The Ledger
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Intrator: Compute decommoditizes at scale as clusters grow for frontier AI models
“Computing decommoditizes its scale, right? Like, when, you know, anybody can run a GPU, but can you run a cluster that's large enough to train a model that can change the world?”
Intrator: CoreWeave's average client AI compute contract is five years
“Our clients come into us and they buy compute for five years, for six years. Our average contract is five years.”
CoreWeave uses six-year GPU depreciation schedule and expects longer lifespans
“We use a six year depreciation. We believe that the GPUs will last in excess of six years, but we felt like that was a fair and reasonable approach to a technology cycle that's moving at this velocity.”
Intrator: CoreWeave raised $35B in 18 months for infrastructure
“CoreWeave, which is a company that many people haven't ever heard of, was able to go out and raise thirty five billion dollars in 18 months to build infrastructure at scale.”
Intrator: CoreWeave created the first GPU-collateralized loan structures
“CoreWeave has really been the innovator around a lot of the financing engines that have come to bear on this. We did the first GPU based loans.”
Intrator: CoreWeave lowered its cost of capital by 600 bps in two years
“When you think about our cost of capital over the last two years, we have dropped our cost of capital by 600 basis points.”
Intrator: Global AI compute demand has exceeded world capacity for four years
“For years now, for four years, the depth of the demand for the service we provide has been relentless and overwhelms the global capacity of the world to deliver enough compute to enable all of the demand for artificial intelligence to be stated.”
Michael Intrator: AI inference represents the monetization of AI investment
“I always think of inference as the monetization of the investment in artificial intelligence.”
Intrator: Prices for older Nvidia A100 GPUs appreciated over the last year
“The A-Hundreds, the Amperes, this year, the price has appreciated through the year.”
Intrator: Data center power opportunity defines GPU hardware obsolescence
“My expectation is, is obsolescence will be defined by the moment in time where the power in the data center For me, will be able to be repurposed for a higher margin than the existing infrastructure provides.”
Intrator: A 2023 fab investment cycle would have met current AI demand
“There was probably an investment cycle that needed to happen back in 2023. That would have brought on the necessary fab capacity to be able to serve.”
Intrator: OpenAI token costs dropped from $32 to nine cents
“She was talking about the cost of a million tokens when ChatGP three came out, and it was 32 dollars in change, and now a million tokens cost nine cents.”
CoreWeave bought and donated NVIDIA A100s to EleutherAI to learn AI compute
“We actually went out and bought a bunch of A-one hundreds and donated them to a group that was working on Luther AI.”