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Benzinga
Benzinga
Business
Anusuya Lahiri

CoreWeave's AI Demand Surges But Expansion Spending Cuts Into Profitability

CoreWeave Mike Cikos Kevin Dede Ruben Roy CRWV OpenAI Core Scientific HC Wainwright Needham Stifel
CoreWeave Inc.

CoreWeave (NASDAQ:CRWV) shares tumbled on Wednesday after the AI-focused cloud computing provider posted mixed second-quarter results, highlighting surging revenue and backlog alongside margin pressures from an aggressive expansion plan.

The company reported $1.21 billion in quarterly revenue, well above prior-year levels and fueled by new contracts with OpenAI and major hyperscalers, but investors reacted to guidance that signals significant near-term costs as CoreWeave ramps capacity toward 900MW by year-end.

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