CoreWeave targets 2028 profitability as AI demand remains strong
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓CoreWeave shares rose 5% in extended trading as the company targets 2028 profitability.
- ✓CEO Mike Intrator said, "Customer contracts come first, and investment follows." The firm holds $132.5 billion in revenue backlog as of September.
- ✓Despite recent stock drops, CoreWeave expects strong revenue growth and uses customer deposits for expansion.
Story at a Glance
- Category
- Indian Markets
- Reported By
- Reuters
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
Shares of the Nvidia-backed company were last up about 5% in volatile extended trading.
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The stock has crashed more than 40% in the past month after CoreWeave emerged as the focal point of growing AI bubble fears, with investors worried about heavy borrowing for setting up data centers against the backdrop of rising interest rates and the pace of returns on the massive investments.
The steep selloff also triggered a broader crisis of confidence in the AI trade, a sentiment amplified by the Democrats' sweeping win in the US midterms that has fueled expectations of tighter regulation in the data-center build-out.
Earlier in the day, AI juggernaut Anthropic kicked off a roadshow for its share sale at a lower target valuation than earlier estimates.
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Reuters
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