A lot has been made about the AI bubble and if it is a bubble and if it isnt. While it does tend to look and act like a bubble it is important to highlight these things as well.
Revenue in the quarter soared 134% from $583.9 million a year ago, according to a statement. The company reported a net loss of $110 million, narrowing from about $360 million in the same quarter last year.
Things like this are highly respected with investors as revenue growing and losses being cut are huge.
CoreWeave’s growth is tied directly to the AI boom, as the company rents out Nvidia graphics processing units and has won business from leading cloud infrastructure providers, including Google and Microsoft. The company’s backlog now stands at $55.6 billion, with 2.9 gigawatts in contracted power, up from 2.2 gigawatts on June 30, according to the statement.During the quarter, CoreWeave announced a $6.5 billion expansion of its business with OpenAI and a six-year deal with Meta worth up to $14.2 billion. CoreWeave also received its sixth contract from “a leading hyperscaler.”
I am impressed with CoreWeave's ability to expand into other companies like OpenAI and Meta. The backlog is further proof that maybe just maybe some of these companies are in good shape and possibly are not as bubbly as they appear!
This also falls within the ~AI space!