI infrastructure
US-based AI cloud hosting company CoreWeave is planning to invest between $20bn and $23bn this year in AI infrastructure and data centre capacity. This move aims to cater to the increasing demand from clients, including Microsoft, reported Reuters. CoreWeave CEO Mike Intrator was cited by the news agency as saying that the company's distinctive approach to structuring its debt and capital spending is expected to take time for the market to understand. Intrator added: 'You pay back your infrastructure fully loaded and you have significant profit.' CoreWeave's projected capital expenditure for Q2 2025 ranges between $3bn and $3.5bn, significantly higher than its revenue expectations of $1.06bn to $1.1bn. Intrator said that CoreWeave is actively working to diversify its supply chains to minimise the impact of tariffs, amid US-China trade tensions. "(Our clients) are looking for really significant investment from us, and we're trying to make sure that we're doing it in a way that doesn't in any way impact our ability to secure the margins that we need in order to run our business," Intrator added. The company reported 420% in increase in revenue in the quarter ending 31 March 2025, rising from $188.7m a year earlier period. Net loss widened to $314.6m from $129.2m a year ago, driven in part by $177m in stock-based compensation tied to its initial public offering (IPO). As of 31 March 2025, CoreWeave reported a revenue backlog of $25.9bn. A significant contribution to this backlog is the five-year deal with OpenAI. Also in March, CoreWeave signed a $11.9bn deal to provide AI infrastructure to OpenAI. As part of the agreement, OpenAI agreed to invest $350m in CoreWeave through the purchase of CoreWeave stock. "CoreWeave plans up to $23bn investment to boost AI infrastructure" was originally created and published by Verdict, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
